The lot at 2223 West Sunset Boulevard

Developer Dromy International Investment could be Echo Park’s latest comeback kid.

The Santa Monica developer has resubmitted plans for a 62-unit apartment complex at 2223 West Sunset Boulevard, nearly seven years after it filed initial requests with city planning.

The site used to house the Echo Park Community Garden but is now empty. Dromy purchased the 0.35-acre lot for under $1 million in 2009, according to CoStar.

The development, designed by Jay Vanos Architects, faced considerable community opposition when it was first proposed.

“[T]he problem with this development is that although the developer can legally build a structure this size, it’s not going to serve the community,” a resident wrote on the blog Echo Park Now, in November 2010. “In addition, the issue has blown up because of the developer’s lack of communication with the community (including even those living in houses they plan to demolish), and there’s a sense that they are pretty hot-headed.”

Residents also voiced unease about the prospect of heightened traffic, according to Eastside L.A.

The project, which originally entailed 64 units and 9,609 square feet of commercial space, was approved with conditions, according to city planning documents.

The latest case filing calls for 62 units and 9,997 square feet of commercial space.

Founded by Ely Dromy more than three decades ago, his eponymous company now boasts a portfolio of about two dozen multifamily buildings in the L.A. area, the biggest of which include the 51,000-square-foot apartment complex West Knoll Plaza in West Hollywood and the 101-unit Shangri-Lodge in Hollywood.

Neither Dromy nor Jay Vanos Architects  could be immediately reached for comment.

(Credit: Hodges Coxe Potter & Phillips, LLP)

If California Gov. Jerry Brown signs the latest bill to reach his desk, California’s widows and widowers would be granted greater protections against foreclosure.

The measure, supported by consumer groups, aims to give surviving spouses who aren’t on the mortgage of their home better chances at securing loan modification, a long process that could put them at greater risk of foreclosure.

Even spouses who inherit property after a death could face hurdles from loan officers, the backers say.

The banking industry, on the other hand, calls the bill redundant because the Consumer Financial Protection Bureau recently imposed similar rules on a nationwide basis, the L.A. Times reported.

Groups like the California Bankers Association are also wary. They are concerned that the new measure would make their members more vulnerable to litigation. [LAT] — Cathaleen Chen

NFL veteran Zac Diles, now of Rodeo Realty (courtesy of Zac Diles)

Eight-year NFL veteran Zac Diles is heading into a new season opener, this time as a real estate agent with Rodeo Realty.

Diles joined the brokerage earlier this month. Much of his business is focused on the insight he can provide professional athletes through his own experience. He made many moves during his NFL career with the Houston Texans, the then-St. Louis Rams, Tampa Bay Buccaneers, Indianapolis Colts, Kansas City Chiefs and, ultimately, the Cleveland Browns. Those moves necessitated a lot of real estate transactions.

“I’m a great fit because I’ve lived it,” Diles told TRD, “I understand the athlete and that moving can be a headache at some point. It’s a process you like to get done as fast and smooth as possible, whether you’re leasing, buying or selling.”

In March, Diles helped locate a home for his former Cleveland Browns teammate, Joe Haden. The defensive back bought a $4.3 million custom home in Encino. Brian Whitcanack of Keller Williams Realty represented Haden and Ada Livyatan of Rodeo Realty was the listing agent, but Diles said his assist helped catapult him “into the stratosphere of luxury residential.”

The deal, Diles said, will place Haden and his family in Encino during the off-season. Haden is in the third year of a five-year contract extension of $67.5 million. “It was a nice timing. His wife is pregnant and about to have a baby so they’ll have a home for their family,” Diles said. “It’s a great feeling to put them in a good situation.”

And with the Los Angeles Rams making a move from St. Louis, Diles is positioned well. As The Real Deal reported, the entrée of the roughly 100 people in the Rams organization could bring up to $400 million into LA’s residential market, according to some industry insiders. The relocation may, however, cause some sticker shock.

The most recent data of the National Association of Realtors ranks L.A. as the sixth priciest housing market in the country, with a median residential price just north of $500,000. Comparable homes in St. Louis cost about $160,000. Players won’t get much bang for that kind of buck in La La Land. They may be more comfortable leasing, shelling out bigger bucks for a shorter term.

The lease vs. buy dilemma is something to consider in a field measured by uncertainty, whether from performance or injury.

“There’s such a turnaround rate in football, you never know when you’ll need to sell your home and get some money out of it,” said Diles, who attended Kansas State University before being drafted by the Houston Texans in 2007.  “You never know. Our contracts aren’t guaranteed.”

The same consideration Diles puts into his efforts to track a home’s worth over time also holds true for leases, which may require quick-release if a player’s career pivots.

According to data from the U.S. Department of Housing and Urban Development, the average rent for a three-bedroom property in LA is $2,176. And few professional athletes are looking for average.

“The younger athletes are leasing for sure,” Diles said. “Their dollar isn’t going to stretch as far here as it did in St. Louis. They’re not as established or maybe they were a third- or fourth-round pick making $450,000, not $3 million. Not everybody can afford the same types of home. The guys who can afford it will want a newer, modern-looking house. The type of house that they can walk in and know this is what they’ve been working for.”

Because players like to live near their practice fields — in this case, Thousand Oaks — Diles expects the Rams to spread out around that area. “This is definitely an exciting time for Westlake, Agoura and Thousand Oaks,” he said.

