In tough market, West Hollywood condo developer plans $100M listing
Confidence in record-setting deal comes amid downturn and trend away from vertical living
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]