Marta Kauffman and the new house off Pacific Coast Highway

With a $57.7 million house, who needs friends anyway?

The Cape Cod-style compound on the Malibu oceanfront — on a parcel where “Friends” co-creator Marta Kauffman’s home once stood — has hit the market. The new construction home is owned by an entity affiliated with real estate investor Mark Cirlin. 

Kauffman and her husband, composer Michael Skloff, sold this property 10 years ago for $10.7 million, the Los Angeles Times reported. Their former 4,400-square-foot home was then razed, and replaced with a six-bedroom, 7.5-bathroom main residence and a one-bedroom, one-bathroom guesthouse.

Sitting on 1.7 acres, the Doug Burdge-designed home features an open-plan great room, formal dining room, elevator and wraparound deck on the second floor. Outside, there’s a covered pavilion with a fireplace, a kitchen with pizza oven, a lounge area, fa ire pit, and a pool with spa.

The property has been listed by Coldwell Banker Residential’s Chris Cortazzo and marketed by REX. [LAT] — Cathaleen Chen

From the New York March issue: In early 2013, a press release for an upcoming luxury high-rise in New Jersey was blasted out to investors more than 6,000 miles away.

Aimed at wealthy Chinese seeking a life in America through the EB-5 visa program — green cards awarded to foreign nationals in exchange for investments in job-creating projects — the release cited Jersey City’s demand for upscale rentals at prices set well below the Manhattan market. Kushner Companies, the developer of the $218 million project later christened Trump Bay Street, would begin construction on the 50-story tower the following year if enough capital was raised.

Translated into English, the pitch in Chinese urged potential immigrant investors to “understand that the company president Charlie Kushner is the son-in-law of the famous New York real estate tycoon Donald Trump!” Charles Kushner is, of course, the father of that son-in-law, Jared Kushner — the property heir who married President Trump’s daughter Ivanka and now serves as a senior White House adviser. But that mix-up mattered little, and the Trump-branded project, which held its grand opening in November 2016, raised $50 million from EB-5 investors alone.

The federal program is now at a crossroads (again). A growing number of investigations and lawsuits focused on fraud has rocked the EB-5 market, and some lawmakers in Washington feel increasingly skeptical that money flown in from overseas is properly vetted before it reaches developers’ pockets.

Shortly before President Barack Obama left office, the Department of Homeland Security proposed a series of reforms to the visa process to combat these and other follies of EB-5. The rule changes would dramatically raise the minimum investment amount required to obtain a visa, to $1.35 million from $500,000, and would bring the oversight of targeted employment area (TEA) creation more completely under the purview of the federal government. Furthermore, if Congress does not reauthorize or temporarily extend the expiring program, it will sunset by the end of April.

Despite Trump’s latest machinations limiting foreign entry to the United States, his and Kushner’s recent business usage of EB-5 has developers, lobbyists and liaisons optimistic that the program will be saved. Several of the proponents also favor reforms set on rooting out dirty money and investment malpractice.

“We believe the EB-5 program fits nicely into the Trump administration’s job-creation goals, and we have every reason to think that they will use the program aggressively,” said Angelique Brunner, who owns five EB-5 regional investment centers across the country and lobbies through the EB-5 Investment Coalition.

The current proposal to raise the investment thresholds, however, “will kill the program,” she said.

“If Trump’s going to be strong on deporting illegal immigrants, I think it’s good for the EB-5 market,” said George Xu, a Chinese-American developer who operates the Century New York City EB-5 regional center in Flushing, Queens. “That’s because if you cannot get here illegally, you have to find a legal way.”

Kimble Ratliff, the EB-5 lobbying specialist for the National Multifamily Housing Council, an influential real estate group in Washington, said he and his colleagues have “not had those conversations with the administration yet,” but that the organization is hopeful.

“My impression so far is that this administration is focused in a sort of nonpartisan…way on job creation, and with that in mind, the prospects for EB-5 are good,” Ratliff told The Real Deal.

Even if Trump directed the Department of Homeland Security to punch the minimum investment thresholds back down, there is still the problem of Congress needing to reauthorize EB-5. Advocates believe the president will support such a move, while others on the Hill are increasingly calling for the program’s death.

