Ready for some good news in the housing market? Consider these two rare but tasty morsels.
First: Alan Margulies, the owner of AM Productions and Management Co., just sold his two-bedroom, 2,246-square-foot unit in the Empire West building in West Hollywood for $1,775,000 – the highest-priced condo sale in the building since 2007, according to the MLS.
Margulies represents actors, an indiscretion we are prepared to overlook for the joy of being able to report a real estate record of moving up the price ladder instead of racing to the bottom, as has been the case for the past few years.
The unit is in a full-service building with a roof-top pool, gym and tennis court. The condo has three spacious balconies, an open kitchen with stainless steel appliances and a breakfast area. The master bedroom suite has two walk-in closets and an oversized master bathroom. There is a built-in entertainment center in the living room.
David T. Kessler of Sotheby’s International Realty, Beverly Hills, had the listing.
Second: The one-bedroom Sierra Towers unit belonging to public relations maven Jeffrey Lane sold at full asking price in just 15 days with multiple offers. I made the listing agent repeat that twice for me since, in this market, it sounded like he was speaking in tongues.
It gets better. The sales price of $1,275,000 was the highest sale in the building for a unit of its type in several years.
A primer here on Sierra Towers, which Architectural Digest called “one of the hottest buildings that is perched high above Los Angeles with amazing views”: There are six units on each of the building’s floors. Lane’s was 1,341 square feet, and has one bedroom and 1.5 bathrooms.
Lane’s unit was recently remodeled, and has an updated eat-in kitchen with breakfast bar and a center island. The living and dining rooms have 180-degree views of the Hollywood Hills and the mountains. There is a terrace that runs the length of the unit. The master bedroom bath has dual sinks, and a separate bath and shower. The building has 24-hour security, doormen, valet and concierge as well as two gyms and an outdoor pool. It’s kind of like hotel living but with Cher and Jane Fonda as neighbors.
Jeffrey Lane & Associates was formed in 1990 and has offices in Los Angeles and New York. The company specializes in entertainment personalities and industries involved in beauty, fashion, travel and finance. Clients include Diahann Carroll, George Hamilton, Morgan Fairchild and Linda Gray as well as Integrated Wealth Management, the Desert AIDS Project and Playa de La Paz Property Development.
David T. Kessler of Sotheby’s International Realty, Beverly Hills, had the listing. Susan Smith of Hilton & Hyland, Beverly Hills, represented the buyer, who owns a North Carolina textile company.
EVO Sizzles
Want to talk about hot buildings? The sizzle has intensified at EVO-LA, the high-rise located so close to the Staples Center that you can walk there; how’s that for a non-L.A. concept?
The latest buyers of units in the building are Roy Yamaguchi, who owns the Roy’s Hawaiian Restaurants, and AJ and Mannah Morgan, owners of AJ Morgan Eyewear.
Yamaguchi bought a one-bedroom unit for $465,000. The fourth-floor unit has 1,119 square feet and westerly views. It has a balcony and the same floor-to-ceiling glass walls that are the cornerstone trademark of the building.
The building is chock-full of amenities including a rooftop lounge with outdoor fireplace and terrace overlooking the city’s skyline. There is a sixth-floor sun deck and pool, an outdoor entertaining kitchen we hope Yamaguchi plans to use, and a 24th-floor fitness center with horizon eye-level views.
There are 31 Roy’s, including 23 in the continental United States, six in Hawaii, one in Japan and one in Guam. Yamaguchi has authored three cookbooks and has hosted six seasons of the PBS show “Hawaii Cooks With Roy Yamaguchi,” seen on more than 300 stations in 50 states and 60 countries.
The selling agent was Brock Harris of Silverlake Realty out of Los Feliz.
AJ Morgan, whose sunglasses and readers have appeared in many films and TV shows, purchased a 14th-floor two-bedroom, 2.5-bath unit for $1,150,000. It’s a corner unit with 2,346 square feet. The Morgans have several properties and reside primarily in Marina del Rey. They bought at EVO to be close to the office. And you can’t beat the elimination of parking problems when you go to see the Lakers play.
Since 1981, AJ Morgan Eyewear has been sold in more than 20,000 retail locations worldwide. Its Hollywood career includes appearances in “Inspector Gadget,” “Beverly Hills 90210,” numerous MTV videos, “Ugly Betty” and “Sabrina the Teenage Witch.”
A spokesman for EVO reports that 90 percent of the building is sold.
Ann Brenoff can be reached at [email protected].
