Red Cross Chapter Sells Pasadena Mansion

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Red Cross Chapter Sells Pasadena Mansion
430 Madeline Drive

The American Red Cross Los Angeles Region cited the need for expanding its services in Pasadena and Arcadia – and not downsizing – as a key factor for selling the John S. Cravens Estate, headquarters for its San Gabriel and Pomona Valleys chapter.

The 20,000-square-foot mansion at 430 Madeline Drive in Pasadena sold for $7 million after being on the market since February 2017, said Josie Tong, a broker at Sotheby’s International Realty, who joined Gretchen Seager in representing Red Cross in the sale. The original asking price was $10.5 million. Seager and Tong donated their individual, $75,000 commissions to the Red Cross.

Michael Feinstein, principal pops conductor for the Pasadena Symphony, and his husband, Terrence Flannery, were the buyers. Dorothy Carter of Keller Williams represented them.

The Cravens Estate has been owned by the Red Cross since 1962,when industrialist Simon Zervos donated it to the charity.

“It was no longer meeting our needs of today,” said Veronica Garcia-Davalos, executive director of the Red Cross’s San Gabriel and Pomona Valleys Chapter. “It’s not as accessible as our other buildings are. The need is really great. We have a big operation in that regard.”

The Red Cross will use the proceeds to enhance its properties at 133 N. Altadena Drive in Pasadena and at 376 W. Huntington Drive in Arcadia. The Huntington Drive facility will become the new San Gabriel and Pomona Valleys Chapter headquarters.

CIT Grant to City Program

Pasadena-based CIT Bank, a subsidiary of CIT Group Inc. of New York, is partnering with the City of Los Angeles to support first-time, low- and moderate-income home buyers in one of the nation’s most expensive real estate markets.

CIT Bank is working with the city’s Housing and Community Investment Department on the project, the first bank to invest in its single-family down payment assistance program, according to CIT representative Olivia Weiss.

The bank has committed $400,000 to assist 27 Los Angeles-based families with down payment assistance and closing costs, CIT said in a statement.

“This effort brings us one step closer to improving the quality of life for the local community as we work together to tackle Southern California’s affordable housing crisis,” said Steve Solk, president of consumer banking for CIT, in a statement.

CIT Group’s total assets as of Dec. 31, 2017 were $49.3 billion, according to its most recent earnings report.

New Name, Manager

Santa Monica-based Worthe Real Estate Group is the new property manager at Bergamot, the city-owned arts-oriented site at 2525 Michigan Ave. in Santa Monica.

The property had been known historically as Bergamot Station. The five-acre space in the city’s eastern sector has housed art galleries for decades, but is undergoing a transformation to go with its shorter name. The city of Santa Monica entered into a three-year lease with Worthe to manage the property, according to a city website.

Worthe also said the company plans to upgrade the rebranded site and offer more programming, community events and visitor engagement. Bergamot has 25 tenants, Worthe added.

“We are excited to take the helm of this jewel of Santa Monica and continue our significant work with its tenants, community stakeholders and the city to re-position Bergamot as a world-class destination,” said Jeff Worthe, president of Worthe, in a statement.

Bergamot is near the Los Angeles County Metropolitan Transportation Authority Metro Expo Line’s 26th Street/Bergamot Station as well as the 10 Freeway.

Commercial real estate reporter Ciaran McEvoy can be reached at (323) 556-8337 or [email protected].

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