Elad enters LA market with trophy purchase.
Michael Rosenfeld, president of Woodridge Capital and co-CEO of Wilshire Carlyle Partners, the sellers, reported that the purchase price was approximately $140 million, including the land, design and site excavation.
Preliminary plans for The Carlyle, a Park Avenue inspired condominium on the grand boulevard between Westwood and Beverly Glen Boulevards, call for 78 luxurious apartments, ranging in size from 2,500 to 3,500 s/f, in an elegant 24-story crescent-shaped tower. The development would also contain 20 maid units. Total project cost is estimated at $330 million. The development is scheduled for completion in the summer of 2009. "The superb location, which affords sweeping views of the Wilshire Corridor, the Santa Monica Hills and the Pacific Ocean, reflects our continuing strategy of selecting the best sites in highly competitive markets for the highest end luxury development as we expand in this country and abroad," Naftali said.
Rosenfeld also attributed the purchase price to the unique nature of the property. "The Carlyle is the last permitted high-rise on the Wilshire corridor and is destined to be an outstanding development with the highest level of finishes and amenities."
Woodridge Capital is a Los Angeles based developer of large scale residential, resort, commercial and industrial projects throughout the western United State and Canada.
The Elad Group has a major presence in New York, Florida and other points along the east coast as well as Chicago, Dallas and Canada. The New York based company recently purchased the 34.5-acre site of The New Frontier, which will be demolished, on The Strip in Las Vegas.
Naftali describes that site as "the last and best available prime site in Las Vegas." Plans there call for a $7 to $8 billion multi-use development including a six diamond hotel with The Plaza brand, ultra luxury residences, a casino, the Plaza retail collection, convention space and destination restaurants.
"In addition to our plans for The Carlyle, we also envision Los Angeles as a target market for us to introduce The Plaza brand in the ultimate mixed-use hotel and residential development, and we are actively reviewing potential sites," Naftali said. "We also look forward to bringing the Plaza brand to other destination cities in the near future, such as San Francisco, Washington D.C., Boston, London, Paris, Tokyo and Shanghai. "We understand there is only one original Plaza and that will never change, but everything that the brand means in terms of style, service and luxury will be intrinsic to our other properties," he said.
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|Title Annotation:||NATIONAL ROUND-UP|
|Comment:||Elad enters LA market with trophy purchase.(NATIONAL ROUND-UP)|
|Publication:||Real Estate Weekly|
|Date:||Jul 11, 2007|
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