Many come to Los Angeles seeking nirvana. Few pay $5.9 million for it. The Nirvana Apartments, a Los Angeles Historic Cultural Monument, was just sold to RNR Properties Inc. for about $163.44 per square foot. The building falls under the Mills Act, reducing its property tax, and has proximity to the Red Line and a rapidly gentrifying surrounding neighborhood. That $6 million price tag is starting to look like a bargain to us.
The 1925 "Oriental Revival" apartment complex features hand-carved dragons and a pagoda roof and is currently undergoing renovations. Apparently, builders in the 1930s loved any architecture that smacked of "revival" - Asia, Egypt, you name it, and architect E.M. Erdaly was no exception. And there is NOTHING we love more than over-the-top Hollywood architecture. The Nirvana is surrounded by the Magic Castle, Yamashiro's, Mann's Chinese, and of course, the Hollywood and Highland complex. By comparison, the Nirvana seems like an exercise in architectural restraint. A quaint throwback to simpler times.
While the renovations promise to restore the building, particularly the lobby, back to its original 1920s splendor, there is also the promise of raised rents for residents.