When luxury high-rise NEMA opened 10 years ago, it was meant to attract tech giants and revitalize the Mid-Market area. But it's failed to regain its footing.
SAN FRANCISCO — When luxury high-rise NEMA opened 10 years ago, it was meant to attract tech giants and revitalize the Mid-Market area. But like major retailers and companies, it's failed to regain its footing. The 754-unit building, which sits across the headquarters of X, formerly Twitter, is now at risk of"imminent default" on its $384 million mortgage, according to real estate data firm Trepp.
During our brief time outside NEMA on market and 10th, KPIX reporter Betty Yu observed a man rolling around in a chair in front of oncoming traffic. He later wheeled himself into a construction zone. Bond moved in in January and was offered six weeks of free rent. Still, he said rent is substantial.
Several other commercial tenants including Westfield San Francisco Centre and two major Union Square hotels have stopped making payments and surrendered their properties amid a slow recovery. Nearby Whole Foods announced its closure in April, after one year.
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