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The Montgomery at 74 New Montgomery: five closings this year at $987 a foot after a 2025 with none, in the 1914 newspaper building two blocks from Harvey and half a block from Reflection AI
Every 2026 closing at The Montgomery, the Reid Brothers' 1914 headquarters of the San Francisco Call, converted to 107 condominiums in 2007, against the record since 2007
Five closings at 74 New Montgomery Street through October 15, after a 2025 with no market-rate closings at all; $6.0 million of volume. Median sale $1,100,000; median $987 a square foot, against the building's 2021 high of $1,179. #804, an added eighth-floor penthouse, closed at $2,289,000. #412, bought in October 2023 for $745,000, resold for $835,000, up 12.1 percent.
The Montgomery went a full calendar year without a market-rate sale and then had five. Five condominiums closed at 74 New Montgomery Street between January 1 and October 15, 2026, on $6,029,000 of volume; nothing closed in 2025, and two units closed in 2024 at a median of $782 a foot. The median sale is $1,100,000 and the median price per square foot is $987, against the building's high of $1,179 in 2021, so this year sits 16 percent under the peak and above every year since.
The high sale is #804, one of the penthouses on the eighth floor that was added in the conversion: 1,671 square feet at $2,289,000 on June 11 after 32 days, which is $1,370 a foot. #401, 1,191 square feet, closed at $1,175,000 on March 12 without listing. Three two-bedrooms sold at a median of $1,175,000 and $987 a foot; two one-bedrooms at $732,500 and $921. The low is #208, 752 square feet at $630,000 after 84 days. The median listed sale took 57 days to contract, and one of five went inside two weeks.
One paired resale is on record: #412, bought in October 2023 for $745,000 and sold on August 5 for $835,000, up 12.1 percent in under three years. Seven transfers under $300,000 are left out of every median above; the conversion included 11 below-market-rate units (The Front Steps).
The building is the Reid Brothers' 1914 home of the San Francisco Call, built after the paper's tower on Market was gutted in 1906, and it stayed an office building until 2005; New Urban Properties, led by Tom Owens, converted it with Huntsman Architectural Group on a budget of about $70 to $80 million including a seismic retrofit, into 107 residences from studios to the eighth-floor penthouses, with 20 deeded parking spaces in the basement; studios opened at $379,000 in 2007 (Wikipedia); SocketSite; The Front Steps).
2026 so far, against the same window in 2025
Closings at 74 New Montgomery St between January 1 and October 15, 2026, set against January 1 to October 15, 2025. Days on market is median days from listing to contract on MLS-listed sales; "under 15 days" counts how many of those went into contract inside two weeks.
| Measure | 2025 (same window) | 2026 year to date |
|---|---|---|
| Closings | 0 | 5 |
| Dollar volume | — | $6,029,000 |
| Median sale price | — | $1,100,000 |
| Median $/sq ft | — | $987 |
| Median days on market | — | 57 |
| Under 15 days (of MLS sales) | 0 of 0 | 1 of 5 |
Year by year
Every recorded closing at 74 New Montgomery St since November 2007, by calendar year. 2026 runs through October 15, 2026. Days on market is available for MLS-listed sales from 2020 onward.
| Year | Closings | Median price | Median $/sq ft | Median days | High sale |
|---|---|---|---|---|---|
| 2016 | 5 | $829,000 | $1,072 | — | $1,245,000 |
| 2017 | 4 | $883,000 | $1,222 | — | $1,175,000 |
| 2018 | 4 | $696,750 | $1,219 | — | $790,000 |
| 2020 | 2 | $534,000 | $869 | 107 | $630,000 |
| 2021 | 7 | $615,000 | $1,179 | 62 | $759,000 |
| 2022 | 1 | $1,400,000 | $1,310 | 3 | $1,400,000 |
| 2023 | 4 | $875,000 | $892 | 58 | $1,400,000 |
| 2024 | 2 | $467,500 | $782 | 21 | $560,000 |
| 2026 | 5 | $1,100,000 | $987 | 57 | $2,289,000 |
The building's highest median price per square foot in any year with five or more closings was $1,179 in 2021 (7 closings). 2026 year to date stands at $987.
By bedroom count, 2025 against 2026
| Beds | 2025 closings | 2025 median | 2025 $/sq ft | 2026 closings | 2026 median | 2026 $/sq ft |
|---|---|---|---|---|---|---|
| 1 bed | 0 | — | — | 2 | $732,500 | $921 |
| 2 bed | 0 | — | — | 3 | $1,175,000 | $987 |
Every closing in 2026
All 5 closings through October 15, 2026, highest price first. Square footage and days on market are as recorded on the MLS; county-recorded transfers that never listed show no days.
| Unit | Bd | Sq ft | Sold | $/sq ft | Days | Closed |
|---|---|---|---|---|---|---|
| 74 New Montgomery Street, #804 | 2 | 1,671 | $2,289,000 | $1,370 | 32 | Jun 11 |
| 74 New Montgomery Street, #401 | 2 | 1,191 | $1,175,000 | $987 | 0 | Mar 12 |
| 74 New Montgomery Street, #516 | 2 | 1,123 | $1,100,000 | $980 | 170 | Aug 06 |
| 74 New Montgomery Street, #412 | 1 | 832 | $835,000 | $1,004 | 57 | Aug 05 |
| 74 New Montgomery Street, #208 | 1 | 752 | $630,000 | $838 | 84 | Apr 01 |
Paired resales
Units that closed in 2026 and had a prior recorded sale in the same building. The change is gross, before any improvements, fees or carrying costs.
| Unit | Prior sale | Prior price | 2026 sale | 2026 price | Change |
|---|---|---|---|---|---|
| 74 New Montgomery Street, #412 | Oct 2023 | $745,000 | Aug 2026 | $835,000 | +12.1% |
1 of these resold above the prior price, 0 below.