Democratic Sen. Diane Feinstein of California and Republican Sen. Chuck Grassley of Iowa recently introduced a bill that would do away with the visas for good. In a statement last month, Grassley urged colleagues to “take the necessary steps to wind down the program and completely mitigate fraud, abuse and threats to our security.” He even took a jab at the lobbyists: “EB-5 proponents are apparently content with the status quo, and that’s unacceptable.”

The president could direct the DHS to retract its proposed tightening of the EB-5 program today if he wanted to. But if being “tough on China”— as Trump has vowed — also means being tough on EB-5, continued silence from the administration could signal an unwillingness to take too strong a position. And it could prove difficult to harmonize a pro-EB-5 pulpit with other immigration and China-policy moves.

Nicholas Mastroianni, whose business acted as conduit for the $50 million in EB-5 financing for Trump Bay Street, isn’t concerned, however.

“I don’t think they’re going to criticize the program in any way,” Mastroianni, founder of the U.S. Immigration Fund, told TRD. “It’s not bringing over migrant workers, it’s bringing over millionaires.”

From left: David Binswanger and Rob Kane

Lincoln Property Company executive David Binswanger led the company’s growth in Los Angeles over the past decade, as the developer, prolific in the region, took on projects such as the Runway in Playa Vista, which it sold for $475 million last year.

Binswanger has now taken a larger role overseeing the company’s West Coast expansion, heading a wing called LPC West as its senior executive vice president, the company announced Monday.

LPC West will acquire, develop and manage properties in L.A., Orange County, San Diego, San Francisco, Seattle, and Portland.

As part of the new LPC West group, Lincoln is promoting several senior vice presidents to serve as executive vice presidents in all major cities on the West Coast, from San Diego to Seattle, Binswanger said in a statement.

Rob Kane, who has worked for the company since 2012, will now be the EVP of Lincoln’s L.A. office. Kane played a key role in, among other things, developing IMAX Entertainment’s West Coast Headquarters in Playa Vista and securing entitlements for a transit-oriented mixed-use community surrounding the Parsons headquarters in Old Pasadena.

Parke Miller will continue to lead Lincoln’s Orange County efforts. Brig Black, who helped open Lincoln’s San Diego office in 2012, is being promoted to lead the San Diego region. John Herr will be in charge of the company’s operations in San Francisco. Patrick Gilligan has moved from Lincoln’s San Francisco office, where he has worked since 2006, to become market head of the Seattle-Portland area.

4150 Marathon Street (Pacific Partners Real Estate Investments)

Boston-based real estate investment firm Rockpoint Group acquired an East Hollywood apartment building for $34.3 million in an off-market transaction, sources told The Real Deal.

Seller SKS Trading Company purchased the property in 1995 for $5 million, according to property records.

The 94-unit property, at 4150 Marathon Street, is not subject to rent control and is comprised entirely of two bedroom, two bathroom units, each of which comes with two parking spaces.

Jason Shenitzer, David Regalado and Zac Freehling of Pacific Partners Real Estate Investments represented the buyer and seller.

Freehling said the investment has plenty of upside for Rockpoint because of the building’s free-market status.

“[It] allows the buyer to come in and raise rents to market rate without having the hurdles of rent control,” he said.

Shenitzer noted that the neighborhood has benefitted from tenant spillover from neighboring Silver Lake and Koreatown.

The purchase adds to Rockpoint’s Los Angeles portfolio of roughly 15 multifamily properties, mainly in the San Fernando Valley, according to the firm.

Bradley Geier, co-founder of Merlone Geier and the plaza at 345 South Lake Avenue, and 1015 3rd Street

In the world of mid-market L.A. investment sales last week, two mid-century Santa Monica apartment buildings traded hands, one to a private investor and another to local firm Watt Companies. Meanwhile, San Francisco’s Merlone Geier Partners bought the land underneath its retail asset at 345 and 401 S. Lake Avenue for $15.1 million.

1. In Santa Monica, a 25-unit apartment building traded hands for $12 million, or $480,000 per unit. The buyer is a private investor based in Los Angeles, according to the deal’s brokerage, Marcus & Millichap. The seller was the Vanbuskirk Family Trust, which acquired the property for $7.1 million in 2007, property records show. Tony Azzi and Rabbie Banafsheha brokered both sides of the deal. The complex at 1015 3rd Street was built in 1954 and comprises only one-bedroom, one-bathroom units.

