In tough market, West Hollywood condo developer plans $100M listing

Confidence in record-setting deal comes amid downturn and trend away from vertical living

Los Angeles /
Aug.August 04, 2020 08:11 PM
Frederik Eklund and a rendering of 8899 Beverly Boulevard (Getty, building courtesy of 8899 Beverly)
Frederik Eklund and a rendering of 8899 Beverly Boulevard (Getty, building courtesy of 8899 Beverly)

The construction of a West Hollywood condo isn’t scheduled for completion until next year but its developer vows to sell a single unit for north of $100 million.

Tyler Siegel of Townscape Partners told the Wall Street Journal that he plans to list the 20,000-square-foot penthouse suite at The Residences at 8899 Beverly Boulevard for between $100 million to $160 million.

As the Wall Street Journal points out, a $100 million sale would triple the Los Angeles County record for largest ever condo deal, which was Candy Spelling buying a $35 million penthouse at The Century in 2010.

Townscape Partners is building the 10-story, 38-unit complex at the former home of the Los Angeles International Design Center. The developer opened sales offices in November, but they briefly shuttered amid the coronavirus pandemic, and it’s not clear if units have sold.

Los Angeles County condo sales dropped roughly 30 percent between the second quarter of 2020 compared to quarter two of 2019, amid the coronavirus pandemic. And luxury agents are predicting a long-term decreased demand for high-end vertical living.

Townscape Partners is billing the penthouse, whose amenities include a private elevator, as an exception to that notion. The home’s listing agent Fredrik Eklund of Douglas Elliman told the Journal interest in the ultra-luxury condos increased of late.

Townscape, which is backed by New York-based investment firm Angelo Gordon & Co., acquired the building for $39 million in 2012. The firm is also behind the 191-unit condo project at 8150 Sunset Boulevard, designed by Gehry International.

Matthew Blake [Wall Street Journal]


Related Articles

arrow_forward_ios
Cypress Equity Investments CEO Michael Sorochinsky and the Brentwood home (Cypress Equity, Redfin)
Cypress Equity CEO sells Brentwood mansion for $14M
Cypress Equity CEO sells Brentwood mansion for $14M
Jeffree Star and his Hidden Hills home (Compass, Getty)
Makeup mogul Jeffree Star lists 20K sf mansion
Makeup mogul Jeffree Star lists 20K sf mansion
Renderings of the project (The Harper on Sunset)
Hotel, apartment complex planned for northeast end of West Hollywood’s Sunset Strip
Hotel, apartment complex planned for northeast end of West Hollywood’s Sunset Strip
The Chateau Marmont (Getty) and protest signs (Unite Here Local 11)
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
LA Dodgers co-owner Bobby Patton and the property (MLB, Compass)
LA Dodgers co-owner puts Los Feliz estate up for $15M
LA Dodgers co-owner puts Los Feliz estate up for $15M
Evan Metropoulos and 9255 Doheny Road (Metropoulos, The Altman Brothers)
Evan Metropoulos’ West Hollywood penthouse heads to auction
Evan Metropoulos’ West Hollywood penthouse heads to auction
Combined Properties Chairman Ronald Haft, AECOM Capital CEO Warren Wachsberger and Pendry West Hollywood
AECOM JV lands $500M loan on boutique hotel-condo
AECOM JV lands $500M loan on boutique hotel-condo
Yvette Mimieux and Howard Ruby. (Getty, Westside Estate Agency)
Corporate housing firm founder lists ornate Bel Air mansion
Corporate housing firm founder lists ornate Bel Air mansion
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...