The Real Deal Los Angeles

New York’s Pan Am Equities buys $22M site near Atwater Village, plans massive mixed-use building

Plans filed with city call for 419 units and nearly 40,000-sf of commercial space

August 09, 2016 05:00PM
By Cathaleen Chen

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2750 West Casitas Avenue (Credit: CoStar)

2750 West Casitas Avenue (Credit: CoStar)

Updated, Wednesday, August 24, 2016,11:30 a.m.: New York’s Pan Am Equities recently filed plans with the city for a 419-unit new mixed-use complex, smack between the stroller-friendly enclave of Atwater Village and up-and-coming Glassell Park.

It acquired the site for $22 million. CBRE’s Bradford McCarthy and David Harding represented the seller, a local investor.

A representative of the applicant, listed as “2800 Casitas LLC,” confirmed Pan Am’s involvement. The firm is owned by the influential Manocherian family, which owns more than 85 buildings throughout Manhattan. This appears to be the developers first venture outside of New York City.

Of the 400-some apartments, 35 would be designated as affordable. The building would include roughly 40,000 square feet of commercial space on the ground floor.

The site at 2750 West Casitas Avenue and 2800 North Kerr Street is occupied by a 30,000-square-foot warehouse, built in 1999. It’s currently fully leased by a furniture store called Greco Décor, according to CoStar.

The lot is currently zoned as light industrial, property records show.

This story has been updated to include confirmation from an attorney at Parker Poe, representing the developer and new information from CBRE.