While Diles’ sphere of influence consists primarily of professional athletes, he’s quick to assert his services are ideal for all types of professionals, from physicians and lawyers to self-made entrepreneurs.

“I don’t want to typecast myself as being in sports entertainment only,” he said. “I relate to all professionals who have worked hard to get to that level and worked hard to sustain that level.”

He became interested in real estate during his third year in the NFL.

“I was around wealthy individuals and teammates, and I was so enamored with their homes,” Diles said. “I’d always wonder, ‘How did they find this? Who sold this to them?’ Real estate really piqued my interest.”

The building at 1930 Wilshire Boulevard (Credit: Charles Dunn)

Westlake could be getting a little nip and tuck.

A Los Angeles plastic surgeon is planning to convert his 14-story medical office building on Wilshire Boulevard into a 220-room hotel and build a 478-unit apartment complex nearby, according to city planning documents.

Dr. Walter Jayasinghe has owned the Class B office building at 1930 Wilshire Boulevard, dubbed the Walter J Tower, since 1992, property records show. The new development request was filed by Adrian Jayasingha, vice president of the Walter J. Company, an entity registered under the doctor’s name.

Jayasinghe acquired the 108,000-square-foot office complex, as well as the 3.3-acre land on which it sits, for $7.3 million in 1992.

Built in 1928, the Art Deco building is more 80 percent leased right now. Previous marketing materials tout “tall lobby ceilings with mirror finished marble floors.” Its property manager is Metro Park Towers, who declined to comment.

“The building is beautiful, with a lot of details inside,” a former leasing agent told The Real Deal. “I could see how a hotel conversion would be appropriate.”

Plans for the to-be constructed multifamily complex call for 41 stories, 39 affordable housing units that meet the requirements for a density bonus request and a “learning & performance” center, planning documents show.

Jayasinghe owns another office building down the street at 2010 Wilshire Boulevard, as well as a few lots on the same block. He did not respond to several requests for comment.

Ryan Kavanaugh and his new pad at 137 North Woodburn Drive

Relativity Media CEO Ryan Kavanaugh secretly bought a new pad, according to real estate gossip queen Yolanda Yakketyyak.

The Brentwood mansion cost $9.75 million, Variety confirmed, and sits on about three-quarters of an acre.

The 9,100-square-foot main residence has six bedrooms and 10 bathroom. Built in a “Hamptons Transitional” style, the property also features formal living areas, a den with fire place, a great room with full bar, a chef’s kitchen and a gym with skylights.

Upstairs, the master bedroom suite has its own fireplace and private terrace, which looks out onto the manicured grounds, with its swimming pool, spa, fire pit, potting shed and a small putting green.

Kavanaugh also owns an estate on Malibu’s Point Dume, which has been on the market since early 2016 for $8.9 million. He has bought and sold several properties in the past half decade, including a Pacific Palisades canyon estate he acquired from Dennis Quaid for $9.5 million in 2011, which he later sold for $11.2 million in less than a year. [Variety] — Cathaleen Chen

Stephen Algermissen (via Cushman & Wakefield)

The broker shakeup continues in Los Angeles — this time, with a reunion.

Stephen Algermissen left Cushman & Wakefield in 2011 after 22 years with the brokerage, and became an executive vice president at Colliers International. Now, five years later, Cushman has poached him back, The Real Deal has learned.

As executive director of capital markets, Algermissen, a leading broker of urban retail properties on the West Coast, will operate out of Cushman & Wakefield’s offices in West L.A. and DTLA.

He told TRD he made the move back to Cushman & Wakefield, in part, because his business is more aligned with the company.

“The Cushman platform, for what I’m doing with retail, was more logical,” he said. “There’s a broader reach. Cushman & Wakefield is more of an urban firm — they prioritize it the most. It comes from being a firm that has its origin in New York.”

While he had no negative words to say about Colliers, he conceded the brokerages were quite different, describing Cushman as “a very New York firm of order and method and consistency,” tapped for many luxe dealings, and Colliers as “younger and scrappier.”

“The kind of business I was doing at Colliers, I’m sure they were happy to have me do it, but it was an anomaly — I felt like I was better aligned here,” he said.

At the time he left, Algermissen said Cushman had gone through some changes he didn’t like. He said he thinks the recent mergers have been good for the company.

“I was intrigued by having more of a mandate at Colliers at the time I left,” he said. “You don’t know how good things are until you leave them sometimes. I maintained my friendships [at Cushman] but saw that I could do more if I worked with them, if we worked together.”

While many of Algermissen’s deals have been in Los Angeles — the $60 million sale of the Santa Monica Apple store and the recent sale of the Yamashiro site in Hollywood among them — his territory ranges to San Diego, San Francisco, Chicago and the eastern Seaboard. Algermissen has also been involved with the sale of office properties, including the Sunset Media Tower (twice), the CNN Building (multiple times) and Kodak Campus in Hollywood, the William Morris Agency headquarters in Beverly Hills and the landmark 100 Wilshire office building in Santa Monica.

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The Bijan storefront at 420 North Rodeo Drive and LVMH CEO Bernard Arnault

When the sale of Bjan made news last month, industry insiders knew it was a record breaker, but not the extent of it, nor the buyer.

The iconic yellow Rodeo Drive store sold for $122 million to the parent company of Louis Vuitton, LVMH Moet Hennessy Louis Vuitton, according to CoStar.

That’s a whopping $19,405 per square foot for the 6,287-square-foot store, significantly pricier than Chanel’s storefront down the road, which the fashion house bought for $13,217 per square foot last year.

