Sandstone Properties looks to LA for capital boost, WeWork considers slashing valuation: Daily Digest

A daily roundup of LA real estate news, deals and more for September 5, 2019

TRD LOS ANGELES /
September 05, 2019 02:30 PM

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

This page was last updated at 2:10 p.m. PT

 

Sandstone Properties wants government aid. The developer is requesting a financial incentive package for help in building 730 hotel rooms near the Los Angeles Convention Center, an area severely lacking hotels. In the past, city officials have awarded assistance to projects similar to Sandstone’s “Albany,” which is slated to bring in $11 million in annual tax revenue. [Urbanize]

 

One unlucky seller lost $10M on a Bird Streets home sale. Tech entrepreneur Lynda Weinman paid $27 million for a 12,530-square-foot mansion in 2016. Now, she’s sold it to billionaire Rockstar energy drink founder Russ Weiner for $16.5 million. Weinman had first listed the home for $29 million before lowering its ask to $22 million. [Variety]

 

The Fed is gearing up for another rate cut. The Federal Reserve is reportedly planning another rate cut — likely to be a quarter percentage point — as Donald Trump’s trade war continues to escalate. [WSJ]

 
The We Company CEO Adam Neumann and Softbank CEO Masayoshi Son (Credit: Getty Images)

WeWork is considering slashing its valuation to $20B. After weeks of criticism over the company’s business model, its parent the We Company is reportedly considering delaying its planned IPO and slashing its valuation to $20 billion. [TRD]

 

Online brokerage Dwellowner wants to raise $7M through a token offering. Eric Eckardt, a former Purplebricks executive, is seeking $7 million to $10 million to help grow his new cloud-based brokerage, Dwellowner, via a security token offering. [TRD]

 
The Del Rey Pointe project site (Credit: L.A. Department of City Planning)
The Del Rey Pointe project site (Credit: L.A. Department of City Planning)

A 236-unit apartment complex is planned on a sliver of land in Playa Vista. The six-story Del Rey Pointe complex would rise on a small wedge of land between Ballona and Centinela creeks near the Marina Freeway. The developer plans to build a bridge over Centinela creek to connect the complex to Playa Vista proper. [Curbed]

 

Scott Disick lists Hidden Hills home, looks to double his investment. The “Keeping Up With the Kardashians” star listed his 5,600-square-foot home for $6.9 million, nearly twice what he paid for it last year. The five-bedroom home was remodeled with a more open floor plan. [LAT]

 

City shortlists three development teams for $700 million redevelopment at old LAPD headquarters. The city wants to build a roughly 750,000-square-foot office tower for over 3,000 city employees at the site of the former Parker Center. Each team has multiple design, contracting and equity members. Morphosis, Renzo Piano Building Workshop, and SOM are the designers their respective teams. [Urbanize]

 
33256 Pacific Coast Highway (Credit: Ginger Glass)
33256 Pacific Coast Highway (Credit: Ginger Glass)

Guy Dreier-designed Malibu manse hits market asking $65 million. Longtime owner Michael Flannery has listed a 2.3-acre property in Malibu Beach that overlooks the Pacific. The main home spans 5,000 square feet and the grounds feature a tennis court, aquarium, pizza oven, and perhaps most important of all, 200 feet of beachfront access. [TRD]

 

Real estate billionaire Sam Zell criticizes WeWork. Real estate mogul Sam Zell has criticised WeWork’s business model ahead of the co-working giant’s initial public offering in September, stating in an interview that “every single company in this space has gone broke.” [Business Insider]

 

Canadian department store chain Hudson’s Bay struggles to find younger audience. A plan to scoop up multiple stores left vacant by Sears Canada seemed like a good one back in 2017, but two years down the line, the CEO of Hudson Bay has expressed regret over the strategy as the Canadian company struggles to attract younger consumers. At least Saks Fifth Avenue is doing alright. [Bloomberg]

 

Jeffrey Epstein’s address book lists more than 1,000 names. An anonymous man identified in records associated with Jeffrey Epstein has filed a motion to fight the release of his name, arguing it could cause severe reputational damage. “There are hundreds of other people implicated in dockets,” said Jeffrey S. Pagliuca, an attorney involved in the litigation — suggesting more cases could be on the horizon. [NYT]

 

The world’s most liveable cities. If you haven’t been to Vienna, now’s the time to go. The Austrian capital was named the world’s most liveable city for the second year in a row this week. Others in the top 10 included, Sydney, Melbourne, Osaka, Tokyo and Copenhagen. New York placed 58th, and London 48th. [Bloomberg]

 

FROM THE CITY’S RECORDS:

Developer Nathan Korman is switching out plans to build an apartment complex in the Hollywood Hills in favor of building an 81-key hotel. He first planned apartments at 1723 N. Wilcox Avenue last year. The new hotel filing also includes a 1,900-square-foot rooftop restaurant. [LADCP]

 

A developer wants to build a 15-unit Transit-Oriented Communities apartment building at 1073 W. Exposition Boulevard near Exposition Park. Two units would be reserved for “extremely low-income” renters. [LADCP]


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