The Real Deal Los Angeles

  • Read the digital edition of TRD LA’s January issue

    Flip through to read about LA's condo boom, Nelson Rising's thoughts on DTLA & more
    January 16, 2017 06:10PM

    The complete digital edition of our January issue is now live!

    Out latest magazine greets the new year by zooming in on one of L.A.’s most spectacular turnarounds: Hollywood. The neighborhood has emerged as a hive of creative offices and urban living. Yet this area also gave birth to the anti-development ballot measure that is rattling real estate investors, known as the Neighborhood Integrity Initiative.

    There’s something for everyone in our January L.A. magazine, including a look into L.A. county’s condo building boom, a snapshot of booming Santa Monica, an interview with prolific developer Nelson Rising and an in-depth look at retail leases and investment sales on L.A.’s high streets.

    The flip-through version is here. Or you can read each individual article here. Enjoy the issue!

  • British tycoon buys DOJ-seized Beverly Hills spec manse for $33M

    Richard Caring purchased home that was confiscated as result of money laundering scheme
    January 16, 2017 05:36PM

    Richard Caring’s recently purchased Beverly Hills mansion (MLS/Getty Images)

    British restaurant tycoon Richard Caring, who owns a 30 percent stake in Soho House, crossed the pond to purchase a Beverly Hills spec mansion shrouded in controversy. [more]

  • Did Trump treasury pick’s LA bank fudge documents to speed foreclosures?

    Steven Mnuchin, former CEO of OneWest bank, is accused of both foreclosure violations and housing discrimination
    January 16, 2017 04:30PM

    Steven Mnuchin at Trump Tower in New York (Jewel Samad/AFP/Getty Images)

    Just three days away from his confirmation hearing, Donald Trump’s pick for treasury secretary, Steven Mnuchin, faces a formidable sea of doubt — among Senate Democrats and beyond — in respect to his tenure as CEO of Pasadena-based OneWest bank in the years following the housing crisis.

    His critics and fair housing advocates have long pointed to OneWest’s aggressive tactics in foreclosing on homeowners, but a memo recently leaked to the Intercept suggests that the bank went as far as violating state foreclosure proceeding laws. [more]

  • Committees for and against Measure S spent $3M in 2016

    Opponents fundraising is expected to ramp up as ballot vote nears
    January 16, 2017 03:06PM

    Michael Weinstein, president of the AIDS
    Healthcare Foundation, in his 21st-floor office in the Sunset Media Center.

    Crescent Heights, the Miami-based developer of the Hollywood Palladium Towers project, contributed the most money to the campaign against Measure S. [more]

  • Melania Trump will have a glam room with studio lighting in the White House

    New First Lady intends to make some cosmetic adjustments to the historic mansion
    January 16, 2017 12:00PM

    From Luxury Listings NYC: Melania Trump may be forced to move into the White House (eventually), but damn it if she isn’t going to go in style! [more]

  • LA Times supports ban on political donations from developers

    Ban would "defuse" the Neighborhood Integrity Initiative, or Measure S
    January 16, 2017 10:30AM

    Los Angeles Times publisher and editor-in-chief Davan Maharaj and the Times building 202 West 1st Street (Credit: Getty, UCR Today)

    Los Angeles should ban political contributions from developers, at least in part to curb the appearance of impropriety, the Los Angeles Times argued in an editorial Monday.

    “There is a deeply embedded culture in Los Angeles City Hall in which real estate interests give heavily to local officials, presumably because they believe political contributions will buy them the zoning exemptions and other land-use decisions they want,” the paper’s editorial board wrote. “Elected officials, in turn, rely on developer money for their reelection campaigns and to pay for office expenses and trips.” [more]

  • After rough year, RadPad finds buyer

    Dallas-based LandlordStation bought firm for undisclosed price
    January 16, 2017 09:30AM
    Jonathan Eppers

    Jonathan Eppers

    Tenant-screening service LandlordStation has acquired Venice-based apartment listing service RadPad for an undisclosed figure, TechCrunch reported.

    The deal follows a rough year for RadPad, which included layoffs and a legal dispute with Craigslist over data.

    The company also had to shut down a popular promotion allowing users to pay their rents via Android Pay after too many people signed up. The cancellation of the promotion, which was active for just two weeks, angered many of the app’s users, who hit out on social media. [more]

  • The Playboy effect: asking prices soar in LA

    Wall Street titans and foreign billionaires are vying for famous properties
    January 16, 2017 08:30AM By Laurie L. Dove 

    The Playboy Mansion was listed at $200 million and sold for a record-breaking $100 million. Hugh Hefner, inset, has the right to remain for life.

    From the January issue: Blockbuster deals are inspiring some homeowners to go for the gold. After the Playboy Mansion broke the nine-figure barrier in August 2016, homes that sold for mere millions in recent memory hit the market with asking prices in the tens of millions.

    Market pros contend that price discovery is an even more delicate art these days, with seemingly more global billionaires than ever freely roaming the market, leading to mega-dollar signs in the eyes of sellers.

    “The property starts at a price the seller wants, that’s not supported by real world conditions, and there doesn’t seem to be concern or shame that it’s significantly overpriced,” said Jonathan Miller, president and CEO of real estate appraiser Miller Samuel. [more]

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  • Mark and Arman Gabay buy El Monte building for $26M

    Kennedy Wilson sold the office property at a loss
    January 13, 2017 06:54PM By Laurie Dove

    (via Kennedy Wilson)

    Brothers Mark and Arman Gabay, who own the development firm Charles Company, purchased an office and industrial property in the San Gabriel Valley for $26 million in an off-market deal that closed Thursday, The Real Deal has learned.

    The buyers paid just over $100 a square foot for the 247,000-square-foot building at 9320 Telstar Avenue in El Monte to the sellers, a partnership between Kennedy Wilson Properties and Fairfax Financial Holdings, according to CoStar. [more]