2. In Nearby Ocean Park, an LLC connected to the Santa Monica-based Watt Companies acquired a 31-unit apartment building for $17.4 million, or $562,097 per unit. The seller of the 1969-built complex is an affiliate of Hill Street Realty. Richard Ringer, also of Marcus & Millichap, represented Hill Street and procured the buyer. The property, at 2727 6th Street, comprises 17 one-bedroom units and 14 two-bedroom units and was last renovated in 2015, Ringer said in a statement.

3. In Pasadena, Merlone Geier Partners bought the land underneath its 131,000-square-foot retail asset at 345 and 401 S. Lake Avenue for $15.1 million, The Real Deal reported Monday. The seller was retail giant Macy’s, which operates a store in another part of the same retail complex. Merlone already owned the leasehold, which it acquired for $31.1 million from Vornado Realty Trust three years ago. Over 60 years remain on the lease term, according to Hanley Investment Group, which represented Macy’s. Merlone Geier was represented in-house.

Angelenos at a Boyle Heights polling station in November (Credit: Getty)

Los Angeles Mayor Eric Garcetti won’t be the only one fighting for his seat tomorrow. A number of real estate interests are at stake on the ballot tomorrow, ranging from a plan to fund homeless services to cannabis regulation. Read on for The Real Deal’s definitive guide on what to look out for at the polls tomorrow.

Measure H
Flanked by big-shot developers like Frank McCourt and Continental Development, Measure H would raise about $350 million a year for affordable housing and homelessness prevention services by raising the sales tax by a quarter of a percent. Measure H is the sister ballot to Proposition HHH, which passed in November and green-lighted a $1.2 billion bond to build 10,000 units for homeless housing.

If passed, the measure could help lift more than 45,000 people out of homelessness in five years, according to county officials. In addition to housing, the funding would go toward mental health services, substance abuse treatment, transportation, and job counseling. The hike in sales tax would expire in 10 years.

Measure M (and Measure N)
The subject of pot isn’t always chill. Although Measure N — which proposed a trade council among dispensaries — was effectively nullified (but unable to be removed from the ballot), Angelenos will decide on whether to grant City Council the authority to regulate the recreational marijuana industry at large. In terms of real estate, Measure M would allow the city to dictate where marijuana businesses can set up shop. It would also impose a 10 percent tax on recreational cannabis as well as a 1 percent to 2 percent tax for companies involved in the transportation, research, or cultivation of marijuana, and lower the tax for medical marijuana from 6 percent to 5 percent.

Measure P
If passed, Measure P would revitalize portside development between Wilmington to San Pedro by extending leases for commercial properties at the L.A. port from 50 to 66 years. The current half-century lease term, supporters of the measure say, deters private investors from opting for L.A. while neighboring ports including San Diego already have a longer lease term. This is because while a property is used as the collateral for financiers of typical developments, lease terms are the equivalent for port developments. A longer lease term, hence, means more incentive for property owners to redevelop a portside asset.

The lease extension would also bring jobs and amenities to the San Pedro waterfront, proponents say.

Measure S
Last but certainly not least, is the crown jewel of NIMBY initiatives in recent L.A. history — the controversial Measure S. If passed, this measure would impose a two-year moratorium on all projects that require a General Plan amendment, zone change, or height limit change. Even ones that will bring solely affordable housing units to the market would be blocked if they require a plan amendment. Backers say the development suspension will force city lawmakers to prioritize the modernization of the city’s zoning code, even though such efforts are already underway. Meanwhile, opponents argue that the moratorium will worsen L.A.’s housing shortage and stifle the development of affordable housing.

Priciest Listings (MLS)

The second time might be the charm for the top two priciest listings of last week, as both properties are being re-listed with a hefty price cut.

The Bradbury Estate is back on the market with an asking price of $39.9 million, half of its original asking price of $78.8 million.
The 47,182-square-foot property was owned by real estate tycoon Don Abbey, but is being listed for sale by Abbey’s lender, a subsidiary of Bank of America, after he defaulted on more than $32 million in loans attached to the compound, The Real Deal previously reported.

The second listing in Beverly Hills was formerly home to the late movie director Tony Scott and is back on the market for $26.9 million, $15 million less than its original asking price.

