Co-working comes to Beverly Hills, city controller wants a nonprofit to manage LA’s vast real estate portfolio: Daily digest

A daily round up of LA real estate news, deals and more for August 14, 2019

TRD LOS ANGELES /
Aug.August 14, 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. and 4 p.m. PT. Please send any tips or deals to [email protected]

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

 
The building with Cross Campus founder Ronen Olshansky and Suge Knight
The building with Cross Campus founder Ronen Olshansky and Suge Knight

It’s “The Next Episode” for the former Death Row Records HQ. Co-working firm Cross Campus is set to open its fifth L.A. location at Suge Knight’s old shop in Beverly Hills next month. But don’t expect it to look like it did back when Knight owned the hip-hop label — his old hot tub from the roofdeck. [TRD

 

Controller Ron Galperin wants to create a nonprofit to manage the city’s real estate. That call comes less than two months after he launched a website detailing 14,000 public properties. The new entity, to be named Los Angeles Municipal Development Corporation, could pair real estate pros from the private sector with city officials to develop housing and other projects on the 7,500 parcels of land the city owns. [Release]

 

Blame Trump’s trade war with China for slowing Rodeo Drive sales. Chinese travelers to the U.S. dropped for the first time in 15 years, and it’s hurting retail sales in Beverly Hills. While part of that has to do with the ongoing trade war, it also has to do with stringent visa policies and a depreciating yuan, experts say. [THR

 

German soccer star Jermaine Jones scores $5 million for Calabasas pad. The residence sits on 12 acres, and includes a 7,500-square-foot main house, a horse stall and art studio. Jones, who now plays for the Ontario Fury, had paid $4.8 million for the home in 2017. [LAT]

 

Guards charged with keeping watch on Jeffrey Epstein were sleeping instead. The financier accused of sex trafficking reportedly went unchecked for three hours at the Metropolitan Correctional Center. After realizing their mistake, two corrections officers falsified log records. The pair were reportedly working consecutive days of overtime. [NYT

 

L.A. homebuilders pick up pace in 2019 amid housing shortage. Developers are on track to complete 9,400 new homes in the second half of 2019, more than both of the last two years. Many of the 28,000 homes now under construction in L.A. County are set to be completed in 2021. But builders are also on pace to permit around 13,000 homes this year, or 3,500 fewer than 2018. [Curbed]

 

Goldrich Kest plans 106-unit complex in Studio City. The Culver City-based developer will present plans to a local neighborhood council on Wednesday. The project, which includes 1,200-square-feet of retail space would replace a vacant senior living facility on Ventura Boulevard. [Urbanize]

 
WeWork CEO Adam Neumann (Credit: Getty Images)

WeWork’s revenues and losses soar ahead of IPO. The co-working company generated $1.54 billion in revenue and posted a net loss of $689.7 million in the first half of the year. The company has most recently been valued at $47 billion and recently cut a $6 billion IPO debt deal. WeWork, which earlier this year rebranded as the We Company, could go public as soon as next month. [TRD]

 

Emma Stone buys two properties in Westwood and Malibu. The Oscar-winning actress bought the Westwood home for a family member for $2.3 million and paid $3.3 million for the Malibu property. The latter spans 3.2 acres, including a steep hillside that drops down to the Pacific Coast Highway. [Variety]

 

PG&E struggles amid Chapter 11 bankruptcy. Creditors have asked a California federal judge to let them present their own Chapter 11 exit plan, arguing that the troubled utilities provider has failed to deliver the swift exit plan promised six months ago, when it entered bankruptcy. PG&E has promised to file an exit plan by early September and wants the judge to allow them to retain exclusive rights to steer its exit from bankruptcy protection. [WSJ]

 
1652 Tower Grove Drive or "The Mountain" (Credit: Realtor and iStock)
1652 Tower Grove Drive or “The Mountain” (Credit: Realtor and iStock)

The 157-acre Mountain of Beverly Hills to be auctioned. The massive and troubled hilltop property will go to the highest bidder at an auction on Thursday, at the Civic Center Plaza in Pomona. The property made headlines when it listed for $1 billion last year, but it failed to attract a buyer even after price dropped to a measly $650 million. Its owner, convicted fraudster Victorino Noval, failed to pay creditors, who could take control of the property if it fails to get a bid above $200 million. [TRD]

 

Gala Asher-developed Beverly Crest mansion listed at $55 million. Asher purchased the property at 145 North Mapleton Drive for $11.9 million in 2017 and redeveloped the site. The result is a 20,000-square-foot, stone-encased estate with seven bedrooms and 14 bathrooms, a guard house, and two guest apartments. Ginger Glass — who recently jumped to Compass — has the listing. [Redfin]

 

Saota-designed Hollywood Hills estate listed at $44 million. The 20,000-square-foot home is surrounded by a 175-foot linear pool and has a wraparound skyline view of the city. Jason Oppenheim of The Oppenheim Group and David Parnes of The Agency have the listing. [Redfin]

 

FROM THE CITY’S RECORDS:

A developer submitted plans for a 180-unit affordable housing complex on Broadway and 94th Street in Broadway-Manchester. The applicant requested floor area and density bonuses. The site is home to the Broadway Villas affordable housing complex, developed by AMCAL. [LADCP]


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