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Saturday, November 1, 2014

Silver Lake nightclub owner cashes in on property


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Nightclub owner Steve Edelson had made  a fortune off the Eastside nightlife scene. Now apparently he is preparing to cash in on Eastside real estate. Edelson is in the process of selling some of his local real estate holdings, including the land beneath two popular nightspots: El Cid in Silver Lake and The Virgil (formerly Little Temple) in East Hollywood.  “He’s just unloading some  properties right now,” said Rob Zaharia with NAI Capital, the commercial real estate broker who is marketing the Edelson properties.  The El Cid property on Sunset Boulevard, which is listed for $3.35 million, “is just one of the things on the list.”

The Virgil/Photo from NAI Capital

The Virgil/Photo from NAI Capital

The other thing currently on Edelson’s list is the approximately 3,400-square-foot building at the corner of Virgil Avenue and Santa Monica Boulevard that is home to The Virgil lounge.  Edelson, whose most recent venture, Los Globos in Silver Lake,  has attracted complaints from neighbors, is asking $1.9 million for The Virgil  property, according to the NAI Capital listing.

In the case of El Cid, Edelson sold the Spanish restaurant and supper club to Scott Milano but kept ownership of the approximately 7,000-square foot lot that slopes down the south side of Sunset Boulevard.  An employee of El Cid, which is known for its Flamenco show,  said is not part of the sale and will remain in business no matter who the landlord is. Edelson and Milano have had a rocky landlord tenant relationship. A recent L.A. Magazine profile on Edelson  said that the two men settled a three-year lawsuit over the sale of the club.

While El Cid’s owners plan on staying in business,  the Sunset Boulevard property could be an attractive development site.  The property sits on a section of Sunset Boulevard where developer Frost/Chaddock is planning to build  three large apartment buildings. Says the listing of the property:

Located Directly in the Path of Progress with Multiple Major Residential Developments Underway within Walking Distance.



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8 comments

  1. Temple Bar was in Santa Monica. The Virgil was previously Little Temple, and The Garage before that.

  2. Oh I can’t touch this

  3. Unfortunately, at that price, the rent that El Cid will have to pay when time comes to renew the lease will put it out of business — if its even offered a renewal.

    However, anyone buying it at that price will be planning a HUGE development on the property — and will be wanting El Cid out of the way. That price will not be paid without a plan to eliminate El Cid.

    Gee, thanks Edelson! Next time you want to make out what a real community minded guy you are, I will know the facts.

    • he’s is anything but “community minded”. he did the same shady shit in Chicago. he’s always stepped all over people regardless of the trial of blood behind him. other than that, he’s NOT a great guy.

    • i agree that your scenario sounds likely, but that would actually put the onus on Scott Milano if he is indeed the owner of El Cid.

      Sad to see the things I loved about Silver Lake disappearing over the years.

  4. My computer got all greasy just from the mention of this guy. Never had the ‘pleasure’ of meeting him, but there’s a barstool in Hell with his name on it. Ratbastard.

  5. Not Another Neighbor

    He’s just making money. Its business not personal.
    Besides… El Cid took a dive when they stopped serving cheap Tecate.

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