Friday, October 21, 2016

New owners pay $9.275 million for landmark Echo Park apartment building

The 44-unit Del Mor Apartments, a  red-brick apartment building that rises four stories above Echo Park Avenue, has been sold for $9.275 million, according to brokers involved in the sale. The Eastsider in October reported that M West Holdings was in the process of purchasing the 1928 building, which includes Chango Coffee, Cookbook and El Batey grocery and several other ground floor shops.

“Sold at nearly $172,000 per unit and over $200 per square foot, this sale represents a record breaking price for a brick building in the Echo Park market and is on the high end of comps for brick buildings sold anywhere in the Los Angeles market,” according to a press release issued by the Sperry Van Ness – Rich Investment Real Estate Partners.

The Del Mor, which stretches for almost half a block between Delta and Grafton Streets, has served as symbol of the demographic and economic changes that have been underway in Echo Park. The building that once served as a backdrop for scenes from Mi Vida Loca, the 1990s film about Echo Park gang life, now is the place to buy organic produce, lattes, vintage clothing and facials.

There was talk among some shop owners and customers that the new landlord wants to build new housing on the parking lot next to the building but that could not be confirmed. The Eastsider has contacted M West, which has restored and purchased several other old buildings across the country,  for details.

The sale of the Del Mor is among the biggest Echo Park real estate deals this year. In July, the 20-unit Echo 1030 Lofts, which were built about four years ago on Alvarado Street near Sunset Boulevard, sold for about $9 million, according to online property records.

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  1. .yep , fancy “lofts” to follow …………………………….

  2. It also served as the back drop for at least one Three Stooges film. Some one will know which one…. Maybe “An Ache In Every Stake”. which also features the Edendale stairs….

    • The stairs in “An Ache in Every Stake” can be found on Fair Oak View Terrace, near Oak Glen Place. They’re at the top of a cul-de-sac.

  3. it was Sad Girl’s apartment in Mi Vida Loca.

  4. Three Stooges – The Three Little Beers


  5. Good bye El Batay Market

  6. Yes, you got it – Good bye El Batey and all the other shops there. Rents will skyrocket for them very soon and they will be forced out. No rent control for commercial. This is what has happened to so many of the businesses that made this a good place to live, all replaced by places with seriously gouging prices.

    As for the residences above — no guarantee there won’t be wholesale eviction for those tenants too, as they can do so if they want to take the unit off the market permanently — and by law, “permanently” is one year, such as during renovations. And then those residents also will be forced out of the neighborhood.

    They didn’t pay over and above top dollar just to let rents stay where they are. Isn’t a neighborhood so full of people who think of nothing but real estate speculation and all the money they’re making off of it so wonderful.

  7. not to mention the self-entitled dipsh*** and twits who move into these expensive re-dos. the first wave is already ruining the neighborhood…

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