Here are the top five single-family home listings in Los Angeles, according to TRD’s analysis of Redfin and MLS data:

172 Bliss Canyon Road (MLS)

1. 172 Bliss Canyon Road, Bradbury
   Price: $39.9 million
   Size: 47,182 square feet, 7 bedrooms/7 bathrooms
   Built: 2011
   Agents: Joshua and Matthew Altman of Douglas Elliman

1500 Seabright Place (MLS)

2. 1500 Seabright Place, Beverly Hills
   Price: $26.9 million
   Size: 9,976 square feet, 7 bedrooms/10 bathrooms
   Built: 1926
   Agents: Enzo Ricciardelli and Suzette Abbott of Sotheby’s International Realty

33360 Pacific Coast Highway (MLS)

3. 33360 Pacific Coast Highway, Malibu
   Price: $25 million
   Size: Square footage undisclosed, 4 bedrooms/4 bathrooms
   Built: New construction, unknown
   Agents: Chris Cortazzo of Coldwell Banker

1737 Bel Air Road (MLS)

4. 1737 Bel Air Road, Los Angeles
   Price: $24.9 million
   Size: 12,600 square feet, 9 bedrooms/12 bathrooms
   Built: 2016
   Agents: Aaron Kirman of John Aaroe Group and Drew Fenton of Hilton & Hyland

430 Robert Lane (MLS)

5. 430 Robert Lane, Beverly Hills
   Price: $21 million
   Size: 8,784 square feet, 5 bedrooms/4 bathrooms
   Built: 1960
   Agents: Gary Gold of Hilton & Hyland and Suzie Davie of Beverly Hills Real Estate Co.

Buildings in the Jiading district of Shanghai (credit: Getty images)

From the New York website: After two-year stretch during which the yuan depreciated against the dollar, the Chinese currency is on the rise in 2017, which could lead to a shift away from New York City real estate.

“The bulk of yuan depreciation has probably already happened, and if that’s the case there is less incentive for Chinese investors to place money in dollar-denominated assets,” Andrew Haskins, director of Asia research and advisory services at Colliers International, told Bloomberg.

Haskins added that political concerns such as President Donald Trump’s protectionist policies “may also slow the pace” of Chinese investment in the United States, especially if his rhetoric starts to materialize as policy.

Over the past two years the yuan has declined 13 percent against the dollar, but it’s gained almost 1 percent so far in 2017. At the same time, most other Asian currencies have strengthened, most notably the Korean won, which has appreciated 4.3 percent.

Asian investment in U.S. real estate peaked at $33 billion in 2015, but slid by 12 percent last year to $29.1 billion.

Chinese insurance firms, some of the most active buyers in the past few years, have been notably quiet so far in the first few months of 2017. They haven’t made any acquisitions thus far in 2017, amid a sweeping movement to stave off outbound capital and limit speculation.

Haskins said he expects Chinese investors to turn to Asian markets. He added that while the portion of China’s investment within Asia – 17.4 percent in 2016 – is still not dominant, Chinese investors will still look to place their money in foreign real estate markets and “increasingly directed towards Asian rather than non-Asian markets.” [Bloomberg] – Rich Bockmann

No on S protestors (Via southpark.la)

While they have no direct voting authority, L.A.’s neighborhood councils have become a powerful force in local elections, mobilizing voters in their districts to support a measure or shoot it down. They are also often the ones carrying the torch when an unwelcome development is proposed in their neighborhoods.

Which is why it’s surprising that only a handful of neighborhood councils — which don’t endorse legislation but can tally support and log it with the city — have taken an official position on Measure S, the initiative on Tuesday’s ballot that would halt most development for two years. Three confirmed with The Real Deal that they formally oppose it, while three confirmed they support it — a draw that echoes city council candidates stances on the controversial initiative.

The Palms Neighborhood Council unanimously voted to oppose Measure S on Feb. 1, according to its President, Nick Greif. The Olympic Park Neighborhood Council also voted to oppose the initiative last month. And, while Panorama City’s members initially logged their support in December 2015 for what was then only a proposed measure, the majority are now against the measure, said secretary Tony Wilkinson.

Three neighborhood councils said they do support the proposed moratorium.

