If you’d been thinking about making a bid for that $85 million condo on the top floor of the building at 8899 Beverly Blvd., you’ve missed your chance. Townscape Partners, the developer, now is contemplating putting it on the market for $100 million.
Or maybe more. The Wall Street Journal reports today that Tyler Siegel, one of the Townscape Partners partners, says the 20,000-square-foot unit will list for “nine figures-plus.”
“Whether that’s $100 million, $125 million or $160 million, I just don’t know right now,” Siegel said.
According to the Journal, the penthouse’s size would make it the largest single-floor apartment in the world. The Journal’s story notes that the proposed price would make it the most expensive Los Angeles condo ever. By comparison, Candy Spelling’s penthouse in Century City cost $35 million.
A story published by WEHOville last October cited the then-rumored $85 million price in stating that the 8899 Beverly penthouse would put West Hollywood, a city founded on the concept of keeping housing affordable, in competition with New York City in ranking first in a listing of the “Most Expensive Condos in America.” The new proposed price puts WeHo far ahead of the Big Apple.
Other new housing in West Hollywood is less expensive, but still way beyond the means of the average resident in WeHo, where the median income for a single-person household is $66,198 and only six units were available last month for the thousands of West Hollywood residents on the city’s affordable housing wait list.
Condos at The Harland at 702 N. Doheny Drive are on the market at prices ranging from $2.4 to $4.9 million. Prices for the 40 Pendry condos on Fountain Avenue at Olive Drive, where construction is closed to complete, start at $3 million and go to $30 million for the largest unit. Some condos to the rear of the Edition West Hollywood at 9040 Sunset Blvd. have been sold in the $20 million range.
Townscape’s project converted the office building at 8899 Beverly between Robertson and Almont into 52 condominiums and 15 apartments for low- and moderate-income people. The proposal has been controversial because it almost doubled the size of the existing 90,000-square-foot building and changed the use of a building that already didn’t conform with the city’s General Plan or the zoning for the site. The project also includes construction of nine single-family houses behind the building.
The City Council approved the project in a three-to-two vote in August 2015, with Council members John Duran, John Heilman, and Lindsey Horvath voting for it. Council members John d’Amico and Lauren Meister opposed it. Townscape’s partners and their family members and lobbyists and lawyers were among the biggest donors to City Council members’ election campaigns while they fought for approval of the project.