New firm makes splash with first Koreatown apartment purchase

Los Angeles /
Sep.September 04, 2018 11:00 AM
Noel Hyun with the property

Brooklyn Cos., a new family-run real estate firm, has made its first purchase in Los Angeles with a multifamily acquisition in Koreatown.

The company paid $11.25 million to acquire a 45,000-square-foot property in the bustling neighborhood, with plans to invest another $2.4 million on upgrades, Brooklyn Cos. said.

Laramar Group, a real estate investment firm with offices in Denver, Chicago and L.A., sold the property. It paid $9 million to acquire the building in July 2015, property records show.

HFF represented Laramar Group. Thorofare Capital provided the financing, also arranged by HFF.

Located at 240 S. Western Avenue, the apartment building — formerly known as the Towers on Western — includes 54 units and roughly 10,600 square feet of retail space. The firm plans on renovating the 16 vacant units, and will add over 3,000 square feet of resident amenities.

Once completed, it will be rebranded to the St. Charles.

Brooklyn Cos. is a new venture led by president and CEO Noel Hyun, a land use attorney, and her brother, vice president Philip Hyun, also an attorney. The firm provides investment, development and advisory services for high net worth families, and manages a portfolio that includes $150 million in assets, according to a company statement.

In Koreatown, the company will be joining prolific developer Jamison, which owns a substantial amount of residential and commercial properties in the neighborhood. Jamison is working to redevelop an aging strip mall at 800 Western Avenue, located just a few blocks away from the Brooklyn Cos. project.


Related Articles

arrow_forward_ios
Jamie Lee and the development site (Credit: Google Maps)

Jamison files plans for mixed-use complex in Koreatown

Jamison files plans for mixed-use complex in Koreatown
Forme Development President Damon Chan and rendering of 550 Shatto Place (Forme, Gensler via Urbanize)

Going up: Koreatown tower project developers boost plans

Going up: Koreatown tower project developers boost plans
Herb Wesson (top) and Curren Price with a rendering of 3800 W 6th Street (Linkedin, Twitter, Large Arch)

LA officials backtrack on aid for Koreatown hotel project

LA officials backtrack on aid for Koreatown hotel project
Fareed Kanani and Sean Hashem, with a rendering of the project (Credit: HED via Urbanize, and Greenbridge)

Greenbridge Investment plans 169-unit tower in Koreatown

Greenbridge Investment plans 169-unit tower in Koreatown
944-952 S. Dewey Avenue (Credit: Google Maps)

Anaheim developer plans 51 units for Koreatown

Anaheim developer plans 51 units for Koreatown
Landlords are organizing a protest around the lack of mortgage relief government policies and the inability to hit tenants with eviction notices.

What do we want? Mortgage relief!: Landlords plan LA protest

What do we want? Mortgage relief!: Landlords plan LA protest
Mike Bannon, California Apartment Association, executive director

Mom-and-pop resi landlords are already struggling

Mom-and-pop resi landlords are already struggling
Cypress CEO Michael Sorochinsky and 1216-1224 Menlo Avenue (Google Maps)

Cypress Equity plans 128-unit affordable complex in Pico-Union

Cypress Equity plans 128-unit affordable complex in Pico-Union
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...