Real Estate

Angelo Gordon's $24M Condo Sets LA Record

Angelo Gordon's $24 million penthouse sale sets a new record for LA's luxury condo market, highlighting demand for high-end properties.

By Tal Alexander

4/30, 12:04 EDT

Key Takeaway

  • Angelo Gordon's sale of a penthouse for $24 million marks LA's priciest condo transaction this year, originally listed at $25 million.
  • The 6,500-square-foot condo was initially marketed off-market for $50 million in January 2023 before selling within two days of listing.
  • This sale follows a trend of rising condo prices in Los Angeles, with the median sale price reaching $3.1 million in Q1, up 12.5%.

Record-Breaking Condo Sale in West Hollywood

In a striking testament to the strength of the luxury real estate market in Los Angeles, TPG’s Angelo Gordon has achieved a landmark sale at its 8899 Beverly Boulevard condo project in West Hollywood. The sale of a penthouse for $24 million not only sets a new record for the most expensive condo sale in Los Angeles over the past year but also highlights the enduring allure of high-end real estate in prime locations. This 6,500-square-foot condo, which closed at a staggering $3,875 per square foot just two days after being listed, underscores the premium that buyers are willing to pay for luxury, location, and exclusivity.

A Swift and Strategic Transaction

The rapid sale of the penthouse, facilitated by Michelle Montany and Taaseen Qureshi of The Agency Development Group, reflects a well-orchestrated strategy by the sellers. Initially quietly marketed off-market for $50 million in January 2023, the penthouse's price adjustment to $24 million illustrates a strategic pivot in marketing approach. This adjustment, coupled with the penthouse's split from a previously combined offering with its counterpart for a total of $100 million, demonstrates the sellers' adaptability to market demands and their ability to attract serious buyers quickly. The involvement of high-profile brokers and the undisclosed buyer's eagerness to close swiftly further signify the penthouse's desirability and the competitive nature of Los Angeles' luxury condo market.

The Luxury Market's Resilience

This record-setting transaction at 8899 Beverly Boulevard is indicative of a broader trend in Los Angeles' real estate market, where luxury condos continue to fetch premium prices. The sale surpasses the previous year's highest condo deal by a significant margin, with the buyer set to join celebrities like Matt Damon in the building. The penthouse itself, boasting amenities such as 14-foot ceilings, a wraparound terrace with panoramic views, and a design by Olson Kundig Architects, epitomizes the pinnacle of luxury living. This sale, along with a reported 12.5 percent increase in median condo sale prices in Los Angeles to $3.1 million in the first quarter, according to Douglas Elliman, highlights the robust demand for high-end residential properties.

Implications for the Luxury Real Estate Sector

The successful sale of the 8899 Beverly Boulevard penthouse not only reflects the specific appeal of this property but also signals a healthy appetite for luxury real estate in Los Angeles. The willingness of buyers to invest in high-priced condos, even amidst broader economic uncertainties, suggests a sustained confidence in the value of premium real estate in prime locations. This transaction, therefore, not only sets a new benchmark for condo sales in the area but also reinforces the perception of Los Angeles as a resilient and attractive market for luxury real estate investments.

Management Quotes

  • Michelle Montany, Director of Sales at 8899 Beverly:

    "Prior to The Agency’s representation, the penthouse offerings were originally promoted at a higher price for the entire floor, then they split the floor and promoted at $50 million each... We made them aware of the considerable interest from other parties and informed them of our intention to formally list PH-E at the end of April. This prompted a quick response from them to secure the home and close quickly."