Anastasia Mann, president of the Hollywood Hills West Neighborhood Council, told TRD that her council’s executive board passed a resolution to support the measure last year, with all but one board member present in support. She said that with development comes traffic.
“We [in the Hollywood Hills] have firsthand experience with spot zoning,” she said, adding that development causes traffic “congestion.”

The Westwood and Bel Air-Beverly Crest councils also confirmed their support for S through their president Lisa Chapman and administrative assistant Cathy Palmer, respectively.

The other 84 neighborhood councils within the boundaries of the City of Los Angeles either were not available to comment, declined to comment or stated they had no position. (We omitted San Pedro, Arleta, and Torrance councils. Counting those, there are 97 neighborhood councils in metro Los Angeles.)

Business Improvement Districts, too, have largely remained silent — with one very loud exception.

Last month, the South Park Business Improvement District blasted a mass email to its members warning of the dangers of Measure S, the ballot measure that would place a two-year moratorium on L.A. real estate projects that require a General Plan amendment.

South Park has been one center among several booming Downtown development hubs — but the success of the measure could spell the end of that streak.

In the email, the BID cautioned that the measure “threatens South Park progress” and “would drastically disrupt the momentum of growth and development city-wide.”

While the BID stopped short of directly instructing recipients to vote “no” on the measure on March 7, it did invite the community to participate in a phone bank at the L.A. County Federation of Labor, one of the most vociferous opponents of Measure S, every Tuesday and Thursday until the vote and to canvass the neighborhood on Saturdays. The labor federation has funded opposition organizing and messaging, including the websites GoesTooFar.com and the unabashed NoShit.LA, with the tagline “No S in LA.”

Of the 42 citywide business improvement districts in Los Angeles, four formally said they oppose Measure S, including Hollywood Entertainment, Sunset & Vine, East Hollywood, and South Park. Joseph Mariani, associate executive director of the Hollywood Entertainment BID and executive director of the Sunset & Vine BID, confirmed both organizations’ opposition, saying their opposition was primarily driven by concerns over housing shortages.

“We’re very compassionate toward the homeless,” Mariani said, arguing that the moratorium would halt the construction of many homeless housing and affordable projects.

The other 38 BIDs either declined to take a position or were not available to comment.

BIDs are nonproft organizations made up of elected individuals who together act a subsidiary of the city to make improvements to designated districts with a local business tax-generated pot of funds. Real estate industry executives are a common presence on many BIDs, and those opposing Measure S have recognizable names among their membership and governing boards, including AEG, Jade Enterprises, Hazens Group, Mack Urban, Kilroy Realty, CIM Group, Hudson Media Properties, and Measure S’ chief enemy Crescent Heights.

Measure S would prevent construction projects that require a General Plan amendment or other zoning changes from moving forward for two years, and would also require the city to complete environmental impact reports, rather than allowing developers to contract them out, during the same two-year period. Fully affordable projects would be exempt — but only if they do not require an amendment to the General Plan.

Yes on Measure S did not respond to requests for comment for this article.

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Patricia Barry in an episode of “The Twilight Zone” and her longtime home on North Bristol Avenue (Credit: Gussman Czako Estates, CBS)

It’s not in a dimension as vast as space or as timeless as infinity, but it certainly sold fast.

The longtime home of “Twilight Zone” actress Patricia Barry in Brentwood sold for $10.3 million, the Los Angeles Times reported, just about a month after it hit the market for $10.5 million.

Barry, who died last year, acquired the property for $111,700 in the late 1960s. Spanning about 4,300 square feet, the colonial-style residence has four bedrooms and 3.5 bathrooms. It features a “service wing” with its own bedroom and bathroom, as well as a marble-floored foyer, breakfast room, sunroom, study, and bar room.

Gussman Czako Estates’ Paul Czako had the listing. Jai Winding of the Agency represented the buyer. [LAT] — Cathaleen Chen

Saudi Arabia King Salman bin Abdulaziz and Adam Neumann

From the New York website: A Japanese fund reportedly in talks to invest up to $4 billion in WeWork is heavily backed by sovereign wealth from Saudi Arabia and other Middle Eastern countries, according to a new report.

The Saudi government invested $45 billion in SoftBank’s $100 billion Vision Fund, and government-tied entities from Abu Dhabi and Qatar are also in talks to invest, the New York Times reported. 

