Elad Group’s Carlyle condos in Westwood sell out for $275M

Los Angeles /
Aug.August 24, 2016 05:00 PM

Updated, August 25, 2016, 1:40 p.m. Elad Group’s 24-story condo project in Westwood, the Carlyle Residences, is finally 100 percent sold, The Real Deal has learned. The total gross sales reached just over $275 million, averaging $1,044 per square foot.

The building was completed in 2010, when the market was sluggish. It banked $80 million in sales in both 2013 and 2014, and two of its penthouses sold for $7.9 million each, according to Elad Group.

“[M]any of our buyers purchased their homes sight unseen or via referrals, while others were attracted to the conveniences of condominium living, having relocated from their nearby Beverly Hills estates,” said Mauricio Umansky, CEO and co-founder of the Agency, which exclusively handled sales and marketing for the building. “We are honored to have led such a successful sell out and are ecstatic to see how this latest benchmark further impacts high-rise living in Los Angeles.”

Located along the Golden Mile of the Wilshire Corridor, the building’s units were sold fully furnished. Its two and three-bedroom residences range from 2,772 to 5,716 square feet with up to four-and-a-half bathrooms.The Carlyle partnered with Fendi Casa, Meridith Baer, Cantoni, Minotti, Premier Stagers, Oliver Furth and Bowery Design Group to furnish model units.

The Carlyle was marketed as a paparazzi-free building, with promotional materials touting “Israeli-trained VIP” security guards and private elevators that open directly into units. It also boasts a 24 hour white-glove concierge service and valet; a lounge, club room and private dining room with a butler’s pantry; a fitness center; an all-season pool; a temperature-controlled wine cellar with private storage lockers; and gardens with a yoga lawn and various areas for private entertaining.

Units have sold to Sofia Vergara, Bruce Willis, Larry King, Serena Williams and Larry Ellison, according to Curbed. Candy Spelling rented a unit in the project while her residence at Related’s Century building was under construction. 

Elad is active in New York’s condo market. Its One West End, a luxury condominium project that is being developed in partnership with Silverstein Properties, was one of the largest new construction condominium projects to launch sales in Manhattan in 2015 — though the project caught flak from activists for having a separate entrance for residents of its affordable units, dubbed a “poor door.” 

Elad’s 22 Central Park South development  is 100 percent sold, according to a company statement.

Correction: This story has been updated to reflect that Candy Spelling rented a unit in the Carlyle. She did not buy one. 


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