New York Knicks Pricing at Los Angeles Lakers' Doorstep
Bloomberg reports: In an article on Bloomberg, writer Nadja Brandt discussed an unusual property listing, recently put on the market in downtown Los Angeles.
With an offer-price of $30 million, a 2.73-acre (1.1 hectare) parking lot on 12th Street in downtown Los Angeles has suddenly become prime real estate due to the renaissance of the metropolis’ downtown area. Located between Figueroa and Flower Streets, and zoned for redevelopment, the patch of land is situated directly across from the Staples Center and in close proximity to the brand-new LA Live entertainment complex. According to Real Capital Analytics data, “An undeveloped plot downtown hasn’t sold for more since at least 2008…the most expensive development site to sell downtown since January 2008 was a 914,760-square-foot (84,984-square-meter) property on Alameda Street, which went for $25 million…”
As a representative offering in a local market, the 12th Street development site reflects the positive momentum of the downtown Los Angeles property market. According to the article, the recent development of LA Live, as well as several luxury hotels of the likes of JW Marriott and Ritz-Carlton, have driven up property values and generated broader investor interest.
View the full article on Bloomberg: New York Knicks Pricing at Los Angeles Lakers' Doorstep
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