SoftBank is in talks to invest $2 billion in the national co-working company WeWork, along with potential further investment rounds that could bring the total commitment to almost $4 billion. The money would reportedly most likely come from SoftBank’s Vision Fund, which specializes in tech investments.

The Times reported that Abu Dhabi’s Mubadala Development, which owns a stake in the Park Lane Hotel, is mulling a $15 billion investment in the fund.  [NYT] — Konrad Putzier

An October news conference against Measure S(Credit: Jon Endow)

For the past year, Measure S has been the little ballot that could. As voters head to the polls Tuesday, sources say the initiative, once seen as a long shot, has a very real chance of passing.

The measure, once known as the Neighborhood Integrity Initiative, would freeze new development that requires General Plan amendments. Projects requesting other zoning variances such as a height district change would only be approved if 100 percent of the units are affordable. In other words, it would have a massive impact on what developers could build all over Los Angeles.

TRD has been following the measure’s progress for more than a year, exploring what it could mean for L.A.’s development pipeline, affordable housing and the city’s outdated planning codes. Here are the highlights.

1. Can Michael Weinstein stop development without compromising his AIDS charity?
Michael Weinstein, the author of the measure and the controversial CEO of the AIDS Healthcare Organization, which is funding the ballot measure, has been a central figure in the Measure S discussion.

2. How did LA’s planning process become such a mess?
We explained the underlying problems with L.A.’s planning process — the issues that gave NII fertile ground to build a movement.

3. In run up to NII vote, developers rush in herds to get entitlements
There’s been a surge in new projects submitted to the city as developers fear their time is running out.

4. If City Council candidates are any indication, Measure S will be a close call
A survey of the positions of City Council candidates showed a nearly equal division between pro- and anti-Measure S candidates.

5. Love it or hate it, Measure S has been one pricey battle
Campaign spending for and against Measure S has been substantial. The AIDS Healthcare Foundation funneled nearly $3 million into the Yes campaign as of March 1, while the No campaign spent a whopping $4.5 million.

6. Real estate industry rallies against Neighborhood Integrity Initiative, now known as Measure S
Real estate interests are almost universally opposed to the measure, from the commercial and nonprofit developers to the construction trades and architectural firms.

7. Measure S watch: Just how much clout do community groups have?
L.A.’s neighborhood councils, which have become a powerful force in local elections, mobilizing voters in their districts to support a measure or shoot it down, are divided over the initiative.

8. Biggest Measure S spenders, AHF and Crescent Heights, happen to be locked in legal battle
The two biggest spenders in the fight – the AIDS Healthcare Foundation  and developer Crescent Heights – are also embroiled in a legal battle over Crescent’s planned Palladium Residences project next to AHF’s Sunset Boulevard headquarters.

9. “Measure S goes too far”: Gov. Jerry Brown
California Gov.Jerry Brown is the highest ranking public official to come out against Measure S.

10. Mayor Garcetti sounds off against Measure S
L.A. Mayor Eric Garcetti said the measure would undermine efforts to house the homeless.

Steve Wynn and his house at 565 Perugia Way

Steve Wynn has won again.

The casino magnate and hotelier sold his Bel Air mansion for $16.55 million — that’s more than half a million higher than the last asking price and $300,000 north of what he paid for it in 2014.

The buyers are Beverly Hills plastic surgeon Sheila Nazarian and her husband, neurosurgeon Fardad Mobin, the Los Angeles Times reported.

Sitting on an acre of land just outside of the Bel Air Country Club, the 11,000-square-foot property has five bedrooms and eight bathrooms. It features a family room with wet bar, a study, a media room, a chef’s kitchen, a formal living room and a gym with a sauna and a steam room.

Wynn owns a bigger house in Beverly Hills — a 20,000-square-foot mansion that he bought in an off-market deal in 2015 for $47.8 million, as well as a New York City penthouse on Central Park South that he snagged for $70 million.

Mauricio Umansky, Leonard Rabinowitz, Deedee Howard, and Jack Friedkin of the Agency brokered the deal on behalf of Wynn and the buyers. [LAT] — Cathaleen Chen

N. Maple Drive home, Pascaline Gabon (MLS/Getty Images)

Pascaline Bongo, a former Gabonese politician and the daughter of former president Omar Bongo, has listed her Beverly Hills home for $17.5 million.

