Month: March 2018

David Sackler’s Bel Air mansion(Credit: Sothebys Homes) David Sackler, an heir to Purdue Pharma and member of the company’s board of directors, has purchased a 10,000-square-foot Bel Air mansion for $22.5 million in cash. The deal comes as Purdue continues to face intense scrutiny over its production of the highly addictive opioid OxyContin. The drug…

Affordable housing complex (Credit: Moore Ruble Yudell) In Los Angeles, where the city has been trying to push developers to build more affordable housing, the new federal tax code appears to be pushing back. In allowing businesses greater flexibility with their financials, the $1.5 trillion tax cut President Trump signed in December has undercut a…

Clockwise from top left: Century 21 CEO Nick Bailey, Boston Real Estate Collaborative’s development with a roof top farm, Robert A.M. Stern Architects designed a 39-story building in Minneapolis, LA approved the Lake on Wilshire and JPMorgan is preparing to demolish its NYC home. Houses are flipping at the highest level since 2006 More than…

Steve Wynn (Credit: Getty Images) Wynn Resorts has settled a years-long dispute with a Japanese firm that at one point owned half of the casino company. The agreement also removes a barrier that could help hasten the exit of its largest shareholder and founder, Steve Wynn, who faces numerous claims of sexual harassment. The deal…

Broadway Trade Center (Credit: Wikimedia Commons) Waterbridge Capital and Continental Equities are on the hunt for a massive loan to fund the redevelopment of the century-old Museum Building at 801 South Broadway in Downtown. The joint venture is seeking $500 million in floating-rate financing. It will refinance a $165 million predevelopment loan with Jamestown, and…

The Sierra Tower in West Hollywood (Credit: Wikimedia Commons) Would anyone pay $58 million for a gutted condo? Billionaire heir Evan Metropoulos certainly thinks so, and the location probably won’t hurt. Metropoulos has listed the 32nd floor penthouse atop the Sierra Towers, according to the Los Angeles Times. Metropoulos combined two units to create a…

The Real Deal won two Best in Business Awards from the Society of American Business Editors and Writers, the organization announced Thursday. TRD received the general excellence award for an industry publication for series of stories published last year. These included Konrad Putzier’s investigation into an alleged co-working Ponzi scheme involving BarWorks, Putzier’s story revealing…

Jamison’s CEO Jaime Lee, with Westlake Theatre (Credit: Wikimedia Commons) Koreatown’s most prominent landlord is making a play in MacArthur Park. Jamison paid $2 million to acquire the historic Westlake Theatre at 634 Alvarado Street. The sale is expected to close next Thursday, Curbed reported. The seller was CRA/LA, previously known as the Community Redevelopment…

Secretary Carson visits HUD DC Field Office (Credit: Flickr/U.S. Dept. of Housing and Urban Development) The updated mission statement for the Department of Housing and Urban Development appears to remove language that promises the federal agency will provide housing “free from discrimination.” A March 5 internal department memo stated the agency’s mission statement was being…

From left: Hiten Samtani, Kacy Keys, Tom Wulf, Tami Pardee, Steve Fifield and Jeffrey Cooper It’s no secret that Los Angeles has a serious shortage of affordable housing. Gubernatorial candidates are pledging a dramatic increase in new housing and Mayor Eric Garcetti is claiming state Senate bills don’t do enough. In the Westside, home prices have…