Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page in real time, starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com
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From left: Jose Huizar, Huang Wei, Mohamed Hadid, Robert Herscu, Raymond Chan, and Arman Gabay, with Los Angeles City Hall (Credit: iStock and Getty Images)
Real estate’s role in corruption scandals in City Hall is hard to ignore. Recent investigations into wrongdoing at City Hall has revealed the entrenched relationships certain real estate developers hold with elected officials. TRD compiled a roundup of the most recent scandals and how they tie into the industry. [TRD]
Weight isn’t the only thing Jenny Craig is losing. The nutrition guru has sold her home in Del Mar for $22 million, nearly half of what she initially asked. The five-bedroom home has oceanfront views, as well as a swimming pool. [LAT]
Music Center Plaza has reopened after nearly 2 years. Designed by Rios Clementi Hale Studios, the $41 million makeover has added a wine bar, glass elevators, coffee shop and restrooms to the 55-year-old space in Bunker Hill. The plaza is situated on Grand Avenue, where Related Co. is planning a major Frank Gehry-designed development across the Disney Concert Hall. [Curbed]
Former L.A. Kings’ Brad Stuart looks to score buyer for South Bay mansion. The home is on the market for $4.7 million, which would be a little less than 10 percent over what he paid for it in 2017. The 6,000-square-foot home was completed in 2016 on half-an-acre overlooking Trump National Golf Club in Rancho Palos Verdes. [LAT]
A rendering of Faring’s French Market project (Credit: R&A Architecture and Design)
Trio charged in killing of Marina del Rey man amid luxury home dispute. Two people who lived in William Webb’s three-story home were charged with his murder following the discovery of his body in Joshua Tree earlier this month. Authorities say the killing followed Webb’s decision to list the $2.6 million property for sale. His former stepdaughter was also charged. [LAT]
Faring earns support for WeHo development from historic preservation commission. West Hollywood preservation officials voted to support the firm’s redevelopment of the French Market Place building. The 1930s structure later became a gathering place for the gay liberation movement. Faring first wanted to demolish the building, but in late 2017 agreed to preserve the market’s exterior and add an 83,000-square-foot building. [WeHoville]
IMT Residential scales back redevelopment of Sherman Oaks’ Sunkist HQ. The firm has cut back the number of apartments in the proposed plan from 298 to 249 across three new buildings. The new complex will include 27,400 square feet of ground-floor retail space. The Sunkist building, a 1970s-era Brutalist structure designed by the firm AC Martin, will be restored and maintained as office space. [Urbanize]
L.A.’s homeless outreach agency failed to meet goals, says city controller. Ron Galperin’s office says that the Los Angeles Homeless Services Authority has placed just 4 percent of people they assessed into permanent housing, well under the goal of 10 percent. [LAT]
Ellen DeGeneres and Portia de Rossi with the home (Credit: Getty Images)
Power-flipper Ellen DeGeneres closes another sale, but takes home a modest sum. DeGeneres and wife Portia de Rossi sold a Hollywood Regency-style home in Beverly Hills for $15.5 million. Amid L.A.’s luxury market slowdown, the couple received $500,000 more than they paid for the 5,100-square-foot home late last year. [TRD]
A home mortgage refinance boom has been cut short after rates rose. The average contract interest rate for a 30-year fixed rate mortgage jumped to 3.94 percent, up from 3.90 last week. As a result, refinancing applications fell 8 percent, and mortgage applications to buy a home dropped 4 percent. [CNBC]
Blackstone Group is currently warehousing some units at the enormous Stuyvesant Town and Peter Cooper Village apartment complexes in Manhattan. The landlord has between 20 and 50 units empty following the introduction of New York state rent laws which will impact the landlord’s ability to raise rents through renovations. Blackstone previously announced it would temporarily halt renovations (with the exception of emergency issues such as leaks and hot water service) at the site. [TRD]
FROM THE CITY’S RECORDS:
SRO Housing Corporation wants to build an 81-unit permanent supportive housing building in on N. Alvarado Street in Echo Park. A small commercial structure would be demolished to make way for the new building. [LADCP]