Ktown’s Chapman Park Studio sells for $9.7M
Looks like Koreatown’s Mediterranean palace on the corner of Sixth Street and Alexandria Avenue has a new owner.
The nearly 19,000-square-foot retail and commercial structure was recently sold for $9.7 million to an entity with an address connected to fabric importer Neman Brothers & Associates, The Real Deal has learned.
The seller was an L.A.-based family trust.
Built in 1928, the Spanish Revival-style structure dubbed the Chapman Park Studio has eight small ground-floor retail units and nine rent-controlled apartment lofts on the second floor. Inside, there are panel walls, high ceilings and double-wide hallways.
The buyer will reposition the retail element of the property and complete capital improvements, according to Charles Dunn Company’s John Anthony, who represented the seller alongside Chris Steck and Christopher Giordano. The buyer was represented by Tanel Harunzade, also of Charles Dunn Company.
Built by architects Morgan, Walls and Clements, the building at 3501-3519 West 6th Street was declared an L.A. Cultural Historic Monument in 1984.
The Chapman Park structure may be a Ktown classic, but there’s certainly no shortage of new developments there, such as Jamison’s 228-unit condo project at 3975-3987 West Ingraham Street or Harridge Development Group’s redevelopment plans for the Wilshire Galleria at 3240 Wilshire Boulevard.
“As young Angelenos discover the convenience, dining options and nightlife of Koreatown, demand for multifamily housing is increasing quickly in this submarket,” Dan Tenenbaum founding principal of Pacific Crest Realty, told TRD in April.