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Monday, November 24, 2014

Is a penthouse view worth $7,000 a month?

The Elysian now nearing completion

We will soon find out as apartments at The Elysian, the former water district office tower halfway between downtown and Echo Park, have gone up for rent, with eighth-floor penthouse units being leased for between $4,950 to $7,000 a month.

Leasing manager Irina Valkov said the first of the building’s 96 apartments, including 13 penthouse units, are expected to be ready by the end of March. Prospective tenants have already been making appointments to tour the William Pereira-designed building, which has sat vacant for about two decades after the Metropolitan Water District moved out.

The sweeping penthouse views from The Elysian, which is located off Sunset Boulevard at the base of Victor Heights, are visible through the 20-foot-high walls of glass in each unit. If you want some outdoor space, each penthouse, which appear to be mostly around 1,200-square-feet in size, includes a balcony and separate sundeck.

Units on the lower floors tend to be mostly one-bedrooms, with rents starting from $1,500 a month for a studio apartment to well into the $3,000 range for some one-bedroom units.

Besides those views, the building’s developer, Linear City, also included some ground floor amenities, including electric vehicle charging stations in the garage and a cafe, which means Victor Heights will have some other dining options besides the Eastside Market Italian Deli.



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22 comments

  1. Heck yeah, it’s worth it. Especially if you like Jack In The Box.

    • In a city where people make 30k a year but spend $600 a month on a car payment, a 7k penthouse should fit right in.

  2. ‘There’s a sucker born every minute” never rang so true.

  3. I just adore a penthouse view.

  4. Vic Heights Resident

    This site has some of the best views of downtown and the LA basin. For those of you who don’t like it, move out of the area so others can enjoy.

  5. Without a doubt the views are fabulous. As a resident of a home only a hundred yards away from The Elysian I can say that this adaptive re-use is a breath of fresh air. Now there’s an elegant building where we used to look at a boarded up eyesore that bangers would graffiti regularly. Thanks to Linear City for this much-needed improvement on this portion of Sunset.

    Yay for the Solar Panels and free Electric Car charging stations! Hopefully the neighboring Aragon project will take note and add some greener elements to its project design.

    I’m sorry to hear that Proof Bakery has declined the earlier plans to set up shop in the ground floor cafe at The Elysian. I’m sure that they will find another taker. Fingers crossed its something equally delicious. There’s a hoard of customers standing by!

  6. The views look fabulous. The rent is a little high, but I think they will find takers. It is great that they are developing this area between Echo Park and Chinatown. It was kind of run down and looking rough.

  7. I’ve always been a fan of this building, so I’m glad that it’s been saved. $7,000 seems way too high for the penthouses, but some trust-fund hipsters will probably snap them up. As for the $1,500 one bedrooms, that seems to be the right price since studios in the Jensen’s Recreation Center are renting for $1,100 and that place doesn’t have walls of glass, a roof deck or pool.

    • If you look on the website, the $1,500 is for a very small studio on the first floor, not a one bedroom. And it appears there’s only one available. The rents go up pretty quickly from there.

  8. adaptive reuse is great, the views will be spectacular, and i’m sure the apartments will be beautiful. but those prices are insane, given the services, restaurants and businesses in the area. i’m not suggesting that this won’t change, but it would be nice to see the change come in reasonable jumps, not flights of fantasy. being realistic, there’s not much within walking distance here. you’re between echo park, chinatown and downtown. those are downtown, south park style rents, without the downtown conveniences and luxuries. if i had 7k to spend on a luxury apt., and i don’t, i would not spend it here!

    • The 216 unit Aragon project that will begin construction in about May will have 8,500 sf of retail space on the ground floor of its southern building. Currently it is looking like it will be 5 separate stores, with the prime corner public plaza storefront being envisioned as a LOCAL coffee-house/bakery.

      We have secured conditions from the developer that LOCAL businesses will be given preference for the retail spots. (Spread the word if you know of a local proprietor that would be looking to launch in about 2 1/2 years). Angelino Heights and Victor Heights are eagerly awaiting the new retail additions— not that one tires of Guisados and Park, of course!

      The Elysian may be a diamond in the rough right now. But, with 5 projects in escrow or development on/near this small piece of Sunset, in addition to the Aragon Condo project, $7,000 a month is right around the corner.

      The question is, will that person paying $7,000 a month be a little irritated when Club Bahia across the street becomes the next Los Globos?

  9. I can’t afford 7k a month, so I hate this building. I hate rich people too.

  10. $7k/month for 1200 sq ft? no matter what the view is, that doesn’t make sense. i’m sure those penthouses will end up going for a max of $5-6k/month.

  11. Take my money!!

    Shoot do you get to kick my balls every time I leave the building too!!

    Heck! Just punch my kidneys a bit while you’re raping my wallet too!

  12. NWell that’s gentrification for ya!.. its neat that this swell architectural gem is being polished after years or neglectful dust? ..with that being said this building is just going to hike the price levels to skyscraper levels…meaning that all you Starbucks drinking urbanoutfitters wearing whole foods eating wannabe Hipster/Bohemian yuppies are going t oo encourage renters/landlords to raise the rents o low income & working class familiesn

  13. Seriously, WTF do you people do that you can afford 7000 in RENT??!!! Not even for a mortgage!! Here I was thinking I was finally coming up in life on my 50k a year salary….To hell with the lot of you!

  14. I think the hipster bashers may need to wake up and smell the espresso: Ya’ll are so busy attacking the same trite boogeyman (aka trust fund hipsters) that you forget about… oh, I don’t know… successful, hardworking, educated people with money to spend. Now I know it’s much easier to bemoan those who seem less “authentic” than you buying up your neighborhood (I’m sure your parents do it) and “pricing” you out but if you would simply start working with all the time you spend complaining you may find a little more success in your life. The people you point and laugh at on the street are beating you about the ears but you are too thick to get it..

    If you want to live in a world class city, be ready for world class competition. Otherwise get ready to move.

  15. I’m with Frida. I’m in my early thirties making 50k per year thinking things are going well, yet I could never afford to live here and can barely afford to live in the area as it is in my small studio apartment in an older run-downed building in Angeleno Heights.

    The people who can afford 7k per month for an apartment should probably think about buying a home.

  16. Crazy Preposterous rent for the Penthouses. There are literally hundreds and hundreds of better deals — with huge views — all over the city. Someone is over-reaching with the prices. Nothing is worse than having people come to your new place and leave saying: “He/She’s a moron to pay that….Let’s sell them our 1995 Jetta for $40,000.”

  17. It’s insanely high, given that there’s no real ‘hip’ restaurants and shops within walking distance (hey, nothing against Club Bahia and J-in-the-B, or CVS). And the freeway is less than a hundred yards away. But all you need is a USC student from China who loves the view, and his or her parents *might* pay the rent – although they’d rather buy something, so that their money is parked offshore. Otherwise, I’m just not sure who the target market is.

  18. TED The Misogynist

    If I was an executive for the LA Dodgers this pad would be ideal for some “Boom Boom” before heading back to BH to hang out with the boring wife.

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