This summer, ST Residential, that Starwood-led group that bought the remains of Corus Bank, took possession of Koreatown's Solair. At the time, a rep for ST Residential said the building would go back on the market this fall. And indeed, here she comes again. Meet Solair ST Residential. The East Coast hedgies have branded this an "ST Residential" property, adding the preppy insignia-like tag to the building's name. A grand re-opening is planned for this weekend, according to Brandon Park, president of Park and Associates, the marketing company for the building.
So, what's changed post take-over by ST Residential? Well, the interior of the common areas has been tweaked. Over the last couple of months, ST Residential has been re-decorating the building, changing the look of the lobby, the pool deck, and other areas by bringing in new furniture, rugs, and wallpaper, according to Park. "They spent about $400,000 to improve the common areas," says Park. We're also told there has been a cabana upgrade, ie new cabanas were added to the pool area. Who knows what prompted the renovations, but one of the criticisms we heard when the building opened had to do with the common areas: People felt the hallways and lobby spaces were too dark.
As for prices: Right now, prices at the building are averaging $485 a square foot, down from the highs of $760 per square foot seen at some points. The cheapest unit in the building is a 1,331 square foot two-bedroom, two bath that's asking $480,000, while the most expensive unit is a 2,900 square foot penthouse that's asking $1.8 million, according to Park.
Before Solair was taken over by ST Residential, a total of 22 units sold, according to Park, and about the same number of people were living in the building. There was a soft VIP opening last week, and 11 more units went into contract. We pointed out that it took three years to sell 22 units and now 11 are in contract in a few days? Who can explain that? "We have a pretty good team sales team," says Park. "And prices were lowered and we have a reputable company that owns the building now." UPDATE: We spoke with Brandon again this morning, as he wanted to clarify his quote: He is in no way disparaging the previous owner, if that is how his original quote read.
More info about the building via the slightly edited web site.
· Starwood Group Takes Ownership of Koreatown's Solair [Curbed LA]