The seller, according to CoStar, was the Brooks Caddell Barton Trust and Dominium Management. They were represented by HFF’s Bryan Ley, Marc Schillinger, and Bill Fishel.

Properties on Rodeo Drive rarely sell, JLL broker Houman Mahboubi told the L.A. Business Journal last month. That’s why, he said, “the value only goes up.” [LABJ] — Cathaleen Chen

Related and Oxford have raised $14B at Hudson Yards (Illustration by Lexi Pilgrim for The Real Deal)

From the New York website: After four months of negotiating to buy a 44 percent stake in 10 Hudson Yards, a twist of fate kept Christoph Donner stranded in Los Angeles on the day of the closing.

“I was dialed in via email and phone,” the top real estate executive for Allianz said, recalling the culmination of the German insurer’s largest-ever real estate investment in the United States.

But if the closing was anticlimactic for Donner, the deal itself was a robust endorsement of Hudson Yards, the $25 billion, 17 million-square-foot development by Related Companies [TRDataCustom] and Oxford Properties Group. Despite headwinds in the capital markets, the partners have locked up about $14 billion in debt and equity for the project to date.

In December, Related announced $5 billion in financing for the project’s retail component and an office tower at 30 Hudson Yards. Then in late July came news of a $2 billion capitalization at 35 Hudson Yards, followed by the announcement just a few days later Related and Oxford had refinanced 10 Hudson Yards with $1.2 billion in debt from Deutsche Bank and Goldman Sachs; as part of that deal, Allianz bought Coach’s stake as well as part of the Kuwait Investment Authority’s stake in the building in a transaction that valued the tower at $2.15 billion.

Related Companies’ Jeff Blau

The Allianz deal will serve as a case study for how the developers may finance the next stage of the project, Related’s CEO Jeff Blau told The Real Deal.

“We’ll now have about 10 million square feet under construction, and so I think there’s a certain story around Hudson Yards being able to proceed through different parts of the cycle,” Blau said. “Whether banks are lending or not lending.”

Related’s success at leasing up Hudson Yards — about half of the eventual 10 million square feet of office space is already spoken for — reassures lenders skittish about financing new construction in Manhattan that the complex will continue to have momentum, sources said.

“What’s interesting is they’ve accomplished this in a market that most people would describe as much tighter; capital is much less available,” said Neil Shapiro, a partner at Herrick, Feinstein, which has represented Related but was not involved in the recent recapitalization. “While the market has gotten tighter, the money is only available to the best of the best.”

No two financings alike

Rendering of 15 Hudson Yards

Given the scale of the project — it’s the largest private real estate development in U.S. history — Related tapped a myriad of sources for its money, including conventional lenders, EB-5 investors, opportunistic hedge funds and even the Israeli bond market.

On the Tel Aviv Stock Exchange, it raised 847 million shekels (about $224.98 million at today’s rates) of five-year debt for Hudson Yards last year. Typically, developers pay 5 or 6 percent interest on the Israeli bonds, half of what it would cost in the U.S. for mezzanine debt. Hudson Yards is also the biggest beneficiary of the EB-5 program : Related raised over $600 million for the first phase of the project in 2014 through it, and is reportedly in the midst of raising another EB-5 round. (The firm was also one of the biggest spenders on lobbying for the visa program, according to OpenSecrets).

And for each asset at the project, Related targeted a different breed of investor.

At 35 Hudson Yards, a 1.1 million-square-foot mixed-use tower with an Equinox-branded hotel and luxury apartments, Related tapped opportunistic investors led by the U.K.-based Children’s Investment Fund, which led a $1.2 billion debt financing round. The hedge fund is also a lender on 432 Park Avenue, 30 Park Place and 520 Park Avenue, three of the city’s priciest condo projects, and gave Related $850 million in construction financing at 15 Hudson Yards, a 70-story mixed-use condo and rental tower.

By contrast, 10 Hudson Yards, an office skyscraper fully-leased to the likes of Coach, L’Oreal SAP, and Boston Consulting Group, attracted foreign capital looking to invest in long-term, core assets.

“Capital is absolutely flowing into core, stable assets in New York City and these are investors looking for long-term, steady cash flow,” Blau said.

Rendering of 35 Hudson Yards

And at 30 Hudson Yards, a 90-story, 2.6 million-square-foot office tower, it was all about owner-occupied office condo deals.

In December, Wells Fargo bought its 500,000-square-foot space at the tower for about $650 million, according to Real Capital Analytics. That deal was preceded by buyout firm KKR’s October purchase of the top 10 floors (about 343,000 square feet) for an undisclosed price, as well as Time Warner’s acquisition of a 1.6 million-square-foot office condo (spanning the 14th through 51st floors). Related, too, is purchasing a 270,000-square-foot condo at the tower, where it plans to move its operations from the Time Warner Center.

The KKR and Wells Fargo deals “changed the tenor of Hudson Yards somewhat,” said Cushman & Wakefield’s Dale Schlather, who represented Wells Fargo in its office condo acquisition. “Now all of a sudden you have [Steve Cohen’s] Point 72 looking at Hudson Yards, and [BlackRock’s] Larry Fink is very serious about it.”

David Falk, who is president of the Tri-State Region at Newmark Grubb Knight Frank and who hasn’t been involved in Hudson Yards deals, said tenants are “able to get more bodies into the footprint [at Hudson Yards] because the floor plates are more efficient. So the rent is competitive or less than Midtown, which doesn’t have those efficiencies.”

