A Bel Air-based company called Capital Foresight has quietly been buying up a string of properties Downtown over the past year, and Downtown News has got the scoop: Stung by a missed opportunity to buy the International Jewelry Center on Hill Street in 1997, Capital Foresight's owner Naty Saidoff sat out the Downtown real estate market ... and then went nuts. He started out by buying the King Edward, Leland, and Baltimore hotels on Skid Row, along with the Santa Fe Lofts and Binford Lofts in the Arts District, with another prolific Downtown developer, Izek Shomof. Next Saidoff bought the Title Insurance, Maxfield, and Capitol Garment Buildings, and is planning adaptive reuse conversions of all three. The last two, both in the Fashion District, will bring 173 residential units plus retail space to the area. The Title Insurance building, in the Historic Core, will have 200 units. Plus Saidoff bought the building next door, which another company plans to turn into a hotel. According to a broker who has worked with him, one reason Saidoff has been so successful is that he often pays cash, and can sometimes turn deals around in a day. While the market has changed in the 12 months since he started buying, he says he has no plans to stop yet.
· Downtown's Quiet Bel Air Buyer [DN]
· 3 Skid Row Hotels Getting Makeovers and Groundfloor Retail [Curbed LA]