Job search site CEO nabs $85M Bel Air compound, co-working companies get creative, and more… Los Angeles briefs
2300 Imperial Highway in El Segundo
New home of LA Times is revealed
Billionaire medical entrepreneur Dr. Patrick Soon-Shiong announced plans to move the 137-year-old Los Angeles Times from Downtown Los Angeles to El Segundo, a small city south of the Los Angeles International Airport that’s best known as a hub of aerospace and defense industries.
Soon-Shiong, who agreed to buy the Times in February for $500 million, made the announcement at a town hall-style meeting with staff on April 13, and the newspaper later announced it on its website.
The unassuming seven-story office building, at 2300 East Imperial Highway, is one of at least five buildings Soon-Shiong owns in the city. It’s currently being renovated to accommodate a newsroom on multiple floors, a cafeteria, retail shop, museum, studios and event spaces. The mission, he added, was “to create the most modern newsroom.” Soon-Shiong also said that the Times “[needs] to build a campus that is there for the next 100 years, not to lease a building.”
The Times has been at the Downtown building, which bears its name and is near many of the government institutions it regularly covers, since 1935.
Can the co-working craze last?
In Los Angeles, where the Entertainment and technology industries have bred an array of startups, co-working companies have also found their niche.
Across Greater L.A., these firms occupy about 3[……]
Who got a bunch of real estate money right before election day? These candidates. AG candidates, IDC members上海龙凤论坛 doted on with late gifts from developer and labor interests
From left: Marc Holiday, Aby Rosen, Tish James, Jeff Klein, and Sean Patrick Maloney (Credit: Getty Images)
Thursday is New York s Democratic primary election and the wallets of the city s real estate and construction concerns won t close until the polls do.
Candidates for state senate and attorney general have raked in more than $161,000 from property and construction labor groups since Monday, an analysis of Board of Elections campaign contributions by The Real Deal has found. Much of that money has gone to Attorney General candidate and current Democratic congressman Sean Patrick Maloney, who took in an extra $60,500 from developers, including RFR Realty s Aby Rosen and Michael Fuchs, Helena Durst, and Henry Elghanayan.
New York City Public Advocate Letitia James, another AG candidate who has received plenty of real estate contributions, also pulled in $17,500 from real estate-connected donors including Eastern Union Funding co-founder and mortgage broker Abraham Bergman ($5,000) and SL Green Realty ($10,000).
Added together, James and Maloney have raised well in excess of $700,000 from real estate donors this election cycle, with Maloney raising the most from the industry.
In just the last three days before election day, construction labor unions have also doled out cash上海龙凤论坛sh1f to multiple members of[……]
NYC’s largest borough is setting new records with a surge of development projects coming down the pike
Compared to Manhattan and Brooklyn’s trendy glass towers, new condominium projects in Queens have drawn less attention. But that’s quickly changing. For three of the past five years, developers built more expensive condo projects in Queens than in Brooklyn, an analysis by The Real Deal found. And the borough’s most popular neighborhoods — including Long Island City, Astoria and Flushing — continue to set new records with the number of condo units in the pipeline. So far this year, developers have filed plans for 47 new projects in Queens, making it the strongest year in a decade, according to the New York Attorney General’s office. There are now 2,354 condo units under construction in the borough, with more than 950 of them in the Hunter’s Point section of Long Island City.
Chris Xu’s $700 million Court Square City View Tower, meanwhile, is slated to become the tallest building in Queens when it tops out at 778 feet by 2022. Financing for the 802-unit tower, like many others backed by experienced developers, seems to have come easily; Xu secured a $502 million construction loan from JPMorgan Chase and other big banks in July. With the average condo sales price in Queens now hovering around $670,000, units in the borough can be seen as a bargain compared to an average price of about $1.1 million in Brooklyn and more than $2.6 million in Manhattan, according to Douglas Elliman’[……]
A closing Gap store (Credit: Getty Images)
Old Navy will have to go it alone from now on.
Owners Gap Inc are closing 230 of their branded stores, roughly half of all their locations, and splitting Old Navy into a separate publicly traded company. Most of the closures will be in the U.S.
“Following a comprehensive review by the Gap Inc. board of directors, it’s clear that Old Navy’s business model and customers have increasingly diverged from our specialty brands over time, and each company now requires a different strategy to thrive moving forward,” Gap’s board chairman Robert Fisher said in a statement. “Recognizing that, we determined that pursuing a separation is the most compelling path forward for our brands.
Among the Gap locations already slated for closure in Manhattan are the stores at 680 Fifth Avenue and 60 West 34th Street.
Old Navy has consistently outperformed sister companies Gap and Banana Republic, according to reporting from USA Today. Gap will conti上海贵族宝贝交流区 nue as its own business, under the name New Co.
Neither Gap nor Old Navy performed well in the fourth quarter of 2018. Old Navy opened the year flat, while Gap saw a five percent drop during the end-of-year holiday season, according t新爱上海同城对对碰论坛 o USA Today. [USA Today] Decca Muldowney
Tags: Commercial Real Estate, gap, Retail Real Estate
We are having some tec[……]
Redfin: Open houses can help homes sell for more — depending on the market Results of a new study that correlates price, time on the market with open houses vary significantly by metro area
The average home in America will sell for $9,046 more and spend seven fewer days on the market if it holds an open house in its first week, according to new data.
A recent Redfin analysis of homes listed in 2018 found that homes with open houses 阿爱上海同城 tend to sell for more in nearly all cities, but don t get too excited just yet: a major caveat is that the correlation between open houses and higher prices might not mean causation.
In many areas, homes that are already primed for competition tend to be the ones with open houses because the listing agent knows it上海贵族宝贝 will attract a lot of attention and wants to set up a convenient way for multiple potential buyers to pop in at once instead of making several appointments for private tours, said Redfin Chief Economist Daryl Fairweather.
The analysis also reveals vastly different marketing cultures in different metro areas.
San Francisco real estate culture is dominated by open houses. The majority of my clients attend open houses because they know it’s their best chance to see a competitive property or multiple properties on the same day,” local Redfin agent Miriam Westberg said.
While a full 84% of homes listed in San Francisco and San Jose held an open 上海千花社区 house in their first week on the market, just about half of Los A[……]