Marina del Rey : 69 City Club Leases Sold

The County of Los Angeles has received $1.1 million in revenues from the sale of 69 long-term leases for residential units at Marina City Club, according to Ted Reed, director of the county Department of Beaches and Harbors.

At a meeting of the county Small Craft Harbor Commission, Reed said that the J. H. Snyder Co. has reported $18.5-million gross sales on the conversion of the 600-unit project from apartments to condominium-style units with 80-year leases.

The conversion, opposed by tenants, was approved by the county, which is seeking to maximize its revenues from Marina del Rey.