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In 1952, the apartments purchased the Union Oil Building at S Hope Street and 7th Street in Downtown Los Angeles as an investment for $2.2 million [6] (equivalent to $25.2 million in 2023). In November 2012, the El Royale was purchased by Kamran Hakim and Farhad Eshaghpour for $29.5 million in cash.
With renovations underway, in 1997 Silverton sold the building to nonprofit Neighborhood Efforts' Allen Gross and Arax Harutunian because they could apply for government grants and raise money from private sources for a more faithful restoration of the historic building [10] "Who Really Saved our local, historic Los Altos Apartments? Larchmont ...
Retrieved from "https://en.wikipedia.org/w/index.php?title=Larchmont,_Los_Angeles,_California&oldid=360173818"
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Larchmont is a suburb of New York City, located approximately 18 miles (29 km) northeast of Midtown Manhattan. The population of the village is 6,453 as of the World Population Review. [3] In February 2019, Bloomberg ranked Larchmont as the 15th wealthiest place in the United States and the third wealthiest in New York. [4]
I. Magnin closed, while Bullocks Wilshire held out until 1993. Rental rates in office buildings plummeted from an average of $1.65/sq ft to a dollar between 1991 and 1996; property values dropped from a high of $120/sq ft to $30 or $40 per foot in 1998. [citation needed]