New York firm acquires Wilshire luxury tower
A luxury condominium tower under construction on Wilshire Boulevard’s “Golden Mile” in Los Angeles has been acquired by a New York developer for $140 million.
Elad Group, which is restoring the landmark Plaza Hotel in New York and converting it to a residential and hotel property, purchased both the land at 10776 Wilshire Blvd., near Westwood, and the tower’s design, said Michael Rosenfeld, co-chief executive of Wilshire Carlyle Partners, the Los Angeles-based seller.
Rosenfeld had been developing the property with Michael Talla.
When completed in the summer of 2009, the Carlyle will be 24 stories “with the highest level of finishes and amenities,” Rosenfeld said, adding that the Carlyle may be the last high-rise permitted on the Wilshire corridor.
It will cost an additional $190 million to complete the 78-unit crescent-shaped tower, said Miki Naftali, president of Elad. The condos will range in size from 2,500 to 3,500 square feet and the building will include 20 apartments for maids. Prices have yet to be established.
This is Elad’s first investment in California. The company has properties in New York, Chicago, Dallas, Florida and Canada. It recently bought the 34.5-acre site of the New Frontier on the Las Vegas Strip.
