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Wednesday, November 26, 2014

Eastside Property: A pile of peach apartments find a new owner

The pile of peach apartments stacked on the hill above the Paradise Motel near Echo Park and Angeleno Heights are hard not to miss – though many passersby would prefer to look away at what looks like a mish-mash of bad  L.A. architecture.  The apartments, stairways, and balconies in the 15-unit building climb up the hillside in a crazy manner, topping out at a cul-de-sac on Sunvue Place.   While the building is no looker, that apparently did not matter much to one buyer who paid $2.72 million for the property last month during a court auction, reports real estate broker David Bramante.

Bramante, in his blog, notes that maybe the sale  may mean that things are looking up for this  area halfway between Echo Park and downtown:

Its horrible color scheme and strange looming design is compounded worst still by the motel at the base of the hill and the Rite Aid and Jack in the Box across the street. Nothing could make this infamously ugly intersection look any worse, but could the property recently selling change all of that? There might be some new paint in store for the old creepy peachy apartment building since it just sold.

The marketing material notes that any buyer should be “well capitalized” and be prepared to deal with a “major renovation and stabilization.”



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12 comments

  1. That building has always terrified me ha! City’s gonna have to greenlight some massive tenancy increases to justify the extreme cost of stabilizing that land…

  2. south silverlake resident

    I can already see it covered with horizontal slat wood fencing.

  3. Favela chic!

    • Hey, that’s not fair to the real favelas!

      Maybe Pabst can paint another ad on the giant cement hill under this.

  4. Extend the Angeleno Heights HPOZ to the favela!

  5. That is a CVS not a Rite Aid. Rite Aid is on Glendale Blvd. Also, from what I understand that is low income housing and a person that I worked with lived in a one bedroom apartment in that building with 7 family members when they immigrated from Asia in the 80’s.

  6. I bid on that. The fair price for it was $2.1-2.2MM. There’s parking and decent views, but the units all need to be reconfigured and there’s a $50-100k in sprinkler costs alone. Finally, the building was built on substandard fill, which may be nothing or it may be a total disaster – the buyer bought it non-continent and all-cash, so I’m pretty confident he doesn’t know about it.

    • Of course the buyer could also be thinking that since it is just renters living in it and most likely not themselves it isn’t such a big deal if it falls down the hill. They would be able to make an insurance claim in that case. I’m not saying I agree with this way of thinking at all but I do think many landlords don’t fully care about or consider the safety and security of their tenants.

  7. Oh, does this bring up memories of fighting City Hall corruption. And this building is a major mark of it. I know when that got put in, and how. “Thank you” Councilman John Ferraro, whose office personally majorly rushed to get it a variance and shove it through even as zoning was being changed to bar such density, much less the insane engineering and design of this place, and it’s outsized offensive prominence. And now we hear it is not stable, could fall down — how not surprising.

    Ferraro was constantly sneaking through anything any developer wanted to do — and the community was constantly having to fight him. Its no wonder he had such a huge campaign fund, and other money (back them, when a politician left office, they could legally take all the money in their campaign fund as their own personal money! So, a contribution to a campaign fund was no different than a bribe.). Among his many actions contrary to the community, he once swore up and down that he would block a high density project the community opposed on a corner address in Angelino Heights, while he was quietly sneaking it through the council committee he headed under a different address listing that no one knew of — until he got caught doing it and his deception was published in the local newspaper.

    With what’s going on with widespread overdevelopment in the area ever since Garcetti was councilman, and continuing under O’Farrell, it seems some things never change.

    LA Native, if that is low income housing, its not because that is what it was built as — it would have to be because no one else would live there.

  8. I always think of the Potala Palace in Tibet when I see this place.
    I used to see it as a the worst of LA, now I understand it to be an architectural marvel.

  9. I’ve always considered that the most hideous building in LA.

  10. I live next door to this. Dying for them to tear it down, and not just because it’s blocking my view of downtown. They had to hire a security guard after two months of homeless people squatting in there and taggers using it as a canvas.

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