Jamison has locked in $195M for the conversion of the former Arco tower at 1055 W. Seventh St.
The financing to turn the 33-story, approximately 620K SF office tower into mulitfamily units was provided by Prime Finance, according to Traded. The 1987-built tower was previously the home of petroleum company Arco and most recently bore exterior signage for the L.A. Care Health Plan.
The plan is to turn the tower into 686 units, among the larger conversion projects in the city. Construction has begun on the project.
Jamison has done a few conversion projects in Koreatown and has three under construction and 10 in the pipeline, including this one. This would be the tallest…
WestJet, Canada’s second-largest carrier, backpedaled on a new seating plan after videos of crammed travelers went viral on social media.
In an effort to counter the soaring electricity costs linked to artificial intelligence-fueled data center development, the White House and a bipartisan group of governors are pressuring the largest U.S. grid operator to take a historic step — one that would make tech giants pay for new power plant construction.
Southern California Edison said its equipment most likely started the Eaton Fire but asserted that government agencies and other businesses shared liability for the devastation.
A&E Real Estate agreed to pay $2.1 million to settle thousands of violations across 14 buildings. Mayor Zohran Mamdani announced the settlement agreement on Friday at one of A&E’s buildings at 35-64 84th Street in Jackson Heights. As part of its agreement with the city, Douglas Eisenberg’s A&E must correct more than 4,000 building code violations across 14 properties, mostly in Queens. The firm will pay $150,000 per building. That amount goes up if the landlord fails to make the payment or harasses any tenants. “For years, A&E has operated with callous disregard for those residing in its properties,” Mamdani […]
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Landlord Josh Gotlib says a “secret recording” made by his partner’s widow debunks her accusation that she was tricked into signing over her late husband’s interests in their real estate business. Natalia Legg — the widow of Black Spruce co-founder Oliver Legg — sued Gotlib and his company Black Spruce Management in 2023 claiming that Gotlib tricked her into signing transfer agreements handing over her husband’s shares. Oliver Legg died of cancer in May 2015 at the age of 43. Following his death, Natalia was planning to return to Switzerland with her daughter to live there. At that point, she […]
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Summit Properties was confirmed as the buyer of 5,151 mostly rent-stabilized apartments from Pinnacle Group in a Friday hearing. Pinnacle, run by Joel Wiener, placed the apartments in bankruptcy. Summit will pay $451.3 million for the portfolio. The hearing marks the end of a weekslong battle, with Pinnacle and Summit on one side and the Mamdani administration and tenants on the other. The latter group tried unsuccessfully to stop, pause and delay the sale, hoping for a tenant-aligned bidder or concessions from Summit. Bankruptcy judge David Jones considered their argument that Summit had not adequately made assurances that it could […]
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Demand from centers that power artificial intelligence has driven up electricity bills, frustrating consumers.
Billionaire developer Stephen Ross’ former penthouse in Lincoln Square just traded for $50.7 million. The latest deal for the condo at 25 Columbus Circle was significantly more than its last purchase price in 2023, when Ross, the chairperson of Related Companies, sold it for $40 million, according to public records. The most recent sale works out to roughly $6,200 per square foot, up from $4,800 per square foot. The apartment, Unit PH80, sold in an off-market deal to a buyer whose identity is shielded by an anonymous LLC registered in Delaware. The seller is also an anonymous shell company. The […]
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Members-only club Soho House has found new funding to take the company private, filings with the Securities and Exchange Commission show.