The Roosevelt has "postponed indefinitely" its plans for that once-ballyhooed auction and instead is pushing to rent out the entire 222-unit building, according to Sales Director Randelle Green. After filing for Chapter 11 in April 2009, developer Milbank put up some units for rent in the condo building, but also said it would hold an auction and sell the units. Now, they've decided to rent out the building (not all 222 units are finished, but most should be done by the end of the year). According to Green, 6 month and 12 month leases are being offered (rents range from $2,000-$4,000).
As for those buyers who'd signed contracts years ago, if they haven't already negotiated or sued their way out of their contracts, the sales contracts will soon no longer be binding, according to Green. "Everyone is getting their deposits back."
Meanwhile, all the rental leases come with a clause that the developer is in Chapter 11. How very 2010. And hey, downtowners, you now get to rent in a condo-quality building. Yay. Terrible recession has a silver lining.
· When's the Roosevelt Going to Hold Their Big Auction? [Curbed LA]
· Roosevelt Archives [Curbed LA]