Fill it and they will come

When making its financing plays for 15, 30 and 35 Hudson Yards, Related had to contend with economic turmoil in the global markets. In December, when Blau announced the $5 billion debt and equity financing deal for 30 Hudson Yards and the retail component, he admitted it had been a slog.

Rendering of the shed at Hudson Yards

“There’s not enough capital,” he told the Wall Street Journal. Stricter regulations, he added, created an environment that “really limits the banks from making these large scale loans.”

But when it came time to recapitalize 10 Hudson Yards and shepherd Coach out of its stake, Related was in a much stronger position, with the building fully leased.

From left: Rendering of 30 Hudson Yards, the shops and 10 Hudson Yards

“Being the smart guys they are, [Related and Oxford] going to cut their best deal when the building is 100 percent complete and the tenants are in and paying rent,” said a source familiar with the project.

“You’ve got one kind of debt when you’re building, but if you get it right during an upswing and the asset value is higher than you had originally, you can maybe get cash out of that first refinancing,” said Jim Costello, senior vice president at Real Capital Analytics.

The lease-up of 10 Hudson Yards wasn’t lost on Allianz, which Donner described as a “very cautious” investor. “Clearly, having a building that is fully leased, and leased to investment-grade tenants, makes it attractive, especially at a time when you could arguably say that U.S. real estate in general has seen a pretty good run up in terms of rent growth and cap rate compression,” he said. Allianz also liked that Hudson Yards had become a neighborhood, rather than just a patch of land.

Allianz’s Christoph Donner

“Although we plan to hold it for the long term, 10 years at least, we want to make sure it’s not a one-off building that’s difficult to sell,” he said.

The pool of potential investors had widened, too. Early on, Related and Oxford scored a $475 million construction loan led by Starwood Property Group, which included an extremely rare construction mezzanine loan. The proceeds came in prior to the equity money, which sources told TRD at the time was unheard of.

“Three or four years ago, only a debt fund like Starwood would take the risk,” said Garrett Thelander, who oversees the day-to-day capital services operations at Cushman & Wakefield. Now, he said, “it’s not easy, but Related has dozens of banks on its list of relationships.”

All quiet on the western front

A depiction of the Hudson Yards master plan (Credit: Hudson Yards)

From the outset, Hudson Yards’ sheer size and capital needs have been the biggest challenge. “They need to go to all hemispheres to raise the debt because it’s a lot of debt they’re raising at one time,” said Thelander, who said if a bank is in one deal at Hudson Yards, they’re not likely to be in another.

The developers are also facing uncertainty in the office market, and a key question is whether they’ll be able to maintain leasing momentum if the market goes sideways. There is also pressure on 15 Hudson Yards, an 88-story residential condo with a projected sellout of $1.74 billion, to deliver profits at a time when the luxury market has taken a hit. The tower is launching sales on Sept. 14.

“Everything that everyone talked about at Hudson Yards for the past five years has been about commercial,” Blau said. He’s betting that there’s pent-up demand for residential product in the neighborhood.

Shapiro questioned whether Related and Oxford’s recent financing deals were the result of wind at the developers’ backs — or a sign that they envision headwinds to come.

“Are they shoring this up because they expect there to be a problem?” Shapiro asked. “My gut is that they’re like everyone else; they have some real concerns and want to make sure they’re well-positioned if the market does have some softening.”

And even if all goes according to plan at the Eastern Yard, there’s still the Western Yard, which stretches from 11th to 12th avenues between West 30th and West 33rd streets. That parcel will have another 2 million square feet of office and 4 million square feet of residential space, and there’s no telling what the market will look like when it comes to pass.

“That’s where the real gravy is for Related,” said Schlather. “The Eastern side will be hugely popular and that will cause the Western side to appreciate dramatically, The thought that you’re going to be alone or that it’s going to be quiet or empty — those days are gone. It’s no longer pioneering.”

The Globe Theatre at 740 South Broadway

The home of the Globe Theatre is set to make a grand entrance in a brand new incarnation.

Recent plans submitted to the city call for a residential conversion of the 1913-built Beaux Arts building in Downtown Los Angeles, as well as facade improvements.

The developer, under the entity 740 South Broadway Associates, LLC, wants to convert the top 10 stories of the 11-story structure into 47 live-work units. The space has been unoccupied since the 1980s, project consultant Kate Bartolo told Curbed. The ground floor, which housed the Globe Theatre, now operates as a nightclub and party venue.

In addition to the conversion, the redevelopment also calls for two ground-floor bars, a rooftop deck, a small penthouse unit and maybe even a rooftop sign, eventually.

“It’s really gonna pop now,’ Bertolo said. [Curbed] — Cathaleen Chen

Beyonce and the Los Altos Hills pad she stayed at during Super Bowl 50 (Credit: Airbnb)

Celebrities — they Airbnb just like us! Just kidding.

Not for them are the second bedrooms on quiet, tree-lined streets. A quick sweep of Instagram shows photos from A-listers at beachside compounds and mansions chock-full of outrageous amenities, with captions lavishing praise on the short-term rental service.

Some stars enjoy the stays on Airbnb’s dime, while others think nothing of coughing up outrageous rates — anywhere from $2,000 to $10,000 per night — to enjoy themselves and let the world know about it.

Here’s a look at 10 celebrities who have redefined the typical Airbnb experience.

