L.A. Luxury High-Rise Condo Hits Record Price
"Vertical living is finally getting hip," says listing agent Bill Simpson of the newly constructed Beverly West tower on the Wilshire corridor where spaces are listed for $2,900-plus per square foot.
How much are high-end consumers willing to pay for high-rise luxury living in Los Angeles?
Dubai-based Emaar Properties, developer of the Beverly West tower on the Wilshire corridor — already home to several A-listers, including Ellen DeGeneres — is testing the limits, unveiling 17 units Feb. 6 that included the $12.2 million 16 South. Although Candy Spelling's $35 million purchase of The Century's penthouse suite in 2010 still stands as the biggest condo sale in L.A. history, 16 South's $2,900-plus price per square foot would smash Spelling's record ($2,250 per square foot) if its listing price is met. It already signals a growing interest in luxury condo living in L.A.
"Vertical living is finally getting hip," says Hilton & Hyland's Bill Simpson, who along with Jeff Hyland and Mia Trudeau are the listing agents for the 22-story building, "so paying $8 million for a condo with the services and the view is becoming more and more attractive."
Beverly West's final installment will be five penthouse suites that will hit the market later this year. The building ultimately will offer 35 units, each with private elevator service and floor-to-ceiling views along with a 24-hour lobby staff, fitness center, saltwater pool, lounge, valet service, spa and a sunbathing deck. Individual suites range from 1,700 to 8,000 square feet. SBE's Sam Nazarian once was a resident of Beverly West, as was Clippers head coach Doc Rivers.
This story first appeared in the Feb. 17 issue of The Hollywood Reporter magazine. To receive the magazine, click here to subscribe.