Historic Hollywood building in Opportunity Zone becomes latest repositioning target

The fully leased property includes 53 units, as well as retail

Aug.August 01, 2019 05:00 PM
Hillview Hollywood, Jesse Lasky , Samuel Goldwyn , Adolfo Suaya (Credit: Wikipedia and Getty Images)
Hillview Hollywood, Jesse Lasky , Samuel Goldwyn , Adolfo Suaya (Credit: Wikipedia and Getty Images)

It’s a story that includes movie moguls, a gruesome murder and, now, Opportunity Zones.

A historic apartment building known as Hillview Hollywood has hit the market, potentially paving the way for the fully leased, 53-unit property on Hollywood Boulevard to become a boutique hotel, office space or even a private members club.

The owner of the 63,370-square-foot building at 6533 Hollywood Boulevard is targeting around $25 million for the property, which includes 8,560 square feet of retail. The retail portion is currently leased to the Houston Hospitality brothers, who operate nightclubs Dirty Laundry and No Vacancy at the property.

Hillview falls in a designated Opportunity Zone, meaning buyers could receive a hefty tax benefit from their investment. Marketing materials from Cushman & Wakefield also mention that the property qualifies for repositioning “via the Ellis Act,” a controversial law that allows landlords to essentially evict tenants if they plan on removing their units from the rental market. Still, it’s possible any conversion could be challenged by tenants rights’ activists, which have been increasingly fighting evictions through lawsuits and lobbying.

Property records reveal the owner, Hillview Hollywood LLC, paid $16 million to CIM Group for the building in 2015. The LLC traces back to Adolfo Suaya, an Argentine-American restaurateur and hotelier.

Hillview’s history dates back to 1917, when movie moguls and brother-in-laws Jesse Lasky and Samuel Goldwyn built the complex for aspiring artists. Lasky was a key founder of Paramount Pictures at the time, while Goldwyn had founded Goldwyn Pictures, which eventually became Metro-Goldwyn-Mayer, or MGM.

Rumor has it that residents from the silent era include Clara Bow, Stan Laurel, Viola Dana, Greta Garbo and Charlie Chaplin. Each room is named after a different Hollywood star.

Like many other historic buildings in Hollywood, Hillview has seen its fair share of scandal. In 2011, a resident murdered his 33-year-old fiancée in one of the hallways.

Kelli Snyder, Mike Condon Jr. and Erica Finck at Cushman have the listing.

Related Articles

Mario J. Palumbo, managing director of Seward Partners and Millennium Partners, and the site (Credit: Google Maps)

MP Los Angeles plans 14-story office development in Hollywood

A rendering of the Vine Street project (Credit: Hawkins\Brown Architects via Urbanize)

Post Group’s Matt Cooper plans offices on Vine St. in Hollywood

Hollywood's Seward House sells for $23.4M

Bardas Investment pays $23M for Seward House in Hollywood

Historic Parker Building could become a hotel (Credit: Google Maps)

Hotel developer looks to transform Hollywood’s historic Palmer Building

Amoeba Musice is moving to Hollywood Blvd. (Photo Credit: Amoeba Music)

Vinyl still rules! Amoeba Records finds new Hollywood locale

1700 North La Brea Avenue (Credit: Google Maps and Getty Images)

PNK-linked developer eyes another Hollywood hotel project

A rendering of the property, Cityview CEO Sean Burton and Virtu Investments principals Michael Green and Scott McWhorter (Credit: LCP 360) 

Virtu pays $71M for Warner Center complex in Opportunity Zone

Michaekl Rapino of LiveNation, Richard LeFrak, and 7060 Hollywood Boulevard

Live Nation’s Hollywood exit leaves big hole for LeFrak