Eastside Real Estate & Development News
In this issue of Real Estate Monday, a new form of real estate ownership is attracting attention and controversy; new apartments are underway in Boyle Heights and East Hollywood and the high price of renting restaurant space in Sunset Junction.
Read on for details!
A new way of owning real estate - “tenancy in common” - has resulted in some surprisingly cheap home prices in Silver Lake an Echo Park, the Los Angeles Times noted. The drawback? Buyers won’t actually own their individual units - just a share in a larger property, like a share of stocking a company. And landlords sometimes have to remove existing renters in order to sell off shares of their building, the Times said. And the complications don't end there - extending into mortgage options, property taxes and co-owners who might refuse to pay their fair share of homeowner association fees.
The Cielito Lindo apartments are close to being finished, according to Urbanize. The four-story building at 2423-2431 E. 1st Street is to have 28 units of affordable and supportive housing above 1,000 square feet of ground-floor retail space. The rental application indicates 14 units will be designated for Transitioned Age Youth. Five units are designed for the mobility impaired, and four are designed for the hearing- or sight-impaired. Rents range from $587 a month for a one-bedroom at the lowest monthly income to $1357 for a three-bedroom at the highest income. The application does not specify an opening date.
Construction equipment has moved in to the blank area west of Barnsdall Park, and has begun plowing up soil for an apartment building. Formerly a mini-mall, the site at 4850 Hollywood Blvd. is being turned into a a six-story structure with 96 rental units, along with about 9,500 square feet of ground-floor retail space, Urbanize reports. The developers, LaTerra Development, are also building another mixed use project just across Edgemont Street - a 150-unit apartment complex on 4900 Hollywood Blvd.
A new branch of Out of the Closet has opened for business at the former site of an Orchard Hardware at Hollywood Boulevard and Edgemont Street, right on the border Los Feliz and East Hollywood. Though the store already features clothing, books and wellness items, much of the interior space is still unused, especially on the second floor. The location, however, is eventually supposed to serve as headquarters for the AIDS Healthcare Foundation's public health division. Stay tuned.
The former home of the short-lived California Sun pizzeria (and before that the equally short-term Mixed Company restaurant-- is now up for lease -- at nearly $19,000 a month. Though the space has had a hard time landing a long-lasting tenant, the nearly 2,900-square-foot storefront next to the Black Cat restaurant is in a highly visible Sunset Boulevard location and comes with a parking lot, a rarity in the Sunset Junction area.S
That’s it for this issue of Real Estate Monday.
— Barry Lank & Jesús Sanchez