Malibu homeowners struggle to rebuild, HUD and LA are friends again: Daily digest

A daily roundup of LA real estate news, deals and more for August 6, 2019

TRD LOS ANGELES /
Aug.August 06, 2019 04:00 PM

Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page at 9 a.m., 12 p.m., and 4 p.m. PT. Please send any tips or deals to [email protected]

This page was last updated at 4:00 p.m. PT

Following the fires, Malibu’s lags in home rebuilding. Out of the estimated 650 homes destroyed in the Woolsey Fire, the city has only approved 113 applications to rebuild. And only a dozen of those have received permits for construction. [LAT]

 
Home on Haynes Avenue and Howard Hughes (Credit: Britannica and iStock)
Home on Haynes Avenue and Howard Hughes (Credit: Britannica and iStock)

Howard Hughes’ former Beverly Hills pad is up for auction. After two years on the market and four price cuts, the owner of a 4,600-square-foot home on Haynes Avenue is turning to an online auction. The home was most recently listed at $10.9 million. [TRD]

 

HUD and LA are friends again. The Department of Housing and Development has ended its dispute with city officials, freeing up $80 million in federal funding for public housing in L.A. As part of the settlement, L.A. will build 10,000 units of new affordable housing over the next 10 years, including 1,500 accessible units for individuals with disabilities. [DN]

 

Opendoor expands to three new markets. The instant-buying startup started announced Tuesday that it will be launching in Salt Lake City and Boise later this year, and St. Louis in early 2020, bringing its services to a total of 23 markets in the U.S. The firm also says that is has now helped more than 50,000 customers buy or sell their homes. [Opendoor]

 

The trade war’s impact on real estate, by the numbers. From rising construction costs to the sharp decline in Chinese investment, the escalating multibillion-dollar trade war between the United States and China has impacted real estate in many ways. And that’s not counting the impact of an overall economic slowdown. [TRD]

 

Airbnb acquires corporate extended-stay platform Urbandoor. In addition to boosting Airbnb’s supply of corporate-friendly properties, the acquisition will also allow Airbnb to take advantage of Urbandoor’s established relationships with multifamily owners. The terms of the transaction were not disclosed. [Techcrunch]

 
From left: Tom Barrack, former Qatari Prime Minister Hamad bin Jassim bin Jaber Al Thani, and Saudi Crown Prince Mohammad bin Salman.

Tom Barrack’s Middle East ties have boosted business. The Colony Capital founder’s extensive network of investors and friends in the region have proven an asset for his real estate business. But his work as an informal intermediary between powerful local players and his friend Donald Trump’s team are now under scrutiny. [TRD]

 

Long Beach renters say new tenant relocation fees spurred flurry of evictions. Renters claim their landlords handed them eviction notices just days before the new fees took effect on Aug. 1 in order to skirt those fees. The new relocation law requires landlords to pay between $2,700 and $4,500 when they evict a tenant without cause. [Long Beach Press-Telegram]

 
Larry Green of Unibail-Rodamco-Westfield, and a drawing of the planned stadium (Credit: Unibail-Rodamco-Westfield)
Larry Green of Unibail-Rodamco-Westfield, and a drawing of the planned stadium (Credit: Unibail-Rodamco-Westfield)

Appeal filed against Unibail-Rodamco-Westfield’s 34-acre Promenade 2035 project. L.A. officials should require the developer to incorporate affordable units into the massive project, according to the appeal, filed by local residents. The development will include a 7,500-seat stadium, 1,400 residential units, 244,000 square feet of retail space, 630,000 square feet of office space, and a 570-room hotel. It is set for the Westfield Promenade mall in Warner Center. [LADN]

 

Seefried Properties and Crow Holdings scoop up 24-acre site in Riverside. The partners plan to build three warehouses with a total of 375,000 square feet of space in the Inland Empire city. The site is part of the 1,290-acre Meridian Business Park. [REBusinessOnline]

 

Marriott took a $126 million hit from last year’s data breach. The hotel company announced it had booked that charge in its second quarter earnings, in connection with a database security breach that exposed 383 million guest records for years. Marriott acquired the compromised database along with Starwood Hotels & Resorts Worldwide in 2016, and has since phased it out. [WSJ]

 

Zuckerberg-tied investment firm Iconiq Capital scoops up rentals nationwide. The San Francisco-based firm has bought more than 1,600 rentals in L.A., Seattle, and Denver, and is in contract to buy more. Along with managing its own investment funds for clients like Mark Zuckerberg to invest in, Iconiq manages clients’ personal fortunes. [WSJ]

 

Real estate investor and murder is apprehended in Mexico. Peter Chadwick of Newport Beach is suspected of killing his wife in 2012. Chadwick was charged after the killing, but disappeared in 2015, after withdrawing millions of dollars from his bank accounts. [CBS]

 
The 2018 Carr Fire (credit: California Bureau of Land Management)

Cal State Long Beach approves 476-bed dormitory complex. The $100 million Parkside North Housing project is part of an update to the school’s master plan and calls for two L-shaped dorm buildings. Gensler is designing the project, which the university expects to complete by 2021. [Urbanize]

 
Clockwise from top left: 1469 Bel Air Road, 141 South Cliffwood Avenue, 921 Rivas Canyon Road and 521 Chalette Drive (Credit: TheMLS.com)
Clockwise from top left: 1469 Bel Air Road, 141 South Cliffwood Avenue, 921 Rivas Canyon Road and 521 Chalette Drive (Credit: TheMLS.com)

Panic room-equipped Bel Air home was LA County’s top sale last week. Dubbed “Almafi Bel Air,” the home sold for $14 million, about $10 million less than it first list price. The five priciest residential sales last week included homes in Brentwood, Beverly Hills and Bel Air. [TRD]

 

Investment bankers angle for lead role in WeWork IPO. With a relationship cultivated over many years and many deals, JPMorgan is expected to take first position in The We Company’s IPO syndicate, but rivals Goldman Sachs and Morgan Stanley are close behind. JPMorgan has been the company’s — and CEO Adam Neumann’s — biggest lender, and is helping arrange an unconventional a $6 billion debt package that depends on the IPO raising at least $3 billion. [Bloomberg]

 
Barney’s signage at its 660 Madison Avenue flagship location (Credit: Getty Images)

Barneys files for bankruptcy. Less than a day after reports that the department store chain was in talks for a bankruptcy loan, Barneys has secured $75 million in financing from Gordon Brothers and Hilco Global and filed for Chapter 11 bankruptcy as it plans for a formal sales process. The chain plans to close 15 of its 22 locations, but the Madison Avenue flagship — which accounts for one-third of the company’s revenue and has recently seen its annual rent nearly double — will remain open. [NYT]

 

Puerto Rico’s hotels and condos hit by political turmoil. The island’s lodging and luxury housing markets, still recovering from the fallout of Hurricane Maria, the Zika virus and a debt crisis, took another blow last week when Gov. Ricardo Rosselló resigned amid protests and scandal. Blackstone, which bet bit on the island’s promise in 2005, recently sold one hotel to a local builder and is looking to sell another. [WSJ]

 

FROM THE CITY’S RECORDS:

An application to designate the former Hollywood Art Center School a Historic-Cultural Monument was filed on Monday. The three-acre former private art school sold in January for $6.5 million, although it’s unclear if there are plans to redevelop it. [LADCP]

Compiled by Dennis Lynch and Natalie Hoberman 


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