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What's For Sale: A Large Arts District Penthouse - Los Angeles Downtown News - For Everything Downtown L.A.!: News

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What's For Sale: A Large Arts District Penthouse

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Posted: Wednesday, October 3, 2012 3:00 pm

DOWNTOWN LOS ANGELES - In the column “What’s for Sale,” Los Angeles Downtown News looks at everything from condominiums to multi-family buildings to vacant lots now on the market. We hope that regular snapshots of individual properties will make for a wide-ranging survey of the overall state of Downtown real estate.

This week, the focus is on a large two-bedroom condo at the Toy Factory Lofts.

The Property: The 3,218-square-foot residence is unit #712 in the Toy Factory Lofts at 1855 Industrial St. in the Arts District. It is listed at $1.699 million.

Spec This Out: The current owner created the large space by merging two seventh floor penthouses. Situated at the northwest corner of the building, it has views of the Downtown skyline. HOA dues are $841 per month and cover upkeep of amenities including a rooftop pool and an onsite gym. It comes with three parking spaces.

Compared to What: The listing figure works out to a price per square foot of $528. There haven’t been any recent sales of similar units in the Toy Factory Lofts, based on size or floor level. In February, a fifth-floor, 837-square-foot residence in the building sold for $287,002, or $342 per square foot. Two recently sold units on the first floor went for far less, at $254 and $281 per square foot.

Across the street from the Toy Factory, however, a top-level unit at the Biscuit Company Lofts recently fetched $604 per square foot. The 4,300-square-foot condo, which sold for $2.6 million, is a good comp because the location is essentially the same and the buildings were developed by the same firm, Linear City. The five units still on the market at the Arts District condominium project 940 E. Second St. are offered at prices that average about $530 per square foot.

Paging Aleks: Linear City developed the Toy Factory Lofts in 2004, converting the 1924 structure into 119 live/work units. Like most lofts in the building, unit #712 has high ceilings, exposed concrete walls and columns and concrete floors. Unlike most homes in the building, it has a unique interior designed by L.A. architect Aleks Istanbullu. Istanbullu created an undulating room divider that separates the main living space from two bedrooms and an office, said listing agent Frank Langen.

Location Cubed: The Toy Factory is on Industrial Street, one of the Arts District’s most active stretches. It’s home to the popular French bistro Church & State, the gastropub Little Bear, wine bar Le Pour Haus and sandwich cafe the Daily Dose. Short walks lead to pizza joint Pizzanista and the adjoining Tony’s Saloon, and the always fun L.A. Gun Club.

Who’s the Buyer?: Langen said he thinks the unit might appeal to an investor. “It wouldn’t be their primary residence, but someone who wants to have this in their portfolio because it’s one of the choice units in all of Downtown,” he said. Ultimately, at almost $1.7 million, the future owner of unit #712 will be a high-net worth individual or family, he said.

Contact: Listing agent Frank Langen of Deasy/Penner Partners can be reached at (310) 963-3891 or frank@inthecanyon.com.

Contact Ryan Vaillancourt at ryan@downtownnews.com.

©Los Angeles Downtown News.

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