New Montgomery between Market and Mission
The building runs from New Montgomery through to Annie and Jessie streets at the back, between Market and Mission; the Palace Hotel is across Jessie and Yerba Buena Gardens a block south (SocketSite; The Front Steps). Half a block down the street at 140 New Montgomery, the 1925 Pacific Telephone tower, Reflection AI and A* took two full floors, 30,000 square feet, in a lease announced March 9, 2026, with a Calendly renewal that left the tower 94 percent leased and one office floor open; Mourad, the Michelin-starred restaurant in its base, closed in October 2024, and its replacement, Sutro Hall, had no opening date as of September (CBRE; Hoodline; Hoodline). Papa Noodle opened at 117 New Montgomery in December 2024 and SHOJI at 140 in April 2025 (Yerba Buena Partnership).
Two blocks south at Third and Howard, Harvey AI's lease at 201 Third grew to about 150,000 square feet in April 2026; at the foot of New Montgomery, 612 Howard signed Teambridge in April 2025 and Greenlite AI in August (CoStar; Business Wire). The San Francisco Centre, a block west on Market, closed on January 26, 2026 (GrowSF).
The timetable that every South of Market building now sits inside is the public-offering calendar. Anthropic filed a confidential draft registration with the SEC on June 1, 2026, a week after a funding round that set its valuation at $965 billion (TechCrunch). As of this week the Standard reports the Anthropic listing has been pushed to November, after the midterms, that OpenAI's has moved to 2027, and that Anthropic is weighing a lockup longer than the usual six months (SF Standard). The same piece carries a Redfin estimate that current and former OpenAI and Anthropic employees could in theory buy close to a third of the metro area's homes with their proceeds, and the counter-argument from UC Berkeley's Enrico Moretti and the Bay Area Council's Jeff Bellisario that the money is concentrated in fewer hands than past booms and that these firms create fewer jobs per dollar because so much goes to data centers rather than headcount. The record in this report ends on October 15. None of it reflects a single share that has been sold.
Two citywide facts frame every building figure here. First, the office recovery is lopsided: CBRE put Q3 2026 vacancy at 27.7 percent citywide, down 6.6 points in a year, but Avison Young splits that into roughly 12 percent for Class A and north of 31 percent for Class B, and a Presidio Bay executive told Bisnow the headline number is misleading for that reason (Bisnow). Second, the condo market is still digging out: the Chronicle's May analysis found that only eight Bay Area ZIP codes showed inflation-adjusted condo gains over the year, all of them in San Francisco, and that Noe Valley's typical condo remained close to $400,000 below its 2019 level in real terms (SF Chronicle).
How this was counted
Two records feed this review. The MLS layer is one row per listing and carries days on market and square footage. The county layer reaches back further and catches transfers that never listed, but records the same closing once per data source, so the two were merged on unit, date and price and each closing kept once. Below-market-rate units and transfers under $300,000 are listed but excluded from every median. "Same window" means January 1 to October 15 of each year. Nothing here is a valuation of any unit, and nothing here is advice.
Tim McMullen · CA DRE #02016832
[email protected] · (415) 691-9272
- https://therealdeal.com/san-francisco/2026/04/07/anthropic-signs-another-san-francisco-office-lease/
- https://therealdeal.com/san-francisco/2026/03/16/openai-inks-another-mission-bay-lease/
- https://sfstandard.com/2026/04/07/i-leaderboard-san-francisco-office/
- https://www.sfexaminer.com/news/the-city/sfs-high-office-vacancy-rate-drops-again-as-ai-fueled-recovery-shows-legs/article_14d60cc1-a6dc-4228-9a44-b5b8c4d36b8c.html
- https://techcrunch.com/2026/06/01/anthropic-files-to-go-public/
- https://sfstandard.com/pacific-standard-time/2026/10/14/pst-anthropic-openai-ipos-sf-wealth/
- https://www.bisnow.com/news/san-francisco/office/ai-surge-driving-sf-office-market-leasing-to-strong-totals-in-decades
- https://finance.yahoo.com/markets/stocks/articles/bay-area-condo-values-still-120000717.html
- https://en.wikipedia.org/wiki/The_Montgomery_(San_Francisco)
- https://socketsite.com/archives/2006/10/new_developments_the_montgomery_74_new_montgomery.html
- https://thefrontsteps.com/2007/06/28/the-montgomery-74-new-montgomery-107-new-condo-residences/
- https://www.cbre.com/press-releases/140-new-montgomery-nearly-fully-leased-with-the-addition-of-a-and-reflection-ai
- https://hoodline.com/2026/03/ai-upstart-gobbles-two-floors-in-soma-landmark-tower/
- https://hoodline.com/2026/09/sutro-hall-and-the-future-of-soma-s-mourad-era-space/
- https://yerbabuena.org/release/new-restaurants-bars-and-cafes-opening-in-yerba-buena-are-a-tonic-for-the-downtown-neighborhood
- https://www.costar.com/article/990492675/legal-ai-startup-expands-san-francisco-hq-as-companies-channel-record-fundraising-into-real-estate
- https://www.businesswire.com/news/home/20250804075271/en
- https://growsf.org/news/2026-01-23-sf-centre-closes-jan-26/
- 74 New Montgomery St · Yerba Buena
Tim McMullen, CA DRE #02016832. Real estate services provided by Tim McMullen, Broker, CA DRE #02016832. Figures are from recorded sales; nothing here is an opinion of the value of any home.