The Real Deal Los Angeles

  • Kimpton Hotel project at YWCA building squashed by Pasadena officials

    Council is now discussing new uses for historic site
    May 24, 2017 06:00PM

    YWCA building (Google Maps)

    Pasadena’s City Council initially voted in April to hold off on the 181-key Kimpton Hotel development after developer KHP Capital Partners, the Kimpton-affiliated equity firm funding the construction, requested a subsidy from the city.

    Council members voted again on Monday — and decided to stop the project altogether. [more]

  • Leung pushes to move Sea Breeze project ahead despite DA investigation

    Developer of 352-unit condo allegedly funneled $600K in contributions to local pols
    May 24, 2017 05:30PM By Cathaleen Chen

    Mayor Eric Garcetti, Council member Joe Buscaino and a rendering of the Sea Breeze project at 1309 Sepulveda Boulevard (Credit: City Planning, LA Mayor, LA 15th District)

    The developer of Sea Breeze, a major Harbor Gateway residential project that became a symbol of the city’s shady entitlement process, is forging ahead despite an investigation into his clandestine donations to local politicians.

    New city filings show that Samuel Leung, of A&M Properties, applied for a vesting tentative tract map application with the planning department last week. If the application were approved, Leung could develop condos rather than rentals. [more]

  • Will DTLA’s housing development lead to a glut of empty units?

    Developers proposed 3,800 new units in Q1, bringing expected total to 29,383: report
    May 24, 2017 05:00PM By Subrina Hudson

    Downtown L.A., Carol Schatz (Getty Images/DCBID)

    Construction sites litter almost every district of Downtown Los Angeles, as Oceanwide Plaza’s towers rise in South Park and Suncal plans its $2 billion 6AM development in the Arts District, which would contain 1,305 condos.

    If all proposed and under construction projects are completed, 29,383 new units will hit the market, according to a first quarter market report released by the Downtown Center Business Improvement District (DCBID) on Wednesday[more]

  • REITs keep it classy — Class A, that is

    By continuing to sell off lower-tier properties, real estate investment trusts are trying to stay on the right side of the shifting landscape
    May 24, 2017 03:30PM By Donna M. Airoldi

    Adding entertainment, like the ice rink at Simon’s Galleria in Houston, is one way malls are attracting customers.

    From TRD New York: Retail real estate investment trusts have taken a beating since the end of last summer, with many of the major players posting double-digit drops in stock prices as several retailers announced store closings. However, despite the continuing influx of grim news — including Sears’ announcement that it had “substantial doubt” it could survive — several retail REITs have recently begun to recover, and some analysts say they could even be undervalued.

    “They have been underperforming the S&P 500, but there’s still opportunity,” said Calvin Schnure, a senior vice president at the National Association of Real Estate Investment Trusts (NAREIT). “REITs are in prime locations and can find new, good tenants. The fundamentals remain strong in the sector.” [more]

  • Fed may raise interest rates again in June

    Officials said it would “soon be appropriate” to raise short-term rates
    May 24, 2017 02:30PM

    Janet Yellen (Credit: Getty Images)

    The Federal Reserve may raise interest rates as soon as next month, the minutes from a recent policy meeting show.

    In the minutes, released Wednesday, official at the U.S. central bank said it would “soon be appropriate” to raise short-term interest rates again, the Wall Street Journal reported. That means the Fed may lift its benchmark rate at the scheduled gathering in June, according to the newspaper. [more]

  • From left: Jeff Klein, the Sunset Tower Hotel and Len Blavatnik (Getty, JK Hotel Group)

    Good news for L.A.’s glitterati. The Sunset Tower Hotel — the see-and-be-seen hotspot whose Tower Bar hosts enough A-listers to keep the city’s gossip rags in business —  won’t be going anywhere for now.

    Not only is hotelier Jeff Klein staying involved in his celebrity hotspot, he has brought on Len Blavatnik, the billionaire industrialist behind luxe hotels such as the Four Seasons Grand Hotel du Cap Ferrat, as his partner. [more]

  • Los Angeles Kings goalie Jonathan Quick catches offer on $4M Manhattan Beach pad

    He listed home in Gaslamp District last week
    May 24, 2017 12:30PM

    Jonathan Quick, Manhattan Beach home (Getty Images/MLS)

    Los Angeles Kings goalie Jonathan Quick listed his two-story Manhattan Beach home last week with an asking price of $3.9 million.

    After two days on the market, Quick received an offer on his property but the goalie is still accepting backup offers. [more]

  • Elliman’s marketing blitz continues with new multi-million dollar campaign

    Company is rolling out TV spots, billboards, sponsorships to build presence in new markets
    May 24, 2017 11:30AM By Katherine Clarke

    Scott Durkin, Howard Lorber ad Elliman ads (Click to enlarge)

    From TRD New York: For months, it looked like Douglas Elliman was permanently rolling back some of its more of its flashier marketing initiatives after more than a year of aggressive spending.

    But, as it turns out, the brokerage was quietly gearing up for another push, while reassessing exactly how it should be spending its war chest.

    Elliman is rolling out a new year-long marketing program dubbed the “It’s Time for Elliman” campaign, comprising television spots, print and digital advertising, billboards and event sponsorship. [more]

  • Proposed Chaplin Hotel on Sunset Boulevard would have decorative solar panels

    Plans call for 93 rooms and ground-floor restaurant space
    May 24, 2017 10:30AM

    Rendering of the Chaplin Hotel at 7225 W. Sunset Boulevard (Credit: Hollywood Hills West Neighborhood Council)

    This Hollywood hotel will be ready for the sun.

    A new hotel project known as the Chaplin would contain 93 rooms, ground-floor restaurants and an outdoor terrace. The development at 7225 W. Sunset Boulevard was proposed by the Encino-based real estate investor Joseph Geoula.  [more]

  • Hudson Pacific moves to evict co-working company from SaMo office building

    Real Office Centers is same firm that pulled out of lease at DTLA's Row project
    May 24, 2017 09:30AM

    604 Arizona Avenue (Credit: Yelp)

    Real Office Centers, the co-working company that recently pulled out of its 27,000-square-foot lease at the Row in Downtown L.A., is facing trouble on another front.

    Landlord Hudson Pacific Properties served ROC and its approximately 50 tenants with an eviction notice at its Santa Monica office Monday, citing two months of missed rent. [more]