Nick Jonas | Upper East Side, New York City

Nick Jonas and his brothers decked the halls of JP Morgan’s former carriage house when they visited New York City to ring in Christmas. Jonas paid $7,500 a night for his family to stay at the 25-foot-wide manse at 118 East 83rd Street, though the property’s owner has it listed on the market for $80,000 a month.

Amazing Christmas. Loving this tree and our NYC @airbnb merry Christmas one and all

A photo posted by Nick Jonas (@nickjonas) on Dec 25, 2015 at 8:00pm PST

Steven Tyler | Orlando, Fla.

It seems like celebrities really like spending their birthdays at lavish Airbnbs, and the Aerosmith frontman is no different. Tyler tweeted his thanks after the company lent him a lake house for his 68th birthday. The four-bedroom estate, which comes with a lagoon-like pool and private dock, is located just 20 minutes outside of Orlando — hence Tyler’s obligatory selfie outside the band’s Rock ‘n’ Rollercoaster at Universal Studios.

HAPPY BIRTHDAY TO ME! THANKS @AIRBNB FOR THE GIFT OF THIS BEAUTIFUL PLACE pic.twitter.com/GVbVpnWw8D

— Steven Tyler (@IamStevenT) March 28, 2016

Beyoncé | Los Altos Hills, Calif.

Not many can imagine spending $10,000 a night on rent, but then again, nobody can imagine being Beyonce either. Following her performance at Super Bowl 50 in San Francisco, Bey kicked back at this 11-acre “Contemporary Masterpiece” in Los Altos Hills, California. Her Instagram posts of the $50 million estate were so inspiring that  Justin Bieber rented out the home just a few weeks later.

A photo posted by Beyoncé (@beyonce) on Feb 8, 2016 at 12:05pm PST

Kylie Jenner | Turks and Caicos

Because Kylie Jenner couldn’t wait till 21 to have a remarkable party, the reality TV star rung in her 19th birthday at the Pearls of Long Bay estate in Turks and Caicos earlier this month. The going rate to rent the $50 million waterfront compound on Airbnb is $10,000 a night — but Airbnb gifted Jenner and her supermodel posse the stay, in exchange for a plug on Instagram.

thanks for the gift of a lovely birthday home, @airbnb ✨

A photo posted by King Kylie (@kyliejenner) on Aug 15, 2016 at 10:39am PDT

Kendall Jenner | Malibu, Calif.

For Fourth of July weekend, this part-Kardashian opted to get a $30 million Malibu manse near Jennifer Aniston and Robert Downey Jr. The waterfront estate typically snags $2,200 a night, Airbnb comped Jenner the stay. The three bed, three-and-a-half bath beach house comes with direct access to the shore, a private hot tub, home gym and screening room.

the 4th in Malibu thanks to @airbnb ✌🏼️🇺🇸

A photo posted by Kendall Jenner (@kendalljenner) on Jul 5, 2016 at 12:11pm PDT

Gwyneth Paltrow | Punta Mita, Mexico & Cannes, France

The Academy Award-winning actress turned lifestyle guru consciously coupled with a $40,000-a-week mansion by the sea in Punta Mita, Mexico in January. In June, Airbnb also gave Paltrow the keys to a $40 million mansion while she attended the Cannes Lion Festival in France. The $9,955-a-night villa on the French Riviera comes with a pool that overlooks the Mediterranean Sea. Perfect setting to churn out a few Goop posts.

Celebrating creativity and taking in incomparable views of Cannes. Merci @airbnb for the most wonderful stay 💕 #canneslions

A photo posted by Gwyneth Paltrow (@gwynethpaltrow) on Jun 22, 2016 at 11:32am PDT

Selena Gomez | Malibu, Calif.

What’s a slumber party without a private beach and your very own Michelin star-trained chef? In between prepping for her massive world tour and dodging rumors about her now-torched relationship with Justin Bieber, the pop start carved out some time for a little R&R in April at this beachfront abode in Malibu. The home, which comes with a 1,000-square-foot outdoor deck, private concierge and detached guest suite, will set you back $2,900 a night on Airbnb.

A photo posted by Selena Gomez (@selenagomez) on Apr 2, 2016 at 6:42pm PDT

Zendaya | Rio de Janeiro, Brazil

Before Rio de Janeiro was swarming with camera crews and elite athletes, pop star Zendaya vacationed at this $18 million villa in the city’s well-heeled Zona Sul area. Aptly nicknamed “Casa do Luz” (House of Light) for its abundance of glass walls, the $3,330-a-night mansion offers unobscured views of the coastline. Zendaya thus avoided the ridiculously expensive yet incredibly crappy pads that were listed in anticipation of the Summer Olympics.

Traveling the world is one of the most beautiful things in life. Thank you Brazil for having me and my family, and big thanks to @Airbnb for putting us up😘😘😘🇧🇷

A photo posted by Zendaya (@zendaya) on Jun 1, 2016 at 11:58am PDT

Britney Spears | Billionaire’s Beach, Malibu, Calif.

Billionaire’s Beach in Malibu is home to some of California’s priciest real estate — and for a brief time, Britney Spears. The pop princess and part-time “X-Factor” judge got a piece of this oceanfront estate while on break from her residency at Planet Hollywood Resort and Casino in Las Vegas. The $30 million home usually rents for $8,000 a night, and comes stacked with a lap pool, hot tub and views of the Pacific Ocean.

Just getting some relaxation in Malibu before the next round of #PieceOfMe shows, courtesy of @Airbnb! 💙

A photo posted by Britney Spears (@britneyspears) on May 31, 2016 at 8:58am PDT

Kourtney Kardashian | Nantucket, Mass.

