Morad “Ben” Neman is out of prison and seeking bids on the 2.2-acre parking lot in Downtown Los Angeles that was one of several properties in his portfolio when he pleaded guilty to money laundering.
Neman is the owner property at 300 S. Main St., according to property records. CBRE has listed the 2.2 acre site–located where the Little Tokyo, Old Bank District and Civic Center neighborhood come together–as a good candidate for a mixed-use development.
The listing is “unpriced” basis, with a May 20 deadline to submit offers.
Parking lots are generally considered prime real estate in Downtown Los Angeles, which has gone through one of the biggest construction booms in its history during the past decade, said Jay Luchs, a vice chairman of Newmark, who has not worked on the 300 S. Main deal.
“Usually downtown parking lots become development sites,” Luchs said, adding that offering real estate at an unpriced basis is not uncommon.
”People often don’t price if they want buyers to come in with a price,” he said. “It’s a game–you never want to show your cards too early.”
The parking lot was last sold for $24 million in 2004, according to Property Shark–a deal that came just as a prior phase of the area’s construction boom was gathering steam.
Neman was arrested by federal agents in 2014 and later sentenced to two years for being an architect of a Black Market Peso exchange scheme, where he conspired to launder money for an agent posing as a courier for an international drug cartel.
Neman’s downtown Los Angeles company, Pacific Eurotex, laundered $370,000 from the undercover agent. Neman was sentenced to two years in federal prison followed by 6 months of home confinement. He and his company also forfeited $3.1 million to the federal government.
Neman’s real estate company Neman Real Estate Investments owned six properties worth $81 million prior to his guilty plea.
He did not respond to a request for comment.
The post Notorious Ben Neman puts DTLA parking lot up for sale appeared first on The Real Deal Los Angeles.
Powered by WPeMatico