Los Angeles - The Real Deal

Resi occupancy soars above pre-pandemic levels in Downtown LA

TRD Staff — Thu, 22 May 2025 23:05:09 +0000

As offices empty out in Downtown Los Angeles, renters have filled up Downtown apartments and put upward pressure on rents. Multifamily occupancy rose to 90.8 percent in the first quarter ending in March, from 90.1 percent a year earlier and up from 84.7 percent in 2019, Bisnow reported, citing figures from the DTLA Alliance. Average […]

This article originally appeared on The Real Deal. Click here to read the full story.

Hines gets key approval on Arts District office project

TRD Staff — Thu, 22 May 2025 21:10:27 +0000

Hines has beat back a second appeal trying to block a 13-story office building, winning a final go-ahead in Downtown Los Angeles. The Houston-based developer was approved by the City Council, which denied a labor-backed appeal against the 435,000-square-foot tower at 2045 East Violet Street, in the Arts District, Urbanize Los Angeles reported. It will […]

This article originally appeared on The Real Deal. Click here to read the full story.

Construction doesn’t scare off buyer of $32M Bel-Air manse

Kari Hamanaka — Thu, 22 May 2025 20:46:35 +0000

Unfinished construction didn’t deter a buyer from going into contract on a $31.5 million Bel-Air estate that’s expected to be valued for millions more once work is completed. The property at 1341 Linda Flora Drive marked last week’s top home in Los Angeles County to go into contract based on asking price, according to the […]

This article originally appeared on The Real Deal. Click here to read the full story.

Damavandi’s Santa Monica resi plan gains weight

TRD Staff — Thu, 22 May 2025 19:30:00 +0000

Damavandi Capital is going bigger than originally planned for its latest multifamily development in Santa Monica. The West Hollywood-based firm, formerly known as Dylan Investment Properties, has filed revised plans to boost the size of its apartment building by nearly 50 percent at 1320 Pico Boulevard, west of Santa Monica College, Urbanize Los Angeles reported. […]

This article originally appeared on The Real Deal. Click here to read the full story.

Los Angeles hotel executives warn distress to follow wage hike

Alena Botros — Thu, 22 May 2025 18:30:00 +0000

The Los Angeles City Council will hold a final vote on a proposal to increase minimum wage for hospitality workers to $30 an hour by 2028 on Friday, May 23. If it passes, which most expect it will, and Mayor Karen Bass signs it, distressed hotel sales and skittish investors and developers could follow. “I’ve […]

This article originally appeared on The Real Deal. Click here to read the full story.

Skid Row housing org failure could spell doom for other nonprofits

TRD Staff — Thu, 22 May 2025 00:00:00 +0000

The 2023 collapse of the Skid Row Housing Trust — which provided permanent single-room occupancy housing services to low-income people in the Skid Row area in Los Angeles — is under the magnifying glass in a damning new consultant report. Low and inconsistent rental subsidies and other structural issues in Los Angeles’ homeless housing systems […]

This article originally appeared on The Real Deal. Click here to read the full story.

Delayed evacuation, Edison failures under scrutiny in wake of deadly Altadena wildfire

TRD Staff — Wed, 21 May 2025 22:40:00 +0000

Nearly five months after the Eaton fire killed 18 people — 17 of them in west Altadena — investigations continue into what went wrong. Mounting evidence suggests that human error, rather than a technical malfunction, was at the heart of the failure to issue timely evacuation alerts on Jan. 7 to residents in the hardest-hit […]

This article originally appeared on The Real Deal. Click here to read the full story.

State Farm seeks 30% home insurance rate hike in California

TRD Staff — Wed, 21 May 2025 22:10:43 +0000

It wasn’t enough for State Farm General to win approval to hike homeowner rates by 17 percent this month. Now the insurer wants to jack up rates by another 13 percent. The unit of Illinois-based State Farm Mutual Automobile Insurance seeks a 30 percent increase in home insurance premiums because of claims tied to the […]

This article originally appeared on The Real Deal. Click here to read the full story.

Diddy’s mansion lingers on LA market for 250 days at $62M

TRD Staff — Wed, 21 May 2025 19:23:20 +0000

Luxury broker Kurt Rappaport has for more than 250 days tried to convince buyers to pay $61.5 million for the Holmby Hills mansion owned by Sean “Diddy” Combs, on trial for sex trafficking. But the co-founder of Westside Estate Agency can’t get a bite for the 17,000-square-foot mansion and guest house at 200 South Mapleton […]

This article originally appeared on The Real Deal. Click here to read the full story.

At ICSC, retail smiles through headache of macro uncertainties

Kari Hamanaka — Wed, 21 May 2025 18:30:00 +0000

“Parties tell you the story,” said NewMark Merrill Companies founder and CEO Sandy Sigal as he held court at his event Monday night on the Las Vegas Strip. “Forget all the statistics and everything else. People are out to have fun and loosen up because it was a stressful year last year, and this year […]

This article originally appeared on The Real Deal. Click here to read the full story.