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Long-Suffering San Pedro Vue Tower in Receivership

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What a bumpy ride for the San Pedro waterfront's first high-rise condo development. A property developed by Galaxy Commercial Holdings/Carlyle Group, the 15-story tower is now in receivership, according to a press release put out by Douglas Wilson Companies, the court-appointed receiver. The Vue tried to do the normal sales route, but by 2009, it had switched tactics and was offering itself up as rental-condo hybrid, allowing both renters and buyers run of the place. All that came amid a lawsuit by buyers looking to get out of their contracts. Douglas Wilson will now handle all homeowner and leasing program issues, and work with the existing management team until the Vue is transferred to different ownership, according to the press release. The developer, Beverly Hills-based Galaxy Commercial Holdings, also did that Blu rental project in Beverly Hills, while its president Raffi Cohen is the guy trying to sell that funky-looking Ed Niles-designed home in Beverly Hills.
· Douglas Wilson Appointed Receiver for 318-Unit Luxury High-Rise Condominium Tower in San Pedro, California Recently Completed Vue Was Billed as San Pedro's First Waterfront High-Rise [PR Inside]