The 9,141-square-foot property on North Maple Drive has six bedrooms, seven bathrooms and a tennis court with separate guest quarters, Mansion Global reported.

Neighbors include “X-Factor” judge Simon Cowell and George Schaeffer, founder of OPI nail polish.

Bongo purchased the property in 1997 using the entity Aminisha Corporation for $4.5 million, according to property records.

Her family, one of Africa’s wealthiest ruling dynasties, is known for its lavish lifestyle and has ruled Gabon for 50 years. Bongo’s father Omar ruled the country – now the continent’s fourth-largest oil producer – for 41 years until his death in 2009. Her half-brother Ali Bongo is currently its president.

Omar Bongo fathered 53 children but designated Pascaline and Ali as his heirs. The estranged siblings are battling it out for their father’s fortune, estimated to be worth hundreds of millions in the form of secret bank accounts in Monaco and abroad, according to Quartz. [WSJ] — Subrina Hudson

8000 Beverly Boulevard

Beverly Grove-based real estate firm South Park Group is planning a 48-unit apartment complex on its home turf, city documents show.

The project calls for a five-story mixed-use development at 8000 Beverly Boulevard, a one-third acre lot currently occupied by a low, ivy-covered office building.

Out of the 48 units, 44 would be market-rate and four would be reserved for very low-income households, according to project filings.

South Park could not be immediately reached for comment.

The company purchased the site for $7.9 million in 2014 under the entity Beverly Pacifica LLC, property records show.

The firm has developed a handful of office and apartment projects in West L.A., according to its website.

Trump Tower and Donald Trump (Credit: Getty Images)

From the New York website: Condominium sales at Trump Tower have surged since Donald Trump announced his run for president in mid-2015, and the tumultuous early days of his administration don’t appear to have slowed the momentum.

The number of annual apartment sales at Trump Tower jumped to 22 in 2016, according to StreetEasy analyzed by The Real Deal. That’s up from 15 in 2015 and 11 in 2014, even as luxury sales fell across the city (see chart). Winter is normally a quiet time in the condo market, but as of Monday there were 21 active sales listings at Trump Tower, Streeteasy data show.

From the New York website: The seller of the tower’s most expensive current listing, a 58th-floor combination pad asking $11 million, hails from Mexico. Construction heir Elias Sacal bought his two apartments in January 2015, six months before Trump announced his candidacy. He listed them for sale again little more than a year later, in March 2016. Sacal’s broker, Rana Williams of Keller Williams NYC, declined to comment on whether politics played a role in his decision to sell. The Mexican government has repeatedly clashed with the Trump administration over its plans to build a wall on the border separating the two countries.

On-Line Residential, a listings platform, recorded six new condos listed for sale in January and February of 2017 — the highest January/February total since at least 1997. OLR doesn’t record all listings, and it’s likely that previous years have seen more units hit the market that weren’t tracked by the system. Still, OLR’s numbers seem in line with the general trend over the past two years.

Coincidentally or not, mid-2015 marks a watershed in sales activity at the building. Just 11 units sold in 2014 and the following year started similarly slow, with five sales recorded in the first half of 2015, according to Streeteasy. But in the second half of the year, after Trump used the building’s ostentatious lobby to announce his run on June 16, sales surged, bringing the annual total to 15.

Brokers active at the building insist Trump’s politics have no relation to the uptick at the building. Douglas Elliman’s Tal Alexander, who recently sold a one-bedroom apartment on the 32nd floor, said politics or security never came up in his conversations. Initially listed for just shy of $3 million in January 2016 by Somerset Residential Real Estate, the Alexander team sold it their asking price of $2.195 million.

The price drop was simply a matter of initial inflated expectations, Alexander said, and that demand for the unit was strong. “We all know 56th and 5th Avenue,” he said. “For a Midtown buyer it doesn’t get any more prime than that.”

Echoing a trend seen at other high-end condo buildings across the city, eight of the 21 current Streeteasy listings have seen their asking prices chopped, and none raised their prices. A two-bedroom duplex on the 37th and 38th floors, for example, listed for $6.9 million in August 2015, now wants $5.995 million. In January, Bloomberg reported prices at the building’s rental units fell last year, in part because residents have to deal with protesters, metal gates and the Secret Service now that they share a home with the first family.

