Marina del Rey : Marina City Club Sales Plan

The development company that won county approval in October for a plan to sell 81-year prepaid leases on 600 Marina City Club apartments is seeking county permission to market the units as condominiums.

Lew Geyser, a partner in the J. H. Snyder Co., said at a meeting of the Small Craft Harbor Commission last week that the developers want to call the units condominiums because that concept is more familiar to the public than long-term prepaid subleases.

If the units are sold as condominiums, he said, buyers would have a homeowner association to represent their interests. He said financing probably would be cheaper and more readily available because lenders, too, are more familiar with condominium ownership than with long-term prepaid leases.

The county counsel’s office and the staff of the Department of Beaches and Harbors will review the proposed amendment to the Marina City Club lease agreement, officials said.

Snyder company officials said that 81-year leases on 145 units have been sold in the past four months, with gross revenues totaling $43 million. The units range in price from $85,000 for a single unit to $725,000 for a four-bed-room penthouse.