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Los Angeles

Prices for Four Seasons Private Residences to average record $3K a foot

The penthouse will ask $50 million
The penthouse will ask $50 million

In the City of Angels, prices are reaching high heaven.

Real estate development firm Genton Property Group will charge upwards of $3,000 a foot for apartments at its latest Los Angeles condo project, making it one of the priciest new developments ever constructed on the West Cost, CEO Jonathon Genton told Bisnow.

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The pricey project, known as the Four Seasons Private Residences Los Angeles, will be topped off with a giant, so-called “paparazzi proof” 12,000-square-foot penthouse, asking a whopping $50 million. If it sold for that price, the unit would be one of the most expensive ever sold in L.A.

The 59-unit development, at 9000 W. Third Street, will be adjacent to the existing Four Seasons Hotel but will not share any of its amenities, Genton said.

“Our vision was to create 59 extremely private homes with expansive outdoor spaces, secure places to entertain and enjoy the open air,” said architect Kelly Farrell, of CallisonRTKL. “When construction is complete, it will be an unparalleled place to be.” [Bisnow] — Katherine Clarke