LA tenant group joins statewide push to repeal rent control restrictions


LA tenant group joins statewide push to repeal rent control restrictions Activists say the number of rent-stabilized units in the city continues to shrink Residential buildings in downtown Los Angeles before 1978 (Credit: Wikimedia Commons) There are now 600,000 rent-stabilized units in Los Angeles, yet the city has still been called the least affordable of any in the country. Now, a group of tenant organizations are joining a statewide effort to repeal a California law that restricts the number of rent-controlled properties. They want to get rid of the Costa-Hawkins Act, a 1995 law that put limits on future local rent control laws and put a freeze on existing local laws. The tenant groups are trying to do their part to collect the roughly 400,000 signatures needed to force the ballot initiative amid a deepening affordability crisis in the city and across California. Curbed first reported on their effort to...
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Harbor Associates lands 2 suburban office buildings for $56M


Harbor Associates lands 2 suburban office buildings for $56M The firm partnered separately with Goldman Sachs, Blue Vista Capital Management Commons at Valencia Gateway, Conejo Corporate In separate joint ventures, Harbor Associates, a Long Beach-based investment firm, paid a combined $56 million for two suburban office buildings in Valencia and Thousand Oaks. Both properties will be renovated. In Valencia, Harbor teamed with Goldman Sachs Asset Management Private Real Estate. The pair paid Barings $33.1 million for a two-building, 156,630-square-foot office campus. Called Commons at Valencia Gateway, it is located at 25124 – 25125 Springfield Court. The complex is 81 percent leased to 15 tenants, including anchor tenant KB Studio. Tom Bohlinger, Ryan Smith and Justin Hager of JLL represented Barings in the transaction. In Thousand Oaks, Harbor teamed up with Blue Vista Capital Management to acquire the Conejo Corporate Campus at 2380 and 2400 Conejo Spectrum Street. The joint venture...
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Plans for 77-unit apartment in Venice add to developing neighborhood


Plans for 77-unit apartment in Venice add to developing neighborhood The mixed-use project would rise near planned 56-unit building February 19, 2018 09:00AM 2454 Lincoln Boulevard (Credit: Google Maps) A developer has filed plans for a 77-unit residential development in Venice in a neighborhood that has seen a recent rise in apartment construction. The proposed mixed-use building at Lincoln Boulevard and Venice Boulevard would replace a car wash, commercial building, and parking lot. It would rise just around the around the corner from a 56-unit project whose plans were filed last year. For the most recent proposal, the owner of the property at 2452-2454 Lincoln Boulevard filed plans Friday, according to Urbanize. The area is characterized mostly by low-rise commercial and residential development, but these two projects could spark more vertical building. There would be 69 market-rate units and eight units set aside for affordable housing. The project does not...
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This week in celeb real estate: Adam Levine unloads estate for $18M, Harvey Weinstein lists a home for rent


Adam Levine and his home, Harvey Weinstein and his home (Credit: Wikimedia Commons) Maroon 5 frontman and “The Voice” judge Adam Levine sold his home in the Holmby Hills neighborhood for $18 million, the same price he paid for it last summer. The French Regency-style home spans 9,200 square feet and includes a two-story guesthouse, the Los Angeles Times reported. Five bedrooms, five-and-a-half bathrooms and a breakfast solarium can be found inside, while a swimming pool and pool house complete the outside. Levine listed the property for sale in November for $18.9 million. Harvey Weinstein, the disgraced movie producer accused of sexual assault by numerous women, is renting a West Hollywood home he owns for $7,500 per month. The renovated 1,400-square-foot pad includes two bedrooms, two bathrooms, library and backyard that comes equipped with fruit trees. A corporate entity tied to Weinstein purchased the place for $1.55 million in late...
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USC medical center dormitory planned for Boyle Heights campus


USC medical center dormitory planned for Boyle Heights campus American Campus Communities would develop the 95-unit dorm 1642 San Pablo St (Credit: Google Maps) The country’s largest dormitory developer has proposed a 95-unit dorm for the University of Southern California’s medical center in Boyle Heights. American Campus Communities filed plans for the 134,000-square-foot structure, which would include some leasing space and open outdoor space. It would serve the school’s graduate students. The plans include a handful of addresses at the corner of Valley Boulevard and San Pablo Street. If approved, the building will rise just south of Lincoln Park, near the USC Health Sciences campus. The land is owned by USC. American Campus purchased the ground lease in 2016 for $2 million. It consists of two parking lots and a parking structure, near the Currie Hall dorm. American Campus owns and manages Curry Hall and has a ground lease on...
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US housing starts were up 10% in January, led by multifamily building


