The developer of Concerto, the high-profile condo development at Figueroa and 9th Sts., was able to sell all 77 loft units in one busy day last Saturday, August 29. Phase I of the iconic, angled-glass tower is almost complete, with move-in scheduled for early next year. But the fire sale of the initial units will allow Astani Enterprises, Inc. to move ahead with phase II, regardless of the state of outside financing. At an average of $375 per sf, Astani says the buyers did get a deal on the building, which cost $500 per sf in construction costs.
But the lowered sales prices are well worth the $31 million cash infusion, according to Astani, because he does not have to worry about further construction lending. The cash will allow him to proceed swiftly on the second, 30-story luxury condo tower. Astani expressed concern over whether his lender, Corus Bank of Chicago, would be able to follow through with the final 5 to 10% of the $200 million construction loan. Corus has met with uncertainty thanks to sour investments following the real estate boom. Sonny Astani, head of the Beverly Hills development office, has already invested $55 million of his own money in the project.
The phase II condo tower is also almost complete and may begin sales as early as next month. Once complete, the complex will consist of twin 30-story condo towers, a 7-story loft building, and an acre of green space boasting firepits, a saltwater pool, cabanas, and...a Tai Chi park?
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