The Royal Towers is a 77-unit co-op, rising 29 stories above its neighbors on Taylor Street in SF’s Russian Hill. Perched among the clouds of this opulent building, 1750 Taylor St., PH, spans the whole penthouse level. It was once owned by Billy Getty, heir to the Getty oil fortune, and its impressive dimensions are the result of a three-year, dramatic renovation that he commissioned. Now, for the first time in over 25 years, this penthouse is for sale, asking $20 million.
The condo is a co-op property, a different beast from a traditional condo. With co-ops, the property is owned by a corporation: Owners buy shares of that corporation in turn for a proprietary lease, as opposed to owning the real estate directly. Very strict rules are common in co-ops, often including an interview where the co-op board will decide if a potential buyer is a “good fit” for the exclusive building. The down payment requirement for such a property is typically higher than that of a condo.
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