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Monday, September 1, 2014

Angeleno Heights loft-style condo project falls into bankruptcy

After years of on-again, off-again construction, the conversion of an Angeleno Heights brick apartment building into pricey loft-style condos  has hit another roadblock after the owners filed for bankruptcy protection amid lawsuits and talk of a possible sale.  One of the owners of the 55-unit Brownstone Lofts  told The Eastsider last November that the project – including an unfinished garage and swimming pool – was expected to be completed this spring once litigation was resolved.  What the Brownstone official did not say was that the Brownstone Lofts LLC had filed for Chapter 13 bankruptcy protection in September as the San Mateo-based company attempts to reorganize, according to documents filed with the U.S. Bankruptcy Court in San Francisco.

The company’s assets include the Brownstone Lofts, valued at $20 million, and its creditors include Cathay Bank, which is owned $11.1 million in connection with the condo project, according to the court filing.

News of the bankruptcy emerged after the board of the Angeleno Heights historic district requested an update about the uncompleted project at Boylston Street and Bellevue Avenue, said Danny Muñoz, who heads the board.  In response, a consultant working with the company said the owners has filed for bankruptcy but that a potential buyer had emerged.  After more than three years of work, Muñoz and other Angeleno Heights residents are eager to see the project completed.

“It’s very important” to the neighborhood,” said Muñoz of the condos rising on the eastern tip of Angeleno Heights. “We would like to see them finish it.”

Whoever finished Brownstone Lofts should reconsider lower prices, said Muñoz. Previous sales information showed condo prices ranging from $375,000 to $1 million for what  Muñoz considered relatively small units, with some condos facing the 101 Freeway.

6 comments

  1. What a surprise!!!!!

  2. I hope this beauty ends up going to someone less shady who can actually finish the restoration in a reasonable time frame… it’s a shame to see it sit it empty for so long, and before that it was pretty rundown (saw a gnarly fistfight on the stoop, between two grown men in broad daylight… must’ve been before the fire when a few people were still living there).

  3. OPINIONATED OLD LADY SEZ

    Oh, good! Now the rats bigger than a cat* can return to their home!

    *A City Inspector friend told me years ago when his Slum Buster Crew had to inspect the original apartment building, the rats refused to even scurry away, making the inspectors feel like they should proceed only with a whip and a chair.

  4. Well, I kind of hated the idea of some poor schmo purchasing a condo where such a grizzly crime was committed:

    http://michaelprescott.typepad.com/michael_prescotts_blog/2005/06/hickman_sick_ma.html

    A picture of the original “Bellevue Arms Apartments” can be found here:

    http://www.murderpedia.org/male.H/h/hickman-william-photos-4.htm

  5. 2 bedroom condos in the Silver Lake hills with epic Griffith Observatory/Hollywood Sign views go for $325,000

    i would love to see the suckers (i mean future home owners) who purchase these condos for the prices mentioned

  6. I have been off for a day or two sniffing out gentrification artists and these hipsters that somehow are deeply rooted in their connections – and lo! look what is happening right behind my nose!

    If we really want to fight this gentrification and change in our “”hood” NOW is the time to act. I propose we build condos on top of these condos.

    We need to strike the anvil while it gets hotter. Outwit the the smartsters and the gentrificados! Build condos on these condos before they do is the only way. If we call Garcetti and tell him we plan to build condos on top of the condos, he’ll double his pace. Not to mention if we widen the freeway here, then the place will REALLY be in a transit corridor or epic proportion.

    The hipsters havn’t got a chance.

    Who’s with me?

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