US housing starts were up 10% in January, led by multifamily building The 46% increase in the Northeast was the highest in the country February 16, 2018 02:00PM (Credit: Pexels) Housing starts nationwide jumped 9.7 percent in January over December, thanks largely to a 19.7 percent increase in residential rental and condominium starts — the biggest increase since December 2016. The annual pace of starts nationwide last month was 1.33 million, up from 1.21 million in December and up from 1.24 million last January, according to the Department of Commerce. January’s increase followed December’s sharp drop of 8.2 percent to an annual rate of 1.19 million starts, the largest since November 2016. Single-family construction was up 3.7 percent nationwide. Construction was up in all corners of the country but the Midwest, where it dropped 10.2 percent. The Northeast was the strongest market, rising 45.5 percent. That’s an increase four times...
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Malibu and Beverly Hills dominate LA’s most expensive neighborhoods


Malibu and Beverly Hills dominate LA’s most expensive neighborhoods Malibu's Colony, where median sales price was $13 million, tops list December 20, 2017 09:31AM Edward Norton’s home The “Steven’s House” by John Lautner (Credit: The MLS, Wikimedia Commons) Surprise! Malibu and Beverly Hills were the most expensive places to buy in Los Angeles in 2017, according to a list of the 10 priciest areas based on median sales price. The most expensive neighborhood in LA this year was Malibu’s Colony — the gated beachfront road tightly packed with mansions and their celebrity owners — where the median sales price was $13 million, according to PropertyShark data culled by Curbed. That figure is even lower than the median sales price of $15.7 million recorded in the Colony in the first half of 2017. Prices have skyrocketed in the Colony in recent years. Actor Edward Norton bought the “Steven’s House” by John...
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Could Unibail’s Westfield deal pressure Simon Property Group to make a big buy?


Unibail Rodamco CEO Christophe Cuvillier and the Westfield mall at the World Trade Center Unibail-Rodamco’s $15.7 billion bid to buy Westfield Corp. has the market buzzing about whether or not Simon Property Group will pull out its checkbook and acquire one of its smaller REIT rivals. Unibail, Europe’s largest real estate investment trust, is creating a $70 billion retail behemoth with its acquisition of Westfield. That puts it squarely in the rearview mirror of Simon, which has a portfolio of real estate valued at $110 billion. And it comes at a time of consolidation in the mall REIT sector on both sides of the Atlantic. “Next on the list is Simon Property,” said Kai Klose, a stock analyst who covers Unibail for Berenberg Bank. “If they can make a move that makes sense and be more dominant, I would not be surprised if they would do something.” Simon already owns...
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New 240K sf office building slated for El Segundo


New 240K sf office building slated for El Segundo The site will include office, studio, production, and retail space December 19, 2017 04:30PM The site of the Beach Cities Media Campus in El Segundo (Credit: Google Earth) A vacant six-acre site on Rosecrans Avenue in El Segundo is slated for development as a mixed-use campus with about 240,000 square feet of new office space. The development, dubbed the Beach Cities Media Campus, includes a five-story, 240,000-square-foot office building, a 66,000-square-foot studio and production facility, and two single-story retail buildings. The site would also include parking for 1,100 vehicles and a pedestrian bridge to a neighboring property with an ArcLight Cinemas movie theater and restaurants, according to Urbanize LA, which cited an environmental report being prepared by the city. The site at 2021 Rosecrans Avenue was formerly an air separation plant run by Air Products, but it was demolished sometime after...
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Olive Hill buying Santa Monica office building for $117M: sources


Olive Hill buying Santa Monica office building for $117M: sources Tishman Speyer paid $92M for 520 Broadway in 2015 By Chava Gourarie | December 19, 2017 03:36PM 520 Broadway, Michael Cho and Rob Speyer The Downtown L.A.-based Olive Hill Group is in contract to buy a Santa Monica office building from Tishman Speyer for $117 million, The Real Deal has learned. The sale of the 113,000-square-foot, six-story property, located near the Santa Monica Freeway and Third Street Promenade, is expected to close later this week for about $1,035 a foot, sources familiar with the deal said. Tishman Speyer bought it for $91.6 million in 2015 from Vornado Realty Trust, which had bought it out of foreclosure. Michael Cho, president of Olive Hill Group, said the building is a rare acquisition opportunity in Santa Monica, which has strict limits on development. The building is 82 percent occupied, property records show, with...
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US housing starts hit highest level in more than a year


