The Real Deal Los Angeles

  • Rodeo Drive retail pioneer Herbert Fink dies at 93

    Boutique owner helped make Rodeo Drive retail destination
    February 24, 2017 05:00PM

    Herbert Fink at former boutique Theodore (Getty Images)

    Herbert Fink, one of the first retailers to help launch Rodeo Drive into a high-end retail destination, died on February 18 at his home in Bel Air. He was 93.

    Fink, a Los Angeles native, opened his boutique Theodore on Rodeo Drive in 1969 when the area was home to hardware stores and gas stations, California Apparel News reported. [more]

  • NY resi brokers share their secrets to turning listings into sales

    Neutral spaces, pricing tricks ... & more
    February 24, 2017 04:09PM

    1060 Fifth Avenue #2B

    From the New York website: Why do some apartments linger while others breed bidding wars? Is the address of a building important, and what about the paint?

    In today’s market — with plenty of options out there, and more inventory on its way — closing a deal sometimes depends on brokers playing psychologist. [more]

  • LA Planning Commission wants to charge an even broader range of developers linkage fees

    Commish voted unanimously for ordinance Thursday, removing exemptions for small rental buildings and grocery stores
    February 24, 2017 03:30PM By Cathaleen Chen

    The 95-unit Carver Apartments in DTLA (Credit: Getty)

    The Los Angeles City Planning Commission wholeheartedly embraced the affordable housing linkage fee ordinance in its hearing Thursday, amending the initiative so that even more projects would be privy to the fee.

    The nine-person commission voted unanimously in favor of the proposal, which would levy fees on new commercial and market-rate residential projects to help the city meet its affordable housing goals, City Planning Yeghig Keshishian told The Real Deal. [more]

  • Fight continues over future of Bob and Dolores Hope estate

    Councilman David Ryu wants home to be monument but daughter Linda says no
    February 24, 2017 03:04PM

    Moorpark Street estate, Dolores and Bob Hope (John Aaroe Group/Getty Images)

    A tug of war continues between Linda Hope and Los Angeles City Council Member David Ryu over the 1939 Toluca Lake property of Bob and Dolores Hope, which is owned by the Dolores Hope Trust.

    The late couple’s daughter has been trying to sell the five-acre estate but has been unsuccessful following an emergency legislation introduced by Ryu in September, the Los Angeles Times reported. [more]

  • New York art collector plans 140 live-work units in Arts District

    Adam Lindemann operates the Venus over LA gallery nearby
    February 24, 2017 02:00PM

    Adam Lindemann and his project site at 641 South Imperial Street (Credit: Getty, Google Earth)

    Looks like art collector Adam Lindemann is testing out a new hobby: real estate.

    But he won’t have to stray far from his roots — the investor and owner of the Venus Over Manhattan gallery in New York is pursuing a residential project in none other than L.A.’s Arts District. [more]

  • LA real estate exec wins $38M award over defamation scandal involving dead turtles, Bernie Madoff

    Bradley Cohen cleared his name after 5-year battle with former tenant who set out to smear it
    February 24, 2017 01:00PM

    Office of Cohen Asset Management, Bradley Cohen (Google Maps/LinkedIn)

    A disgruntled former tenant allegedly turned his grievances with his landlord into a more than four year smear campaign involving everything from dead turtles to a sex website, the Wall Street Journal reported.

    The victim was Bradley Cohen, CEO of Century City industrial real estate investment firm Cohen Asset Management. [more]

  • Stung by losses, Coldwell Banker parent Realogy vows to become “recruiting machine”

    Sotheby’s sales volume dipped 7 percent in 2016
    February 24, 2017 12:45PM By E.B. Solomont

    From left: Richard Smith, Charlie Young and Peter Sobeck

    From the New York website: After hemorrhaging agents in recent years, real estate behemoth Realogy vowed last year to regain its edge by aggressively hiring back top brokers. On Friday, CEO Richard Smith took it up a notch and pledged the company would become a “recruiting machine.”

    “Don’t think there’s a start and finish to our recruitment efforts, we’re going to continue,” Smith said during an earnings call. “We’re turning this company into a recruiting machine and that’s not going to stop.” [more]

  • Today in microfilings: Condos planned in Brentwood, hotel to rise in Venice… & more

    Raymond Saviss wants to build a residential complex, while Erwin Sokol plans boutique hotel
    February 24, 2017 11:30AM By Cathaleen Chen

    Erwin Sokol’s Hotel Ewrin on Pacific Avenue and the site at 505 South Barrington Avenue

    Apparel maker-cum-developer Raymond Saviss is zoning in on Brentwood for his latest project.

    He filed plans for a 39-unit condo complex at at 505 South Barrington Avenue in the neighborhood, according to city filings. The site is currently occupied by a 23-unit apartment complex built in 1958, property records show. Saviss purchased the property through an LLC for $13.1 million in May 2016. [more]

  • Hilton launches $1B share buyback program

    Company has also changed its name to Hilton Inc.
    February 24, 2017 10:45AM
    The Hilton Midtown at 1335 Sixith Avenue

    The Hilton Midtown at 1335 Sixth Avenue

    From the New York website: Hilton Worldwide Holdings announced it will buy back $1 billion in shares, as it moves forward with a reorganization of the business. [more]

  • “Measure S goes too far”: Gov. Jerry Brown

    Mayor Eric Garcetti and a throng of other city officials have already voiced their opposition
    February 24, 2017 09:30AM

    Gov. Jerry Brown

    Measure S has a new adversary in California Gov. Jerry Brown.

    “I join with all those who say Measure S goes too far,” he said in a statement Thursday. [more]