The penthouse of a Four Seasons residential project being built in Los Angeles will be offered for $50 million, which would be the priciest condominium ever sold in the city.
The 59 units at the luxury condo project adjacent to the Four Seasons Hotel just east of Beverly Hills are expected to sell for a total of about $400 million, said Jonathan Genton, founding partner of West Hollywood, California-based Genton Property Group LLC, which is developing the property. The condos, including the 12,000-square-foot (1,100-square-meter) penthouse, will have access to Four Seasons services and amenities.
“Being affiliated with this type of brand provides some comfort, especially when you are putting in this kind of money,” Genton said in a telephone interview Friday. “L.A. traditionally has not been a condo market mostly because of the difficulties of entitlement, but now we are seeing nodes, like in Century City and in downtown, where this type of density is allowed.”
The Four Seasons project follows the development of a Ritz-Carlton Residences in downtown Los Angeles, which was completed in 2010 and took about three years to sell out. Also in 2010, condos were completed at Starwood Hotels & Resorts Worldwide Inc.’s W Hollywood hotel.
The Four Seasons penthouse, which will occupy the entire top floor of the 12-story tower, will have a 9,000-square-foot rooftop garden and pool, along with a 360-degree view of the city.
The previous record for a Los Angeles condo was the $34.8 million paid in 2010 by Candy Spelling, the widow of television producer Aaron Spelling, for a 17,960-square-foot unit in Century City, said Miles Garber, vice president of research at Polaris Pacific, a San Francisco-based firm that advises developers.
The average size of the remaining units at the Four Seasons tower will be about 2,400 square feet, Genton Property said in a statement Friday.
–With assistance from John Gittelsohn in Los Angeles.
To contact the reporter on this story: Nadja Brandt in Los Angeles at email@example.com To contact the editors responsible for this story: Kara Wetzel at firstname.lastname@example.org Daniel Taub, Christine Maurus
This article was written by Nadja Brandt from Bloomberg and was legally licensed through the NewsCred publisher network.