Month: March 2021

JRK CEO Jim Lippman and The Harrison Glendale. (Molasky, Twitter via Jim Lippman) Multifamily landlord JRK Property Holdings paid $90.7 million for a 164-unit complex in Glendale. The purchase was made through a 1031 exchange in an off-market deal, the company announced. The Harrison Glendale at 318 W. Wilson Avenue totals 144,000 square feet, with…

(Getty, iStock) Flooding costs U.S. homeowners billions of dollars every year, and new data shows that those costs are highest in areas that were previously redlined, Bloomberg CityLab reported. The analysis, compiled by Redfin using information from the First Street Foundation and the University of Richmond’s Mapping Inequality project, found that more than $107 billion…

Rihanna and her Beverly Hills home (Getty) Rihanna found love — in Beverly Hills. The singer and mogul behind Fenty Beauty and Savage X Fenty dropped $13.8 million on a 7,600-square-foot mansion, according to Dirt. The home sits near Trousdale Estates in the Beverly Hills Post Office area. It’s Rihanna’s biggest real estate play in…

A prevailing narrative of the pandemic has been that more Californians have left the state, and moved to places with lower taxes, cheaper housing and more space. But is it true? Well, it’s complicated. From October through December, 267,000 people left California compared to just 128,000 who moved in, according to a study by the…

Blackstone CEO Stephen Schwarzman, and Starwood CEO Barry Sternlicht (Getty) A long-in-the-works deal for an extended-stay hotel chain is finally coming to fruition. Blackstone Group and Starwood Capital Group have acquired Extended Stay America for about $6 billion, Bloomberg News reported. The two private-equity firms are paying $19.50 per share for the hotel operator, according…

Serena Williams and her Beverly Hills home (Getty, Redfin, iStock) Tennis great Serena Williams is looking to sell her Beverly Hills Post Office home. The 23-time Grand Slam winner and her husband, Alex Ohanian, are asking $7.5 million for the 6,000-square-foot mansion on Summit Circle, according to the New York Post. Williams bought the Spanish-style…

Knotel CEO Amol Sarva and Newmark CEO Barry Gosin (Sarva via Sasha Maslov; Gosin via Getty) Newmark’s bid to acquire Knotel is nearly complete. The bankrupt flex-office provider was scheduled to be sold on Friday afternoon in an auction, but no other qualified bidders submitted an offer, the Commercial Observer reported. A subsidiary of Newmark,…

Jeffrey Epstein and 358 El Brillo Way (Getty, Corcoran Group) The former Palm Beach home of convicted sex offender Jeffrey Epstein sold to developer Todd Michael Glaser for $18.5 million. The closing follows news that Epstein’s former Upper East Side home also sold for $51 million. Epstein was accused of sexually abusing dozens of young…

Movie theaters are among the businesses that are allowed to reopen. (Getty) Los Angeles County businesses reopened Monday for indoor dining, working out, movie watching and more. California health officials last week set new criteria for several types of businesses to reopen in most counties, including the goal of administering 2 million Covid vaccines across…

(iStock) California contractors are still feeling the pandemic’s impact on business. Firms responding to a survey by the Associated General Contractors of America said Covid-related delays and disruptions continue, according to the Los Angeles Daily News. The survey found that 77 percent of contractors delayed projects last year or this year and nearly all said…