Month: July 2018

(Credit: Hurlburt Field) New home construction has fallen and it can’t get up. Residential home starts nationwide fell 12.3 percent in June, to an annualized rate of 1.17 million, the government reported, according to Bloomberg. The latest figures marked the biggest drop in home construction since November 2016. And couple that with a 2.2 percent…

Mack Real Estate Development CEO Paul Keller, and Andalucia apartments The five biggest multifamily investment sales in Los Angeles County in June combined for $118 million, a stark decrease from last month’s $598 million total. The $66 million sale of Andalucia, a 118-unit apartment building in Pasadena, to an individual named Taoguang Wang led the…

Compagnie de Phalsburg CEO Phillippe Journo with rendering of project (Credit: Studio Gang) The French are staking a claim in Chinatown. Compagnie de Phalsburg, a Paris-based developer, paid $33 million to acquire a one-acre property in Chinatown, nearly doubling the seller’s profits on the site, The Real Deal has learned. The deal closed June 29.…

Raj Kanodia, Bruce Makowsky, and Kanodia’s Bel Air spec home (Photos of the home by photographer Simon Berlyn) The luxury housing bubble in Los Angeles keeps expanding. A celebrity plastic surgeon turned home developer is ready to sell a 34,000-square-foot speculation home for $180 million, a home that is next door to Bruce Makowsky’s $188…

Redfin’s Glenn Kelman (Credit: Redfin) Online-centric brokerage Redfin is seeking to raise up to $239 million, deploying the funds on acquisitions and technology. “Redfin may choose to use a portion of the net proceeds to invest in or acquire third-party businesses, products, services, technologies or other assets,” the company said in a statement Monday. The…

MGM Resorts exec James Murren and Mandalay Bay MGM Resorts International has sued more than 1,000 victims of last year’s mass shooting at a Las Vegas festival, claiming it has no liability in the injury or deaths that occurred when a gunman opened fire from inside the Mandalay Bay Resort and Casino. In the lawsuit…

Money raining down on an abandoned shopping mall (Credit: Getty Images and iStock) With predictions of a “retail apocalypse” growing by the day, and as more stores close and companies file for bankruptcy, some investors see now as the perfect time to buy ailing shopping centers at distressed prices. Brian Kosoy, the CEO of the…

Property at 5757 Wilshire Boulevard, with Jerry Snyder (Getty/Wikimedia Commons) Developer Jerry Snyder is finally ready to break ground on a long-planned project next to SAG-AFTRA Plaza. Maryland-based CapitalSource has provided a $117 million construction loan for J.H. Snyder Company’s luxury residential development at 640 South Curson Avenue, according to Commercial Observer. Snyder’s company proposed…

(Credit: David Guo via Flickr) The city’s Transit-Oriented Communities program went into effect nearly 10 months ago, and in that time, it has helped put more than 1,000 affordable housing units in the pipeline. The Department of City Planning released its progress report on Monday, showing that developers have filed to build 1,145 affordable units…