Residential Spec Developer Finds Niche in Pacific Palisades

Yaniv Nehemia of JNY Investments isn’t the bragging type.

The spec residential developer would rather not point out that his project set a record in the Pacific Palisades market earlier this year, trading in July for $32.3 million. The six-bed, 12-bath residence is the priciest Palisades sale so far this year and also beats anything sold in 2023.

Compass’ Jacqueline Chernov, David Berg, F. Ron Smith and Kristin Alexander were the listing agents. Douglas Elliman’s Cory Weiss represented the trust that bought the home, according to property records.

Nehemia still has a full plate of projects. They include 15515 Via De Las Olas, which is roughly 8,500 square feet. He also has the property next door at 15519 Via De Las Olas, which is about 7,500 square feet. When completed, both will tout unobstructed ocean views from the front of the homes.

“We’re making them a modern oasis, but on a different level,” Nehemia described.

They’ll also be complete with a full slate of amenities, including a gym, spa, roof decks, walk-in closets, custom cabinetry and theater.

There’s also 565 Toyopa Drive and 500 Ocampo Drive, each of which are around 8,000 square feet.

The developer expects all projects will be completed within the next six to eight months.

He estimates the properties on Via De Las Olas to be listed between $18 million and $20 million. Meanwhile Ocampo and Toyopa should hit the market in the $14 million to $16 million range, depending on those projects’ completion timeframes.

“Right now, I’m concentrated on the Pacific Palisades,” Nehemia said. “That’s my little niche. I’m learning a lot about the clients and what they want. It took me quite some time to pick it up and try to perfect it.”

He said the lessons in terms of what prospective buyers want out of their homes aren’t as surprising as the fact that there’s interest in his properties.

“I always build a home as if I’m going to live there, which is fun,” he said. “We always keep it modern and very minimalistic.”

Doing business in L.A. is a bit like walking a tight rope.

Nehemia says the City of Los Angeles’ Measure ULA transfer tax, which went into effect in April 2023, has added an additional cost onto the price of building a home.

“It’s very, very tricky and a big factor right now with our new purchases,” he said. “We have to be picky on our projects. We can’t just buy anything; it’s very tough.”

While the tax has been a damper on business, it hasn’t pushed Nehemia to develop outside the city.

Single-family residential is his focus, but he has developed townhomes in the past and is waiting on entitlements for multifamily properties in Van Nuys and Hollywood.

One could say real estate runs in Nehemia’s blood. His father focused more on retail investments, while Nehemia cut his own path in residential.

His first development was in Studio City at 12433 Kling Street.

“We used all cash for that one since it was my first. I wanted to be safe,” he recalled.

The property was purchased for about $525,000 and sold for $2.5 million, Nehemia said.

“I took a chance,” he said. “It was a house behind a freeway. I wanted to challenge myself because I was a rookie then and couldn’t find good deals. So I took a house behind the freeway and we blew it out of the park.”

Now, he’s setting new records for Los Angeles luxury real estate as he focuses on growth one property at a time.