Historic Hollywood building in Opportunity Zone becomes latest repositioning target
The fully leased property includes 53 units, as well as retail
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.