Construction workers have returned to the site of the former Brownstone Lofts on the eastern edge of Angeleno Heights as new owners prepare to finish the project this fall. But instead of condos, the new owners, Lion Real Estate Group, plans to rent out the 55 units in the three-story brick building as apartments. Earlier this week, a construction crane swung over the site of a 65-space parking garage that will rise next to the 1920s building as Lion Real Estate pumps about $14 million to finish construction, perhaps as soon as September, according to company owner Mory Barak. “It brings together an old world brick building … and new modern amenities on the inside,” he said of the project, now called the Bellevue Lofts L.A.
Barak’s firm, which specializes in buying and turning around troubled properties, purchased the building earlier this year after the previous owner filed for bankruptcy in September 2013. The bankruptcy filing and halt of construction was part of an ongoing saga that saw numerous delays and a legal struggle between the previous owner and tenants in the Angeleno Heights building.
The previous owner had been asking as much as a million dollars for penthouse units with views of the downtown skyline–as well as the adjacent Hollywood Freeway. When completed, units will be rented instead of being sold as condominiums. “We think it’s a better time for rentals,” said Barak, whose firm owns more than 30 apartment complexes across the West Coast.
Apartments in Bellevue Lofts L.A. are expected to become available in October. Rents, however, have yet to be established.