Director Justin Lin offered his Downtown Los Angeles penthouse loft for $5.5 million on Aug. 19, making it the richest residential actual property condominium deal closed within the L.A. Arts District and setting an space report of $1,279 per sq. foot.
Compass Beverly Hills itemizing agent Justin Alexander mentioned the sale is historic for a lot of causes.
“In-built 1925, the constructing is the unique West Coast headquarters of Nabisco and is registered as a Los Angeles historic nationwide landmark. It has a whole lot of that outdated early 1900s really feel. However it was retrofitted and fully transformed in 2007. Some would say that Biscuit Firm Lofts is probably the most important constructing within the Arts District. It is stunning,” Alexander mentioned.
The “Quick & the Livid” director purchased the four-story loft from actor-director Vincent Gallo in 2012 for $2.6 million. Data present that Warner Bros. Government Reg Harpur purchased the 4,300-square-foot house. Alexander mentioned that the property was initially listed seven months in the past for $7 million after which lowered to $6 million.
The open-concept house options two bedrooms and three bogs, floating staircases, maple flooring and uncovered brick partitions. Along with the ample residing house, the condominium has 3,600 sq. ft of exterior house encompassing 4 separate out of doors terraces. One of many two bedrooms at the moment serves as an workplace house and is positioned on the primary ground. The second ground is house to the kitchen, eating space, front room and wrap-around terrace. The first suite covers the entire third ground and contains a non-public terrace. The fourth ground has a rooftop deck with 360-degree views. The constructing affords entry to a 24/7 concierge, a swimming pool, a backyard terrace and parking as a part of a $1,327 month-to-month HOA payment.
Alexander mentioned Lin used the house as a manufacturing workplace and part-time residence. Lin’s principal residence is in Pasadena.
The Nationwide Biscuit Firm landmark constructing was designed by Edmond Jacques (E.J.) Eckel and transformed to lofts by Donald A. Barany Architects in 2006. The constructing underwent further restoration as a part of a regional downtown challenge and was named a Historic Cultural Monument in 2007.
“We’re all about design and elegance and basic structure. And you realize, it is simply a type of monuments within the downtown skyline. The brick and metal is beautiful. However on the identical time, it feels heat and comfortable. It’s a particular property. It is a condominium, however it’s like this penthouse kingdom within the sky. Once you connect the historical past of it — Nicolas Cage is a former resident and our shopper creating so many highly effective films in that house and the number of actually important Hollywood historical past that the constructing has housed over the past 20 years — it looks like probably the most particular choices in Downtown Los Angeles,” Alexander mentioned.
Additionally, he added, “The homeowners get to switch the Mills Act, which is a lowered property tax profit for homeowners who restore and protect historic properties.”
Alexander and Tab Howard of Compass Beverly Hills and Jimmy Lin, Lin’s brother, held the itemizing. Michael Robleto, with Compass Pasadena, represented the client.
Alexander mentioned it was vital to be concerned within the transaction. “Now we have a benchmark for individuals to promote $4 million and $5 million condos in downtown L.A. This hasn’t existed earlier than,” Alexander defined, “apart from the Ritz-Carlton Residences at L.A. Stay, which is clearly a unique beast by itself.”