Located at 5814 Lexington Ave. and 5822 Lexington Ave. in Hollywood, this development site was recently sold in a closed transaction. The property spans 15,000 square feet and was sold for $3,900,000, resulting in a price per square foot of $260. The buyer of the property was Artem Tepler and Paul Schon, while the seller was Jesus Rojas and Michael Higgins. The transaction was facilitated by Yohann Bensimon and Dan Malka from Ikon Advisors.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $3,900,000
• Square Footage: 15,000
• Price per Square Foot: $260
• Market: Hollywood

Ikon Advisors, represented by Yohann Bensimon and Dan Malka, discovered the opportunity to acquire these two side-by-side lots in Hollywood. They negotiated a deal to relocate the existing tenants and deliver the property completely vacant to the Schon Tepler Group. The Schon Tepler Group plans to develop a 40,000 square foot multifamily building in the prime Opportunity Zone, which is in close proximity to the Netflix Headquarters. Yohann Bensimon and Dan Malka served as the buyer representatives for Ikon Advisors in this transaction, while they also represented the seller for the property located at 5814 Lexington Ave.