And to think that Kylie Jenner had a good birthday. Kourtney Kardashian and company made a pit stop at this $50 million beachfront estate in Nantucket during a month-long celebration for her daughter’s fourth birthday. The seven-bedroom, eight-bathroom compound, which usually rents for $6,600 a night, comes with a private pool house and separate guest cottage — presumably where Scott Disick stayed.

https://www.instagram.com/p/BISlCg9Ap56/

Missing Nantucket! Thank you @airbnb for the gift of this unforgettable vacation.

A photo posted by Kourtney Kardashian (@kourtneykardash) on Jul 25, 2016 at 8:57am PDT

The site, currently a gas station, at 1000 South Vermont Avenue (Credit: Google Earth)

Koreatown had no new condominiums under construction in May, according to a report by Polaris Pacific, but that could soon change, as developers eye the area as one of the next hot condo markets.

Most recently, a local property management firm filed plans for a 228-unit condo complex on the block bound by Olympic Boulevard, Vermont Avenue, 11th Street and Menlo Avenue, according to city documents.

Hankook Property Management is the project applicant and owner, a company representative confirmed. The L.A.-based firm purchased the 0.88-acre site at 1000 South Vermont Avenue for $5.6 million, according to CoStar. It’s currently occupied by a gas station.

The project, filed Thursday, calls for the construction of a 552,462-square-foot, seven-story building with 53,410 square feet of commercial space in addition to the condo units. It would also include a two-level underground parking lot with 563 spots.

Koreatown may not house the ritziest condos, but according to a Polaris Pacific report, the submarket saw the highest price increase as well as the biggest increase in sales between May 2015 and May 2016 relative to other major L.A. city districts.The median price per square foot grew by nearly 14 percent, and annual sales climbed about 9 percent.

Compared to Hollywood, DTLA, Westside and Tri-Cities, Koreatown has the lowest median condo sales price: $470,000 in the second quarter of 2016.

Just two miles northwest, Jamison Services is also planning a 228-unit condo project at 3975-3987 West Ingraham Street, The Real Deal reported in May.

The plant at 8900 De Soto Avenue

Demolition has begun for Canoga Park’s Rocketdyne Propulsion & Power plant, a 43-acre rocket manufacturing site that will now make way for a $3 billion “sustainable urban neighborhood.”

The 61-year-old plant is steeped in history. Its facilities created military airplanes in World War II and built rocket engines for the programs that launched Mercury, Gemini and Apollo. Scientists built the F-1 rocket engine, which powered the first stage of the Saturn V, on the site.

“Another bit of Valley history bites the dust,” local history expert Martin Cooper told the Daily News. “That facility was one of several hubs in the Valley that took us from creating military airplanes in World War II, to commercial planes afterward, to rocketry and space travel.

To be part of the massive Warner Center community, the development to rise in its place is owned by United Technologies. Once complete, it will include 4,000 residential units.

But before construction can start, the new property owner is responsible for a massive environmental cleanup of asbestos, soil and contaminated concrete. [LADN] — Cathaleen Chen

Assembly member Richard Bloom and state Sen. Ben Allen

Gov. Jerry Brown’s by-right development housing plan may be dead, but it wasn’t the only measure on the table.

The state Senate passed a measure Thursday that would expand incentives for developers to build affordable housing.

If it passes in the Assembly, local governments would be more stringently required to grant housing developers density bonuses if they reserve a portion of the units for low-income residents.

Right now, local governments can stall projects using ambiguities in the law, Assemblyman Richard Bloom (D-Santa Monica) told the L.A. Times. Bloom sponsored the bill, and Sen. Ben Allen (D-Santa Monica) presented it on his behalf.

Brown’s own by-right affordable housing plan, which would allow developers to build without going through CEQA if their projects include 5 to 20 percent affordable units, failed to gain traction in the Legislature after three months of debate. [LAT] — Cathaleen Chen

This week’s most eye-popping images included a new rendering of the Los Angeles Football Club‘s 22,000-seat soccer stadium. The new image coincided with the announcement that the venue is now officially named Banc of California Stadium, as part of a partnership with the bank. It is expected to be completed in 2018.

IDS Real Estate Group‘s website reveals the vision for its office development in Culver City, C3 at Culver Pointe. The seven-story project, which is under construction, will have 280,000 square feet of office space. Designed by Gensler, it is a vertical creative office campus with large windows and balconies. The property will include a courtyard, a dog park and a lot for food trucks. The project is near the Expo Line’s Culver City Station.

A rendering from Rios Clementi Hale Studios reveals Pan Am Equities recently filed plans for a 419-unit new mixed-use complex in between Atwater Village and Glassell Park at 2750 West Casitas Avenue and 2800 North Kerr Street. According to the filings, 35 units would be designated as affordable. The building would include roughly 40,000 square feet of commercial space on the ground floor.  — Hannah Miet 

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Jay Luchs of NGKF and the Louis Vuitton store on Rodeo Drive

It’s nearly impossible to cruise the Westside’s high streets without seeing the name “Jay Luchs” in a retail window — though he’d like those banners to be quickly replaced by the signage of couture lines.

Luchs, a retail broker at Newmark Grubb Knight Frank, has represented the likes of Celine, Louis Vuitton, Nike, Kitson, Soulcycle and the Kardashian’s fashion brand DASH. His main territory spans from the Beverly Hills triangle — specifically Rodeo Drive, Beverly Drive and the adjacent streets — to Venice Beach. He also has a growing presence outside of Los Angeles, including New York, where he was on the landlord side of the Gucci lease at Trump Tower.

