LA’s affordable housing incentive program gets court challenges, Elliman’s Eklund and Gomes detail their national expansion: Daily digest

A daily round up of LA real estate news, deals and more for September 4, 2019

TRD LOS ANGELES /
September 04, 2019 03:15 PM
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This page was last updated at 3:15 p.m. PT

 

Another high-end home in Bel Air has hit the market. The $18.9 million listing belongs to producer James Robinson, behind hits like “Ace Ventura: Pet Detective.” The amount is nearly $5 million less than it first listed for two years ago. [LAT]

 

After backlash, WeWork added a woman to its board. The office-space provider’s parent company, the We Company, is adding Frances Frei to its board ahead of its public offering. Frei is a professor of technology and operations management at Harvard Business School, and has consulted the We Company since March of this year. The company faced public scrutiny for revealing an all-male board in its S-1 filing with the U.S. Securities and Exchange Commission. [Reuters]

 

Alicia Keys has a new home in La Jolla. The singer and her music producer husband, Swizz Beatz, paid $21 million for the iconic “Razor House.” Designed by William Cunningham, the home is said to be the inspiration for Tony Stark’s pad in “Iron Man.” [WSJ]

 

L.A.’s affordable housing incentives program is challenged. A group called Fix The City filed a lawsuit last week claiming the popular Transit-Oriented Communities program is illegally rezoning areas. It also contends the city hasn’t lived up to obligations to promote higher wages for construction workers as laid out in Measure JJJ. [LAT]

 

Phil Spector’s infamous Alhambra mansion gets a price cut. The home where the now-incarcerated record producer fatally shot actress Lana Clarkson in 2003 has relisted at just below $5 million. The 2.7-acre property went on the market earlier this year for $5.5 million. The 8,600-square-foot home was built in 1925. Spector paid $1.1 million for the home in 1998. [LAT]

 
Fredrik Eklund (right) and John Gomes (Photos by Guerin Blask)
Fredrik Eklund (right) and John Gomes (Photos by Guerin Blask)

Douglas Elliman’s Eklund and Gomes team take a leap with national expansion. The team, led by “Million Dollar Listings New York” stars Fredrik Eklund and John Gomes, has expanded its team six-fold over the last two years. Their launch in L.A. late last year came as the residential market hit (and continues to be in) a lull. Some question if their model can sustain itself, but others say they’re more than ready to go national. [TRD]

 
A rendering of the Carthay project (credit: Office Untitled)
A rendering of the Carthay project (credit: Office Untitled)

A 10-story mixed-use project is planned for Carthay. The developer, Beverly Hills Suites LLC, wants to build 45 apartments, a 110-room hotel, and around 6,300 square feet of ground floor commercial space on a 30,000-square-foot property on West Pico Boulevard. [Urbanize]

 

Uber CEO Dara Khosrowshahi buys in Venice. Khosrowshahi paid $6.8 million for the former home of architect Marmol Radziner. The seller was actress Natasha Gregson Wagner. Radziner designed the 4,000-square-foot home for himself in 2007. [Variety]

 

WeWork’s IPO roadshow could start next week. The office-space company is aiming to sell about $3.5 billion in shares in the much-hyped event, and already has secured a commitment from major banks for a $6 billion credit facility. [Bloomberg]

 

Foreign investors are fleeing the U.S. For the first time since 2013, overseas investors sold $13.4 billion in commercial real estate — more than they acquired last quarter. The trend comes as the U.S. bull market matures and uncertain geopolitics have diminished confidence in the local market. [WSJ]

 

Contactually clients feel abandoned after Compass acquisition. The startup, which provides a customer relationship management tool, has recently told existing clients that it has limited ability to support them, as the majority of its resources have been diverted to building technology for Compass. [Inman]

 

FROM THE CITY’S RECORDS:

An 86-unit TOC project is in the works for 10341 S. Graham Avenue in Watts. Roughly one in three units will be set aside for low-income renters. The developer, Watt Station LP, also wants to have 7,600 square feet of ground floor commercial space. [LADCP]

A 21-unit TOC project is planned at 9300 W. Exposition Boulevard in Palms near Culver City. The six-story project would replace a single-family home and a duplex. [LADCP]


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