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 tips@therealdeal.com
This page was last updated at 3:30 p.m. PT
1021 N. Beverly Drive in Beverly Hills (Credit: The Oppenheim Group)
Beverly Hills spec manse the hits market for $75 million. The 15,600-square-foot home was developed by Sen Properties. The home has seven bedrooms and 10 bathrooms. The Oppenheim Group’s Jason Oppenheim and Davina Potratz have the listing. [Press release]
Westlake apartment portfolio trades for $48 million following rent strike. Chicago-based 59th Street Capital bought three neighboring buildings with 192 units between them this week. Tenants withheld rent last year over the previous owners’ planned rent hikes. Now, the tenants have received notice that their units would be renovated and rents increased by an even larger amount. [TRD]
Tech exec lists Bird Streets spec home. Here comes another high-priced home on the market, this one for $43 million. Farzin Aghaipour developed the home and is vice president of cobrowsing company Samesurf. The mansion is 17,000-square-foot mansion and was designed by XTEN Architecture. [TRD]
Almost 50 real estate industry giants make the Forbes 400 list of wealthiest people. Warren Buffett topped all other real estate industry businesspeople, coming in at number three overall. Blackstone’s Jonathan Gray, Jeff Greene, and Irvine Company’s Donald Bren also made the list. The youngest billionaire on the list also makes his fortune on real estate: 36-year-old Nathan Blecharczyk, co-founder of short-term rental platform Airbnb, came in at 168 with a net worth of $4.2 billion. [TRD]
The building
Onni Group’ Olympic & Hill tower gets a new silhouette. After the City Planning Commission asked for a more distinctive roofline for the 60-story project in Downtown L.A., Chris Dikeakos Architects scrapped the boxy design and added some angled screens and a sloping trellis. The project will return to the planning commission for approval. Staff also recommends Onni pay $12.7 million to the city for the transfer of air rights for the tower. [Urbanize]
Los Feliz homeowners readying a house for sale find time capsule behind chimney. The sellers found a time capsule in the wall of their 1937 Spanish-style bungalow, left by its original owners, Nathan and Clara Pallow. In the capsule, they describe plentiful fruit groves, dismiss earthquakes as “Florida propaganda” and provide the design philosophy of the home. The house is now on the market for $1.8 million. [LAT]
Asking price slashed for late Paul Allen’s 120-acre Beverly Hills development site. The pool of buyers for large undeveloped hilltops in the 90210 appears to be thin. Two months after the Mountain of Beverly Hills was practically given away at a foreclosure auction, Allen’s “Enchanted Hill” property got a $40 million price chop from $150 million to $110 million. [TRD]
Bilgili Development’s Serdar Bilgili and Michael Shvo with a rendering of 9200 Wilshire Boulevard (credit: Getty Images and MVE Architects)
Michael Shvo and partners snag $190 million construction loan for Beverly Hills condo project. The development team picked up the shovel-ready site on Wilshire Boulevard for $130 million in May and now have cash in hand to break ground. Bilgili Group and Deutsche Finance are working with Shvo on the project. [TRD]
Westwood is the most expensive place to rent in the country besides Manhattan’s Tribeca. A report by RentCafe found that all but four of the most expensive ZIP codes in the country are spread between New York, L.A., and San Francisco. Westwood and Beverly Grove were behind only three ZIP codes on lower Manhattan’s west side in terms of average rents. Six of the most expensive areas are in L.A. and a dozen are in San Francisco. [TRD]
Tova Capital buys Culver City’s popular Samy’s Camera building. The firm paid $8.2 million for the 12,000-square-foot building at 4411 Sepulveda Boulevard. The building is a 1989-built replica of Downtown L.A.’s Union Station. Tova plans to renovate it as offices. [LABJ]
Forever 21’s bankruptcy was bad news for mall stocks. Macerich, Simon Property Group, Brookfield Property Partners, Taubman Centers and Vornado Realty Trust all saw their stocks take a hit after the news. The fast-fashion retailer said it would close 178 stores this year. [TRD]
The stock market sell-off is a boon for homebuyers. Rates on 30-year fixed mortgages are down to 3.62 percent, a 1.25 percent year-over-year change. That means a savings of $225 a month for a $300,000 mortgage. [CNBC]
It’s worse than initially thought for Bed Bath and Beyond. The houseware retailer will shutter 20 more stores than previously expected, bringing the total to 60. A full list of closures has not been released. [NYDN]