Back in late May, Avi Brosh, head of Palisades Development Group, told Globe St that prices at the Lofts at @ Hollywood and Vine, that 60-unit project (in the former Equitable office building at 253 Hollywood Blvd) wouldn't be coming down. "We are in it for the long haul," he told Globe St. Well, those prices---which were set at $300,000-$1 million--will come down. "Look, in this environment if you want to be competitive, you have to adjust your pricing," he told us via phone yesterday. " We haven’t been in a hurry to do it, but we are just continuing to find the market."
Here are the new prices: A 1,255-square foot unit that was $979,000 is now $549,000, while a 1,500-square foot unit that was $1.455 million is now $859,000. Since yesterday's press release announcing the news indicates that prices start at $300,000, it doesn't look like the cheapest units dropped. According a press rep for the building, there are currently 29 units left in the building.
Brosh's development group is also behind the forthcoming Palihouse Hollywood, while he also developed the Custom Hotel near LAX, a project that is rumored to have hit a financial stumble. Asked if the project had been foreclosed upon, Brosh stated the hotel is "changing hands," and said he couldn't comment further due to a confidentiality agreement surrounding the deal.
· Checking In With The Custom Hotel Near LAX [Curbed LA]