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
(iStock)

LA County home sales are falling, but condo deals still rise

LA County home sales are falling, but condo deals still rise
Photo illustration of 27112 Malibu Cove Colony Drive in Malibu (Photos via Realtor)

Staycationers sue luxury rental service for “abysmal” Malibu getaway

Staycationers sue luxury rental service for “abysmal” Malibu getaway
Clockwise from top left: 1801 Angelo Drive, 911 North Foothill Road, 1025 Loma Vista Drive and 1175 North Hillcrest Road (Google Maps)

Bezos, Geffen, Katzenberg dominate LA’s biggest resi sales of 2020

Bezos, Geffen, Katzenberg dominate LA’s biggest resi sales of 2020
300 S. Santa Fe Ave. (Google Maps)

LA’s top 5 multifamily investment sales of 2020 fell 50%

LA’s top 5 multifamily investment sales of 2020 fell 50%
Nile Niami and his West Hollywood property (Getty, iStock)

Checkmate in WeHo for LA’s megamansion king

Checkmate in WeHo for LA’s megamansion king
Nile Niami and "The One" mansion (Getty)

Niami’s “The One” to hit market

Niami’s “The One” to hit market
Jason Oppenheim and Josh Flagg (Credit: Alberto E. Rodriguez/Getty Images and iStock)

Pent-up demand lives! L.A. County home deals up year-over-year

Pent-up demand lives! L.A. County home deals up year-over-year
Clare Bronfman and 8517 Franklin Avenue (Patrick McMullan/Getty, Zillow)

Heiress and sex cult financier sues over West Hollywood swimming pool

Heiress and sex cult financier sues over West Hollywood swimming pool
arrow_forward_ios

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

Loading...