West Hollywood version house attracts teen billionaires

Forget the glass buildings of the Hollywood Hills or the glitzy New Mansion of Bel-Air. Real estate marketers may believe that the hottest new mega-homes in Los Angeles are “mansions in the sky,” apartments in the city’s trendy skyscrapers. With Manhattan-inspired amenities like 24/7 concierge and valet parking, room service, and on-site dining, they offer amenities unmatched in homes. for a family.

Suddenly, it’s not just a story or two. The largest building is Beverly 8899, the twin towers of the five-star Century Plaza project, the Four Seasons residential tower in Beverly Grove and the charming Pendry residential area on Sunset Boulevard. This is the largest project under construction; not including big names like the legendary Sierra Towers, The Century or the ultra-luxury Montage apartment complex in Beverly Hills.

Then there’s the West Hollywood Edition, a new hotel/resort complex designed by New York veteran Steve Witkoff and designed by John Pawson and Ian Schrager. Edisi is not only one of the hottest new buildings in the city, but also has only 20 apartments in the hotel section of the complex. This place is smaller and more upscale boutique than other developments. Prices start at $4 million and go up quickly from there. Home prices are cheap, but buyers are ready. At least 15 apartments have been sold since it was first launched last year, according to property filings.

LA’s renewed interest in luxury apartments—primarily for the elderly and infirm—has led to a demographic shift in the elite who can afford the buildings. Today’s financiers are younger than ever and are global nomads, preferring to divide their time between multiple cities. Unlike their parents, many millennials don’t see the value in keeping a large home barely used. Even for the very wealthy, the cost of maintaining a property—maintenance, security, staff, landscaping, utilities—can be overwhelming, especially when land is only available. for a few weeks a year.

Think of the lavish life for Marie Kondo. Today’s young thrifters and tycoons want simplicity and structure on their facades. Who wants to work with contractors and property managers? With 24/7 security and concierge service and staff trained to wash your car and take care of all your needs, you won’t have to worry about emptying your mailbox or taking out the trash every night. Tuesday. A jet plane seen from a penthouse in the sky? That’s just a bonus.

Savvy developers know how to navigate changing buyer tastes, but the increasingly crowded condominium market poses challenges for even the most savvy marketers. Aiming for maximum luxury, WeHo’s Edition stands out from the posh lobby to the residential area, more luxurious than the key competitors Sierra Towers, The Century, Montage for targeting young people and other target groups. . Population increasing day by day. In addition to its stylish modern decor, Edition enjoys a prime location on the Sunset Strip, across from trendy nightclub 1OAK and within walking distance of Soho House. The gorgeous rooftop pool is perfect for impact-style photography. prostitution, and here it can attract (relatively) young buyers,

Take four century-old penthouses – owned by actors Matthew Perry, Candy Spelling, Walmart billionaire Vicki Walters and Russian tycoon Sergei Grishin – all old enough to receive the full AARP pension . Once assembled, the story is essentially the same. Owners: Judges Judy, Stan Kroenke and Ariadneghetti, who lived through the Cuban Missile Crisis.

And the people who buy this version are young people, not rich. Steve Aoki, son of Benihana founder Rocky Aoki, was one of the first residents to move into the building when it opened for sale in 2019. He joined musician Ryan Tedder last September and bought the unit. households for $6.3 million. He already owns a $12 million property in Beverly Hills and an $8 million WeHo Private Mansion.

Technology also flows out money. Tinder founder Justin Mateen, 34, paid $5.2 million to tackle a construction disaster last year, but that hasn’t stopped him from spending nearly $19 million on Lori Loughlin’s Bel Air mansion and Mossimo Giannuli.

Some of the buyers are young, like Steve Levitan, the creator of “Modern Family”. Freshly divorced from longtime wife Krista Levitan, the TV mogul paid $14.1 million for a luxury bachelor’s apartment in Paradise. Then there’s the nightlife of showman Michael Hirtenstein, owner of Hollywood hotspot Catch LA, a favorite of every influencer and reality TV star on the planet. The luxury version of Hirtenstein costs $7.2 million.

The building has two penthouses; one is still owned by the Witkoffs and sold on the private market for $20 million, according to people familiar with the department. Another penthouse was sold last October to Natasha and Nick Gross, the 32-year-old only daughter of divorced billionaires Sue and Bill Gross, for $15.5 million.

Other buyers included Farah and Fajer Al Rajaan, the prominent daughter of exiled Kuwaiti civil servant Fahad Al Rajaan. Eldest brother Al Rajaan is currently in London, far from his homeland of Kuwait, living a ostensibly sentenced to life in prison for defrauding public funds of $850 million.

Edition’s latest deal is the sale of a $7.2 million condominium unit earlier this month for millions of dollars by prominent Brazilian businessman Jose Seripieri Filho, who was recently fired. arrested in connection with a political black money scheme in his homeland.

These residents — some savvy tycoons, some loyal, some money launderers, but jet settlers with no credit and low lives — blend in perfectly into the intimate atmosphere. of LA’s new housing estate. Through her influence, Edisi and her competitors hope these impressionable young shoppers will become unpaid brand ambassadors, indirectly reinforcing the mystique of life. upstream. Aoki has tens of millions of social media followers, and Mateen offers one of the most popular apps for young Los Angeles; both are local social institutions. Al-Rajaans is known among the elite from Los Angeles to Milan, especially his 130-year-old brother Fajer.

Aside from all the amenities, current Edition owners say, one of the building’s biggest draws is a feature it doesn’t really have: affordable housing, a feature offered at other developments. 8899 Beverly and Pendry have low-income units, while Edition, Four Seasons, and Century Plaza do not due to their size and location. Residents of these neighborhoods can rest easy knowing that all of their neighbors are very wealthy, for better or worse.

But life in this version is by no means a broken fairy tale. Nine months after buying the luxury penthouse, Nick Gross suddenly put it up for sale for $18.5 million. Sources familiar with the building said Gross was unhappy with the quality of the three-bedroom apartments and ongoing water leak problems, but Gross declined to comment.

Then the coronavirus pandemic ravaged the hospitality industry around the world. This version was a particularly tough hit. That spring, a few months after opening its doors gently to warm reception by critics, the hotel closed. Reopen as early as October. Meanwhile, residents said they will continue to pay HOA fees, but will be limited to amenities such as parking, restaurants and hotel services.

However, many problems will be solved when you make your way to the terrace and pool area, where a magical carpet of city lights stretches beneath your house. You don’t have to believe that Los Angeles heralds a new era of lavish living, events, etc., but whether it’s a permanent change or a millennial fad (and Instagram) retransmission, it will also end soon. As the sun sets, the Los Angeles skyline is surrounded by an orange skyline, creating the perfect backdrop for selfies.