A Roundup of Eastside Real Estate and Development News
Welcome to a digest of Eastside real estate news, development and people. In this week’s issue:
Two properties in Los Feliz have gotten drawn into the federal probe of President Trump’s former advisor, Paul Manafort. Rock legend Alice Cooper is putting up his Echo Park duplex for sale. Lollipop Records – formerly a music and social hub in Echo Park, is now converting a Boyle Heights warehouse into a recording studio.
Real Estate Roundup
Lolipop Records, formerly of Echo Park, now has a city building permit to convert an old warehouse in the 2800 block of East 1st Street into a recording studio and live-in loft. The owners of the record store/recording studio/label told L.A. Weekly last year that they were leaving their old shop on Glendale Boulevard next to the Echoplex and setting up in a warehouse owned by the Mary Pickford Foundation. They noted at the time, however, that the new space at 2826 E 1st St. would need a lot of work. “The foundation is fucked up,” Wyatt Blair, one of Lollipop’s owners told the Weekly. “The electrical is fucked up and the plumbing is fucked up. They found asbestos. They found lead in the water.” Permits indicate the construction work is valued at $180,000.
A duplex owned by rock legend Alice Cooper and his family has gone on the market for $1.299 million, according to the L.A. Times. That’s $599,000 more than Cooper paid a dozen years ago for the 91-year-old Spanish-style property in the 1300 block of Laveta Terrace near Sunset Boulevard. Cooper is said to have used the duplex to write music for the Hollywood Vampires.
The Club Bahia property on Sunset at the eastern edge of the neighborhood has been put up for sale for a whopping $9.75 million, according a real estate listing. Anyone one who buys it can take advantage of development incentives to build a project that is more dense than current zoning would allow, according to the listing. The property is right across the street from the site of a $600 million housing and commercial project proposed for the former home of the Metropolitan Water District.
Documents have been filed to create 13 small-lot homes at 616 and 620 N Ave. 66, in the Highland Park-Garvanza Historical Preservation Overlay Zone. The vacant lot sold in February for $1.8 million. Documents for the project were originally filed last April, but another document was filed August 17 and assigned to a different staff member.
It has been described as Highland Park’s first movie theater. Recently, it’s been the Pyong Kang Church. But now the property at 4949 York Blvd is up for sale again. The 9,480-square-foot Art Deco building near N Avenue 50 first opened as the York Theatre back in 1923, according to the listing. As a result, it still has a large theater/sanctuary space, and the ceilings rise as high as 22 feet. Meanwhile, of course, the neighborhood has been growing and gentrifying around it. Right across the street is York Park, and one block over is a strip of shops that include the Hi Hat, The York, Highland Cafe, Highland Brewery and Donut Friend. A few steps away, a vegan restaurant and beer garden is under construction.
Looks like the neighborhood has a connection to the probe of Paul Manafort, according to the Los Feliz Ledger. Two properties on Nottingham Avenue were among the pieces of real estate that Trump’s former advisor purchased with money he allegedly hid in offshore accounts. Manafort and his then son in law, Jeffrey Yohai, bought 2.6 acres of land on Nottingham Avenue for $770,000 in July 2014, and a house at 2401 Nottingham Ave. for $3.2 million in January 2015, as well as other properties in West Hollywood and Bel-Air. Real estate broker Bruce Jay, who represented the seller of the Nottingham home, said the deal with Manafort and Yohai went smoothly. “Money was not an issue for them.”
A $24 million, 65-unit, luxury apartment community has broken ground at the site of an old gas station. The Real Deal notes the site at 3160 Riverside Drive had been greenlit by the City Council for an apartment complex 27 years ago. But then nothing happened for decades while the unoccupied service station served variously as a community event space, a Christmas tree lot and reportedly even a beer garden. Urbanize noted that those entitlements from 1991 made the property particularly attractive to the developer, Bolour Associates, Inc. The permit indicates the building is to be five stories high, with four units set aside for very low income households.
Plans have changed for a retail building that has been going up at Sunset Junction for a year. CIM Group’s project at 4121 Santa Monica is now to include housing – 41 residential units, according to Urbanize. This is in addition to the 13,300 square feet of ground-floor commercial space that already been going up.
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That’s it for this issue of Real Estate Monday. We will be back next Monday.
— Barry Lank & Jesús Sanchez
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