With prices falling across the city, the cuts at Trump Tower are hardly enough to paint the picture of a building that’s falling out of favor with wealthy buyers. The building’s average sales price per square foot even increased slightly between 2015 and 2016, in part because more pricey apartments on higher floors sold (see chart). In other words: there still seems to be considerable demand for apartments in the tower.

“If you got some large, renovated apartments with views, units will trade if they are priced right,” said Donna Olshan of Olshan Realty, who publishes a weekly report on Manhattan’s luxury apartment market. “This goes for any building.”

Town Residential’s Debra Stotts, who has sold several Trump Tower apartments, said sales at the building are going “really well.” While units in new Midtown condo towers come with sky-high asking prices, Trump Tower offers fancy units with similar views at lower prices, she claimed. This kept the deal volume up even as sales in newer buildings slowed or halted altogether.

“There’s going to be those who want to be there,” Stotts said, “and those who don’t want to be there.”

Ashley Tisdale, La Presa Drive home (Getty Images/MLS)

It’s a sweet life for actress Ashley Tisdale, who has appeared in the Disney Channel series “The Suite Life of Zack & Cody” and “High School Musical.”

Tisdale has scored a four-bedroom, five-bathroom Hollywood Hills home for $2.65 million, or $753 a square foot, from director Craig Zisk, Trulia reported. 

Zisk, who is best known for shows such as “Parks and Recreation,” “Entourage” and “The Office,” purchased the property in 2000 for $1.15 million, according to property records.

The 3,520-square-foot Spanish-style home on La Presa Drive was built in 1928 and features a veranda spanning the width of the house’s main floor and  an outdoor patio with a fountain.

Tisdale recently sold her Studio City home, which she purchased in 2015 for $2.5 million, to actress Haylie Duff for $2.69 million in October 2016.

Peter Lorimer of PLG Estates had the listing. Casey Winchell of Kennedy Wilson Real Estate Sales and Marketing represented the buyer. [Trulia] — Subrina Hudson

Adam Tischer (Credit: Instagram) and a screenshot of the Tesla in the incident (Credit: KTLA)

Colliers International’s Adam Tischer, a prominent Downtown L.A. broker, has had a fast and furious election day.

A Tesla SUV with plates registered to Tischer, a campaign donor to City Council incumbent Gil Cedillo, was spotted in a security video released by a homeowner in L.A.’s Mount Washington neighborhood. In the video, which appeared on KTLA news, a man exits the Tesla, enters a neighboring yard and steals signs that support Joe Bray-Ali, who is running against Cedillo. The man then drops the signs in the backseat of the vehicle and jumps in the passenger side before it pulls away.

Tischer, who Ethics Commission filings show donated $3,300 to Cedillo between April 2014 and October 2016, did not respond to an email request for comment. His partner, Mark Tarczynski, donated $1,400 during the same period.

“It’s just sad that they have to stoop to this low of a tactic,” Bray-Ali told KTLA. In a statement, Cedillo told KTLA that “stealing yard signs is against the law and goes against the spirit of our electoral system.”

The man in the video does not appear to be Tischer himself, though he does drive a Tesla, sources told The Real Deal. In fact, Tischer mentioned his Tesla in an earlier interview with TRD about parking requirements. In the story, Tischer described his experiment with going carless, using Ubers and public transportation instead. He ultimately found the lack of a vehicle to be too much of a headache.

A rendering of 6901 Santa Monica Boulevard

Canadian developer Onni Group is planning a seven-story mixed use project on Santa Monica Boulevard, just west of Highland, Curbed reported.

The building, which would comprise 231 residential units plus 15,000 square feet of commercial space and 390 parking spaces, would replace a car storage business on the site, at 6901 Santa Monica Boulevard. Roschen Van Cleve Architects is designing the Hollywood project.

Of those 231 units, 15 would be set aside for very low-income households, according to an environmental impact report.

Onni is just the latest developer to eye opportunities on Santa Monica Boulevard. AvalonBay is planning a six-acre, 695-unit project just down the street, Curbed noted.

Onni has been on an acquisition tear over the past year. Last week, the company acquired a Glendale office building, at 611 N. Brand Boulevard, for $83 million, or $217 a square foot. [Curbed] — Katherine Clarke