From TRD New York: Housing starts in the U.S. hit their highest level in longer than a year in November, thanks largely to a spike in single-family home construction in the South and West. Starts rose 3.3 percent in November compared to October, hitting a seasonally adjusted annual rate of 1.297 million, while residential building permits dropped 1.4 percent, hitting an annual pace of 1.298 million, according to the Wall Street Journal. New single-family home construction in the South and West hit their highest monthly rates since July 2007, while housing starts in October were revised down to an annual pace of 1.256 million. Starts in the first 11 months of the year were up 3.1 percent compared to 2016, while permits went up 5.8 percent compared to last year. Single-family home building has been close to its highest levels since before the recession started, while construction of larger buildings...
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Spaces inks first deal in Hollywood during LA leasing spree


Spaces inks first deal in Hollywood during LA leasing spree Renovated Vine Street office building features 3D theater and roof deck December 19, 2017 02:06PM 1800 N. Vine Street (Credit: JLL) Co-working firm Spaces signed a lease for its first outpost in Hollywood Tuesday, marking its sixth deal in Los Angeles and its second in as many weeks. The Dutch company will take over the recently renovated, 61,000-square-foot Class A office building at 1800 N. Vine Street, according to the Los Angeles Business Journal. The three-story building is located one block north of the iconic Capitol Records Building and just south of the 101 Freeway. It’s also close to a Metro Red Line stop. Owner Archway Holdings Corp. brought in Rios Clementi Hale Studios to give the 35-year-old building a sorely needed renovation last year, adding 20,000 square feet of usable outdoor space, including a rooftop garden, according to Urbanize...
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Reliable Properties’ prez hit with $15.7M suit for allegedly shielding family homes


Reliable Properties’ prez hit with $15.7M suit for allegedly shielding family homes Suit says Jack Nourafshan made up fake foreclosure sales to buy and sell the Beverly Hills homes By Dennis Lynch | December 19, 2017 01:00PM 580 Chalette Drive (Credit: Zillow) A pair of creditors have sued Reliable Properties President Jack Nourafshan for more than $15.7 million for his part in an alleged scheme to buy and sell family members’ pricey Beverly Hills homes to protect the properties from seizure. The suit filed last week in California’s Central District Court revolves around two multimillion-dollar homes in Beverly Hills — 910 North Rexford Drive and 580 Chalette Drive — owned, respectively, by Nourafshan’s brother-in-law, Massoud Aaron Yashouafar, and Aaron Yashouafar’s brother, Solyman Yashouafar. The pair owed their creditors, New York-based brothers Howard and Israel Abselet, for a roughly $1.7 million loan in 2009, the suit says. The Yashouafar siblings would...
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Why the family behind Westfield moved to sell, not hand down empire

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Why the family behind Westfield moved to sell, not hand down empire The Lowys are selling the company to Unibail-Rodamco for $15.7B December 19, 2017 11:25AM Frank, Peter, and Steven Lowy (Credit: Getty Images) The Lowy family that built Westfield Corporation into one of the biggest mall owners across the globe looks like a real estate dynasty in many ways, but not when it comes to retaining control of that empire. “Westfield always was dominated by the family, but it was never meant to be one of those dynasties to be handed down,” Westfield co-chief executive Peter Lowy told the Wall Street Journal. Unibail-Rodamco’s $15.7 billion purchase of Westfield is one of the unusual cases of a real estate family giving up control, but in line with the Lowy’s family philosophy. Holocaust survivor Frank Lowy took the company public in 1960. And while his sons – Peter Lowy, 58, and...
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Wildfire-relief funds part of proposed $81B disaster-aid package


Wildfire-relief funds part of proposed $81B disaster-aid package Congress is set to debate and vote on the plan this week December 19, 2017 09:40AM   Smoldering trees at the Thomas Fire (Photo by David McNew/Getty Images) Congress plans to debate and vote this week on a sweeping $81 billion disaster-relief bill that includes funds for California’s wildfire-recovery efforts. The exact dollar figure that would go to help southern California recover from one of the worst wildfire seasons in history isn’t clear, as the bill is also set to include money for hurricane-relief efforts in the Gulf Coast, Puerto Rico and elsewhere, according to the Los Angeles Times. While lawmakers did not provide a detailed breakdown of the spending, the bill would bring the total amount of federal dollars spent on disaster recovery this year to $130 billion if approved. Details are scarce, but Bloomberg reported that $28.6 billion set to...
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Brookfield to partner with Airbnb in $200M Florida deal

