After foreclosing on the hotel and retail portion of the $2.5 billion Century Plaza redevelopment, the Reuben brothers are working with the project’s developer, Michael Rosenfeld, to sell the remaining condos at the property.
Rosenfeld and the U.K.-based investor brothers, David and Simon Reuben, have tapped top agents James Harris and David Parnes of The Agency to helm sales for the residences, the brokers announced.
Century Plaza, located at 2025 Avenue of the Stars in Century City, offers luxe condos at Fairmont Century Plaza hotel and two 44-story residential towers at 115 Park Circle and 211 Elm Court, which opened in 2021.
Harris and Parnes will work in partnership with in-house sales team Next Century Realty. Asking prices for the residences range from $1.9 million to $11 million, according to a Century Plaza website. Parnes said around seven condos are currently available. The project’s six penthouses are not on the market. Prices for the project’s penthouses have not been released, he added.
In 2021, Rosenfeld defaulted on $1.8 billion worth of loans tied to the development. Almost two years later, the Reuben brothers paid $1 billion for Century Plaza through a foreclosure, placing a winning credit bid that equaled a portion of both the senior and mezzanine debt and giving the brothers control of the hotel, retail properties and some of the condo units. Rosenfeld held onto 197 condos — the ones now for sale.
Though Rosenfeld had defaulted on a loan tied to the condo units as well, the Reubens entered into a forbearance agreement with Rosenfeld to extend the maturity date on that loan by an additional 12 months, court records show.
The Reubens are committed to “fulfilling Michael Rosenfeld’s vision for Century Plaza,” David Reuben Jr. said in a statement on behalf of the brothers.
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“There has been relatively limited good product in Los Angeles,” Parnes said of the luxe condo market in a city best known for its megamansions. “I’m extremely bullish on sales for this development from people all over the world. Los Angeles people want security in this environment. Century Plaza is completely gated. For national and international people, they love the ‘lock-up-and-leave’ aspect. They don’t want to deal with maintenance. You have hotel-style living.”
Harris and Parnes come with a resume of ultra luxe condo sales. Since October 2022, they’ve helmed sales at The Pendry Residences West Hollywood. They’ve also sold luxury condos at other well known buildings such as The Residences at WeHo Edition and The Century, a 42-story tower down the street from the Century Plaza development.
The Century continues to hold a Los Angeles record for priciest condo sale. Candy Spelling spent $47 million for a 16,500-square-foot condo at The Century in 2008.