P&Y Broadcasting, owner of the L.A. Korean-language radio station Radio Korea, has listed a 38-acre property in the Eastside L.A. neighborhood of El Sereno.
Located on the property are multiple radio towers that serve as the station’s transmitter, although the listing notes the towers and area immediately surrounding them are excluded from the sale.
P&Y is asking just over $38 million for the undeveloped land, which is made up of two adjacent parcels. The listing hit property sites on Thursday, and leans heavily into the property’s obvious potential appeal to spec or other developers:
“An extremely RARE OPPORTUNITY to develop one of the VERY few EXTREMELY large land parcels available so close to DOWNTOWN LOS ANGELES,” screams the listing, which also mentions the property’s views and location near several major freeways, parks and medical centers.
Wade Woodcock, a broker with Keller Williams who has the listing, did not immediately respond to a request for comment.
The property is located at 4600 Carter Drive in Los Angeles, in a residential and semi-rural part of the city’s Eastside.
The site has been owned by different radio stations going back decades. P&Y bought the larger of the two parcels, which is 22 acres, for $8 million in 2007, according to records. The seller was a Seattle-based radio company.
The broadcasting firm was incorporated in 2007 and is headquartered on Wilshire Boulevard, in the heart of Koreatown. It bought KMPC, the station that then became the home of Radio Korea, which until then had broadcast on a different channel, for $33 million in 2007, according to a media report at the time.
Radio Korea, which has long ranked among the regions’ preeminent Korean-language stations, has a long affiliation with the Los Angeles Dodgers.
The 38-acre land parcel, which is currently zoned for agricultural use, ranks among the largest potential development sites to recently hit the market in Greater L.A. In June, the 24-acre campus of Marymount California University, a small college on the Palos Verdes Peninsula that recently announced its pending closure, also hit the market, prompting a flurry of development interest.
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