Genesis Asset Holdings’ building under construction earlier this year (Credit: Google maps and iStock)
A Koreatown landlord wants to convert a multifamily building over to condominiums, in an apparent bid to take advantage of low inventory in the area.
Genesis Asset Holding finished the four-story building at 901 S. Gramercy Drive last summer. It filed plans to convert it on Monday.
Koreatown has a healthy market for condos, but Genesis’ building is located in somewhat of a condo desert in the southwest part of the neighborhood. There are only three condo buildings in the immediate area around the building, according to data from Redfin, so Genesis could be making a move to appeal to condo-hunters.
Conversely, Koreatown has seen some of the strongest multifamily development of any neighborhood in the city over the last several years. Local developer Jamison Services has led the wave of multifamily development.
Last month, California Landmark Group made a move in the opposite direction in Marina del Rey. The firm filed to convert a 68-unit mixed-use condo development over to rentals.
Source: The Real Deal Los Angeles