We sat down with the broker to talk about the latest tenant he signed on Robertson, the role of celebrity in L.A. retail and whether that much-rumored Apple store is truly coming Downtown.

DOB: Jan 9, 1972

Hometown: Potomac, Maryland

Lives in: Los Angeles, up Doheny Drive, in the Hollywood Hills

Family: Single, no kids, “maturity level is about 28”

How did you get involved with real estate?

I grew up in a real estate family. The [family] business started in 1906, and in high school, my dad sold the company. I moved out here in 1995 after graduating from UVA. I spent five years in the entertainment business. I was on the TV side and wanted to be the head of a network, but I kept seeing the network heads leave because of ratings. I remember having a conversation with myself that I wanted to do something I could do my whole life, and I remember thinking, real estate is like wine.

Where did you get started?  

In 2001, I started working for Insignia, bought by CBRE two years later, in 2003. Then, I shifted from the investment sales world and jumped into repping landlords and tenants in the fashion world. I fell in love once I got a Brooks Brothers deal signed. That was the beginning.

What was it like to represent Trump in a lease — what were your interactions like?

I dealt with Ivanka and Eric Trump and they were great. Eric was about as normal of a guy as he could be, nice and easy to talk to. Ivanka was just real nice. We talked about tenants in the market. They were no different than other [landlords]. I didn’t interact with Donald.  

There have been unconfirmed rumors that an Apple store is coming to Downtown Los Angeles. What’s your take?

Apple may have looked in Downtown as they looked in Hollywood and other areas, but that doesn’t mean they are going there. I don’t think they are. I think they’ve looked and landlords have created more than what’s true because they want to build up an area and it could change the value of a property overnight. But until you hear Apple make an announcement, I would highly doubt Apple’s coming Downtown.

Bigger box retail is having trouble, how does this affect L.A.’s high streets?

The high streets in L.A. aren’t impacted. The spaces  are 3,000 square feet. Big box is a large box. Even if the world slightly falls apart — the internet is one reason why retail could be up in the air, and the election is another, so people are jittery — retail will be around. It has been around for hundreds of years. Many of the brands we see on the streets have been around for 50 to 75 years. Hermes and Chanel are always changing. Saint Laurent has changed designers and [the new designer, Anthony Vaccarello] is popular. These brands ride out times.

What about non-luxury brands?

Contemporary fashion brands have more at risk because certain consumers have to stretch up to wear those clothes.  

What is the biggest challenge L.A.’s high streets face?

It’s all about how you merchandise those popular streets, especially since they have different landlords, unlike a mall. That’s where brokers come in. If you sign the wrong tenant just for a buck, it won’t look good. It’s a harder job today because we are in an odd place in the world. There are deals being done, it’s not 2008, but tenants remember it well and some will stop doing deals for now.

How much has it slowed compared to last year?

Last year, it was multiple offers for the same space and now it’s going after tenants for space. I represent H&M and COS which are expanding, but there aren’t a lot of brands out there expanding in fashion.

What’s happening on Rodeo?

Luxury brands are still doing deals on Rodeo, but it’s also pretty full. On Abbot Kinney, we are signing hip tenants in [smaller spaces]. Beverly Drive for L.A. has become the Soho for brands. I think Melrose by Urth is probably one of the most interesting [shopping] blocks because it’s in the center of West Hollywood. You’ve got the celebrities, it’s spread out, it’s kind of choppy. Dean and Deluca is moving in, taking over the former Bodhi Tree Bookstore space.

What about North Robertson — we were seeing a lot of signs with your name on them for a while there…

Robertson got crushed from 2008 on but now we’re starting to do deals. Blue Bottle is in leases at Robinson Plaza. I think that will start to bring Robertson back. When you have a sought after hip tenant, once they open, retailers will want to attach themselves to it. In a year, you will have two new restaurants, a Blue Bottle and a gym, so that will get things started. The rents are low right now on Robertson, so it’s a catch 22 — do you wait until it happens?  

How low are rents?

It’s $8 to 10 [per square foot] per month, vs. $18 to 20 on Melrose. Beverly Drive is $15 to as high as $25. Rodeo is $65, $75.

Why was Robertson hurt worse than other streets in the downturn?

Robertson as we know it is hurting because it had a fast rise, and rents were hitting Rodeo Drive numbers. Then 2008 happened and it never recovered. I give it two years.

How do you feel about retail in Downtown L.A. — can we expect a Gucci store there anytime soon?

Development has catered to residential and food but it is not easy to sign a retail brand Downtown. I know because I have signed tenants in Malibu and West Hollywood that were intrigued by Downtown but at the end of the day, it wasn’t for them. Tenants aren’t going to make real money there for years. Acne Studios came. COS took the Olympic Theater space and I  represented them. If rents stay moderate, the fashion brands will eventually show up, but it won’t be overnight. COS will do well because there is more of their customer around — they [attract] the locals and the people going to design school. But the tourist customer might not be there yet, and other brands need that.

What’s your forecast for the retail space in the big mixed-use projects under construction?

With buildings like 801 Broadway [the Broadway Trade Center redevelopment],  where they have 200,000 square feet, I think it needs to be carefully curated but not overly curated because you can only do so much. The tenant is going to take a risk going Downtown.

What is unique about retail in Los Angeles?