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Brookfield to partner with Airbnb in $200M Florida deal Investment giant joins JV with Niido December 19, 2017 07:00AM Brookfield’s Ric Clark and Airbnb founders Joe Gebbia, Nathan Blecharczyk, and Brian Chesky Brookfield Property Partners plans to invest up to $200 million in a series of Florida multifamily properties whose units will be rented out through Airbnb for part of the year, the company announced Monday. The Canadian investment giant formed a joint venture with Niido, the developer behind the projects. It will invest $20 million in the first project, a 324-unit property in Kissimmee, Bloomberg reported. The partners plan to buy existing buildings and under-construction projects in Miami, Fort Lauderdale and Tampa and turn them into a giant home-sharing experiment: tenants will be allowed to sublet their pads via Airbnb for less than half the year. In return, the landlords get a share of the income (Brookfield’s cut will...
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This week in celebrity real estate: LeBron James buys yet another Brentwood estate, Pistons owner Tom Gores regains his former home… and more


This week in celebrity real estate: LeBron James buys yet another Brentwood estate, Pistons owner Tom Gores regains his former home… and more By Natalie Hoberman | December 08, 2017 05:00PM Big Sean and Tom Gores (Credit: Getty Images) Basketball star LeBron James dropped $23 million to acquire a 15,850-square-foot mansion in Brentwood this week. That’s $2 million more than he paid when he purchased a house in the same neighborhood just two years ago. This time, the newly-built property includes eight bedrooms, a cigar room and beer on tap. Santiago Arana of the Agency brokered the deal for the four-time NBA champ. In an unexpected turn of events, Detroit Pistons owner and Platinum Equity chief exec Tom Gores paid $38 million to buy his former home in Beverly Park. He sold the home last year as part of a switcheroo deal where Gores traded several properties to acquire the...
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Trump says Wells Fargo could pay more fines for mortgage lending abuse

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Trump says Wells Fargo could pay more fines for mortgage lending abuse Consumer Financial Protection Bureau head promises changes December 08, 2017 05:00PM From left: President Donald Trump (credit: Getty Images), Wells Fargo CEO Tim Sloan and Mick Mulvaney President Trump says that Wells Fargo won’t escape penalties linked to alleged mortgage lending abuse, tweeting that the bank may face even higher fines. The president’s tweet follows reports that the interim head of the Consumer Financial Protection Bureau, Mick Mulvaney, was reviewing whether or not the bank would have to pay tens of millions of dollars as part of previous settlement agreements, CNBC reported. One of the settlements was related to Wells Fargo charging borrowing fees to secure low mortgage rates, a practice that the bank admitted led to a “substantial number” of customers being charged inappropriately . “Fines and penalties against Wells Fargo Bank for their bad acts against...
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Wildfire destroys Bel Air home of former NBA player Andrei Kirilenko


Wildfire destroys Bel Air home of former NBA player Andrei Kirilenko The Russian hoopster bought the home for $5.5 million in 2015 December 08, 2017 03:00PM     Andrei Kirilenko and his Bel Air house (Credit: Wikimedia Commons, Redfin) The wildfire ravishing pricey properties in Bel Air has claimed the home of former NBA player Andrei Kirilenko, the Los Angeles Times reported. The Skirball fire destroyed Kirilenko’s 4,350-square-foot property on Linda Flora Drive, one of at least six in the wealthy enclave lost to the blaze. His former Brooklyn Nets teammate, Jason Collins, tweeted the news. I have left my home because my area is under voluntary evacuation, but my thoughts are with my former teammate Andrei Kirilenko & his wife Masha whose house was lost in today’s fire. #SkirballFire — Jason Collins (@jasoncollins98) December 7, 2017 Kirilenko, current commissioner of the Russian Basketball Federation, purchased the home in 2015...
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“Million Dollar Listing LA”: All in the Family


“Million Dollar Listing LA”: All in the Family Recap of season 10, Episode 5 December 08, 2017 02:11PM Madison Hildebrand and Josh Altman They say “home is where the heart is.” Yet in the case of this episode, home is where the drama is. Josh Altman is struggling to balance the needs of his sellers at Dovetail, and those of his pregnant wife Heather. Madison Hildebrand is ready to take the infamous “next step” with Cody, who needs to meet his broker boyfriend’s parents to reach peak relationship status. Here’s where we left off: Meet the parents Madison is taking time off from real estate this episode to focus on “the next step” with his boyfriend Cody. Things appear serious enough that Madison wants to bring him home to Arizona for a family reunion, because nothing says “I love you” more than subjecting your significant other to swarms of relatives....
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