Demand High in Luxury Condo Market

LOS ANGELES—Genton Property Group has unveiled plans for the Four Seasons Private Residences-Los Angeles, a 12-story, 58-unit condo project adjacent to the Four Seasons Los Angeles. The high-end property will include a top-floor, 12,000-square-foot penthouse priced at $50 million, the highest priced condo ever to enter the Los Angeles market. The developer is looking—and has already begun—marketing the property to “ultra-high-net-worth buyers from around the world.”

“I have been in the market quietly for the last eight or nine months. When you think about a luxury class property, I think of Los Angeles as the brand,” Jonathan Genton, the founding partner of Genton Property Group, tells GlobeSt.com. “Los Angeles has world-class recognition and people come to Los Angeles to live here and to buy here. Putting the Los Angeles brand together with the Four Seasons, a best-of-class luxury brand, gives me the ability to market this project across the world. My market is not the empty nesters, like a lot of condo developers in L.A. I am assuming that my market is an international market with a global mindset, whether they live here or they live abroad. They are looking for a durable location and a durable brand, which I have in the Four Seasons.”

Located at 9000 West Third Street in Los Angeles, the property will break ground in the fall of this year. RTKL architecture firm is designing the project, which will feature hotel-style amenities, like a private theater and access to a private culinary experience curated by a world-renowned chef. The 58 residences will be located in three wings, the Tower, Wetherly Wing and Almont Wing, and will average 2,400 square feet. “My vision is to create a jewel box project in L.A. that could never be duplicated for a variety of reasons,” says Genton. “It is a very special piece of property in L.A. and is relatively small. You don't often have a chance to do a jewel box, and I really saw this as an opportunity. I am looking to build something unique and rare.” The property aims to set a new standard for luxury living in Los Angeles.

While this property is particularly high-end, condo development in Los Angeles overall has really taken off. In the Downtown market, for example, there are several new condo developments underway, making up just under a quarter of all the multifamily development underway.