Joseph Moinian, owner of Moinian Group, the famous New York-based commercial property developing firm, is reportedly seeking buyers for a 4.5 acre piece of prime land in downtown Los Angeles. A luxury hotel project was supposed to come up in the area, but however got cancelled. Now the land is up for sale.
According to Bloomberg, the land has already garnered bids from ten potential buyers with the price going up to around $180 million. Bids are bound to get higher and the deal is expected to close within the next two months.
Joseph Moinian purchased the property from Anschutz Entertainment Group for around $80 million in 2006. He had planned to develop a mixed use development project on the land but decided to focus on real estate in New York instead, reports Daily Business Review.
More recently, the Moinian Group revealed plans of a brand new project, which will be a major part of the Hudson Yards development in New York. The new project is slated to be a mixed-use 1000 feet tall, 1.8 million square feet tower called "3 Hudson Boulevard".
"For more than two decades The Moinian Group has believed that the new West Side would emerge as Manhattan's most sought-after neighborhood. Our new mixed-use building at 3 Hudson Boulevard will stand as the pinnacle of elegance along the new Hudson Boulevard & Park. With 3 Hudson Boulevard, you are going to see something truly spectacular," Joseph Moinian said to the Commercial Observer.
But Los Angeles has been ranked the second-hottest real estate market of the U.S. According to data analyzed by real estate website Redfin, about eight out of ten listings in the area receive solid buyer competition. The percentage of offers that faced stiff competition in May was something around 86.1 percent. San Francisco came in first with 87.9 percent.
This is just further evidence of how steady the rebound is in the U.S. A recent study by the National Association of Realtors showed that existing home sales in the country rose by 4.2 percent in May.