L.A. has become important in the world of retail because it is where fashion meets entertainment. Celebrity is so important in this world, even if we might chuckle and laugh about it. What a celebrity wears goes a long way. That’s why top companies have celebrities wear brands. Because we [in L.A.] have access to celebrities and retailers can collaborate with them, it makes L.A. more important. There is a younger world that’s on Instagram and Snapchat [taking cues] from them.

What do you love about Los Angeles?

Everyone is friendly, and it’s not like that in every city. People used to say L.A. was fake, but that’s a misconception. The friendliness is genuine. People love it for the weather, but it’s a legit town. Sure, there are actors and writers everywhere, but some of them end up making it, and they are an important part of L.A. but they are not all of it. There is so much to it.

Jonathan Eppers

It was an Android avalanche.

Los Angeles-based rental app RadPad had to shut down a popular promotion last week allowing users to pay their rents via Android Pay after too many people signed up. The cancellation of the promotion, which was active for just two weeks, angered many of the app’s users, who hit out on social media.

RadPad, which offered the promotion to its users Aug. 9, had planned to pay the credit card fees for all users of Android Pay, allowing them to pay their rents by card for free through the end of the year. But, within just a couple of weeks, RadPad surpassed its budget for subsidizing the credit card fees — and racked up $5 million a month in exposure.

“Prior to the promotion, Android Pay users represented less than 5 percent of all rent payments on RadPad,” said Jonathan Eppers, the CEO of RentPad, in a statement on RentPad’s blog last week. “Six days after the promotion, Android Pay users represented 70 percent and the number continues to climb.”

Users who signed up to the promotion prior to Aug. 24 were informed that they could take advantage of it for just one month, instead of through the end of the year as promised. After August 31, 2016, the regular 2.99 percent fee for Android transactions would apply.

While RentPad’s promotion clearly misfired, the situation does shine some light on the increasing demand amongst millennials to pay rent via credit cards and mobile apps.

RentPad first launched its popular “Pay my rent” feature in 2014, enabling renters to pay their landlords with a credit or debit card. They pay RadPad by credit card and RadPad writes a check to the landlord.

“If you look at the economics of renting today, more renters are spending more of their income on rent, more renters live check to check, and more renters are willing to put it on a credit card because essentially it gives them a 3 percent loan and it gives them 30 days extra to pay their rent,” Eppers told the Los Angeles Business Journal last year. “It’s a very popular feature with young people.”

Erika Mitchell, known by her pen name E. L. James, and her new home at 8800 Appian Way

E.L. James is putting some of those hard-earned erotica dollars to good use.

The “Fifty Shades of Grey” writer, whose real name is Erika Mitchell, has shelled out $7.25 million for her contemporary five-bedroom fantasy pad in West Hollywood, Trulia reported.

The 5,616-square-foot bungalow features a media lounge, stone and hardwood floors, a chilled wine cellar, five bathrooms and of course, a wet bar. The property’s bedrooms are all suites and the master suite has its own terraces. The house was built just this year, according to The Openhouse.

Steven Dubin of Teles Properties was the listing agent.

British-born Mitchell is no stranger to the second home market. She bought a $1.5 million vacation home in the seaside resort of Polzeath in Cornwall, England in 2013. [Trulia] — Cathaleen Chen

Beverly House

The owner of one of Beverly Hills’ most storied estates wants to refinance the property to the tune of $40 million using crowdfunding.

Attorney-investor Leonard Ross has posted Beverly House, the onetime home of publishing mogul William Randolph Hearst and a famed shooting location of “The Godfather,” on crowdfunding website StartEngine, a platform that connects startups with capital providers online, in a bid to find investors, The Real Deal has learned.

Prospective investors would chip in a minimum of $125,000 apiece to an LLC which would, in turn, make a trust deed secured loan on the property, according to StartEngine. The loan would be made on a fixed return basis with an annual base interest rate return of 5 percent, the documents show. In the event that the home sells for a price in excess of $130 million, investors would receive an additional return, the documents claim.

Investors can contribute multiples of $125,o00 for better benefits, including an on-site visit to watch movie filming if they pony up for eight shares.

Ross is planning to relist the property, which was previously listed for $135 million in 2014, for a massive premium over its last asking price, according to StartEngine.

“The Beverly House may now, or soon, be listed for sale at either $175 million by itself, or $195 million with the adjacent property as part of the Beverly House Compound,” the documents say.

Ross prefers to sell a 50 percent stake in the property as opposed to 100 percent, he claims. If he sells 100 percent, all investor funds will be returned plus an amount equal to 6 percent annually, he said. A spokesperson for Ross was not immediately for comment on why he had turned to crowdfunding to finance the property.

But the marketing materials on StartEngine play up the notion of real estate as one of the world’s safest investment classes.

“An investment regarding The Beverly House should offer much more peace of mind, and enjoyment, than the turmoil, uncertainties and unpredictability in world markets and currency risks and allows much desired diversification of investments,” it says.

Beverly House dates back to the 1920s, when it was built by local banker Milton Getz. John F. Kennedy and Jacqueline Kennedy Onassis reportedly honeymooned there. The famed “Godfather” scene in which a bloodied horse head is found in a film producer’s bed was also filmed there.

The property comprises 19 bedrooms, a large swimming pool, a lighted tennis court, terraces to accommodate 400 or more guests for a seated dinner and grounds to accommodate more than 1,000 people, according to StartEngine.

The house is currently offered for lease for $600,000 per month.