Month: July 2018
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How Beny Alagem’s vision for a Beverly Hills condo became his white whale
Beny Alagem and a rendering of the Waldorf Astoria Residences (rendering via the Beverly Hills Courier) This is the story of a Beverly Hills developer who got what he wanted from the city a long time ago, then changed his mind and wanted more. Beny Alagem has spent millions of dollars to try and build…
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Youth is wasted on the young. But homeownership soon may not be
A sold home with millennials (Credit: Pixabay and iStock) Over the next decade, a greater portion young Americans are poised to become homeowners. The homeownership rate of young adults will probably rise to 58.1 percent in 2025, Bloomberg reported, citing Freddie Mac. The rate could rise as high as 60 percent in a more optimistic…
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LA has more homes worth over $1M than most coastal cities: report
Birds eye view of homes in LA (Credit: PxHere) More than 17 percent of all homes in Los Angeles are valued at over $1 million, according to a new survey. The report, published Monday by real estate data firm LendingTree, ranks the city third in the nation for the highest-share of million-dollar homes. L.A. ranks…
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Will Cushman fall flat on Wall Street?
Cushman & Wakefield’s CEO, Brett White, has been instrumental in the firm’s IPO push. (Photo by Louise-Haywood Schiefer) Cushman & Wakefield stands alone among the city’s big commercial brokerages. Not only is the 100-year-old firm the last of its peers to go public, its Sixth Avenue headquarters makes it an outlier as well. Cushman’s main…
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Citigroup to leave Citigroup Center for One Cal Plaza
Tom Barrack, Thomas Ricci and One California Plaza Citigroup Center is losing the tenant that gave it its name. The country’s fourth-largest bank is moving out of the Flower Street tower in favor of another Downtown skyscraper just around the block, One California Plaza at 300 S. Grand Street. Citigroup is vacating nearly all of…
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Tax h(e)aven: SoFla brokerages are targeting out-of-state buyers looking to escape new, larger tax burdens
(Illustration by Neil Webb) Ultra-wealthy out-of-state buyers are flocking en masse to South Florida, scooping up multimillion-dollar homes and condos with plans to establish residency in order to avoid shelling out money to the government as a result of last year’s tax reform, brokers and developers told The Real Deal. The influx has local brokerages…
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Champion Real Estate flips a Glendora retail center
CEO Bob Champion and 655 S. Grand Avenue Champion Real Estate has flipped a retail center in Glendora to Clarion Partners. Two years after acquiring a vacant building for $13.5 million, Champion Glendora — an affiliate of West Los Angeles-based Champion — sold the property to New York-based Clarion for $34.2 million, according to Commercial…