Graffitied skyscraper in downtown Los Angeles poised for sale [Los Angeles Times (CA)]
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Source: Los Angeles Times
The Chinese owners of the stalled residential, hotel and retail complex towering over Crypto.com Arena have hired real estate brokers to sell the property to buyers who could restart the project after work stopped in 2019. Taggers recently covered its outer walls with graffiti visible from far away. Likely bidders for the property include large institutional investors such as Blackstone Inc. and BlackRock, and cash-rich overseas sovereign wealth funds from the Middle East, Asia and Europe, property broker Mark Tarczynski said. “I think there's a broad range of buyers,” he said, “but the pool of buyers is small because of the size of the project.” Tarczynski is part of a team from real estate brokerage Colliers and Hilco Real Estate that will market the property, which fills a large city block on Figueroa Street across from the arena and LA Live. An April appraisal by Colliers submitted in a bankruptcy case involving the project estimated the as-is market value at nearly $434
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