Eastside Real Estate & Development News
Welcome to a digest of Eastside real estate news, development and people. In this week’s issue:
The Holy Virgin Mary Church in Mt. Washington is facing renewed opposition to a new apartment building. Inside a 1920s electric station in Lincoln Heights is a modern three-bedroom home that’s up for sale. And watch for new condos going up within shouting distance of Dodger Stadium.
Real Estate Roundup
A modern, barn-like A-frame is the most expensive home sale of the year so far in this neighborhood, according to Redfin. This fully-gated four-bedroom was newly built in 2017, and just sold for $1,690,000 – more than $200,000 over the original asking price. The home features 20-foot vaulted ceilings, and is just three houses away from the river.
The son of a billionaire is selling his Echo Park Avenue bungalow only a little more than a year after he purchased it. The L.A. Times reports that Ash Chan, whose father is investor Gerald Chan, has put the three-bedroom home on Echo Park Avenue near Avalon on the market for $1.38 million. That’s $20,000 less than what Chan, who owns a Downtown cultural space and “creative compound,” paid for it in May of last year.
The concrete foundation is going in for a new 28-unit condo development in Victor Heights, not far from Stadium Way and Dodger Stadium, according to Urbanize. The development at 957 N. Figueroa Terrace will be a three-story building, including a parking structure at the base. One unit is to be for disabled people earning up to 50 percent of the Los Angeles area median income.
While the industrial exterior still resembles the old Edison Electric substation, the interior of the Carlson-Reges Residence on Moulton Avenue was converted to a contemporary live-work space in the 1990s. Now, it’s up for sale for $7.35 million, reports the L.A. Times. The approximately 4,000-square-foot residence in the Brewery Arts Complex features multiple levels and an open floor plan with three bedrooms, a ground-floor art studio and space for a gym.
The plan by the Holy Virgin Mary and Saint Pishoy Coptic Orthodox Church to build a 17-unit residential building is coming up for review before the East L.A. Planning Commission. The Planning Department had already cleared the way last July for a three-story, multiple-family development at 767 North Avenue 50, a little over a block away from the church. The plan also includes 29 parking spaces. But that decision is now being appealed by residents Eugene and Jenny Morgan. The church already built a 13-unit apartment building nearby in 1981 for senior housing.
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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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