Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page at 9 a.m. and 4 p.m. PT. Please send any tips or deals to tips@therealdeal.com
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Angels star Mike Trout and the Long Beach shorefront (Credit: Getty Images)
A new stadium for the Angels can wait. At least that’s what Anaheim City Council members found out this week, learning the home team can play out its current Angel Stadium lease — which extends through 2029 — if it forgoes plans for a new $1 billion stadium in Long Beach. In January, elected officials had approved a one-year lease for the team to remain in Anaheim. [LAT]
Bond financing is on tap for a South L.A. residential complex. The Coalition for Responsible Community Develpment’s planned 60-unit affordable housing building in Florence is set to receive $20 million in bond financing. Called Marcella Gardens, the four-story construction would replace a commercial property on 68th and Main streets and comes amid the continued rise in L.A.’s housing prices. [Urbanize]
Sweet relief for orange grove? The last remaining commercial orange grove in Los Angeles, which hit the market last month for $14 million, is now formally under consideration as a Historic-Cultural Monument. Last month, City Councilman Bob Blumenfield proposed the idea of landmarking the site, to save the 14-acre Bothwell Ranch in Tarzana. Marketing materials say it is zoned for 26 half-acre single-family home lots. [Curbed]
A sale for a singer. Brian McKnight, the R&B crooner, unloaded his 7,200-square-foot Chatsworth home for $1.7 million. The five-bedroom, six-bathroom pad was on the market for a little less than two months, bucking a recent trend in L.A. — perhaps because of its modest price-point — that has seen high-end homes take months to sell. McKnight, who was a contestant on Season 2 of “Celebrity Apprentice,” bought the home in 1999 for $1.27 million. [LAT]
WeWork CEO Adam Neumann (Credit: iStock)
WeWork’s IPO filing laid the company bare. CEO Adam Neumann has borrowed almost $1 billion from WeWork and its lenders. This was one of many disclosures in WeWork’s IPO filing Wednesday. We broke down the rest. [TRD]
Morgan Stanley lost the lead in WeWork’s IPO financing. The co-working giant rejected has Morgan Stanley’s pitch to be the top underwriter on its impending IPO, so the financial giant pulled back from the deal entirely. [Bloomberg]
An accuser of Jeffrey Epstein has sued his estate. A woman who claims Epstein sexually abused her when she was a teenager filed a civil lawsuit against his estate Wednesday — the first of many anticipated lawsuits in the wake of the financier’s death. [NYT]
Clockwise from left to right: 50 Hudson Yards, Farley Post Office redevelopment, 1 Madison Avenue, and Apple CEO Tim Cook (Credit: Hudson Yards, Skanska, Google Maps, and Getty Images)
Apple is on the hunt for massive office space in Manhattan. The company has reportedly looked at 50 Hudson Yards, the Farley Post Office redevelopment and One Madison Avenue. It’s joining tech giants Facebook and Amazon in the race to find prime office space in the city. [TRD]
FROM THE CITY’S RECORDS:
A developer submitted plans to demolish a 6,000-square-foot commercial structure and build a new 38-unit mixed-use development at 412 & 418 South Robertson Boulevard in Beverly Grove. The development would reserve four units for extremely low-income residents, and is eligible for Tier 2 Transit Oriented Communities Incentives. [LADCP]