Saeed Banaie Sells Westwood Development Site For $5.3M With Aida Memary Scher, Glen Scher & Filip Niculete As Brokers

The sale of a development site in Westwood, located at 10605-10609 Eastborne Ave, has been completed for a total price of $5,300,000. The property, which consists of a double-lot, was sold by Saeed Banaie. The transaction was facilitated by Aida Memary Scher, Glen Scher, and Filip Niculete of the LAAA Team at Marcus & Millichap. The market value of the property is estimated at $407.69 per square foot of land, and $189,286 per buildable unit.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $5,300,000
• Address: 10605-10609 Eastborne Ave
• Market: Westwood

The buyer of the property has plans to construct 28 apartment units on the site, leveraging the property's TOC development potential. The land was sold unentitled but includes existing buildings. It spans approximately 27,000 square feet, resulting in a price of $196 per square foot.

Note from brokers: This Westwood double-lot presents a significant development opportunity, and the buyer intends to capitalize on it by creating apartment units on the site.