February 2016 – Page 7

NEWBERRY LOFTS FOR LEASE | NEW LEASE LISTINGS | UNLISTED LOFTS

900 East 1st Street, Los Angeles, CA 90012

Newberry Lofts in the Arts District of Downtown L.A. was originally the main warehouse for JR Newberry Co, a Los Angeles grocery store chain that housed a candy store, blacksmith shop and restaurant. The building is eligible under Criterion C of the U.S. National Park Service as a representative example of industrial warehouses at the turn of the century. The renovated lofts for lease feature exposed brick walls, floor-to-ceiling windows, city views, granite kitchens, baths and some customized features. Because the building has been home to many students of the nearby Southern California Institute of Architecture, the units vary greatly on how much or how little they have been modified and upgraded.

NEWBERRY LOFTS FOR LEASE | NEW LEASE LISTINGS | UNLISTED LOFTS

LOFT & CONDO LISTINGS DOWNTOWN L.A. [MAP]

IN THE HEART OF THE ARTS DISTRICT

The classically converted warehouse offers high ceilings, large wooden beams and accent brick walls. There is a very wide open living areas, so tenants may bring their own creativity and possibly make customizations. Some of the loft rental homes have new all electric kitchens, updated bathrooms, durable concrete floors and industrial heating and air conditioning. Tenants in the upper floors can relax and enjoy the amazing city views in in the middle of the highly desirable Arts District.

ABOUT JR NEWBERRY

J. R. Newberry was the pioneering founder of one of the first Los Angeles grocery chains. He is also known as one of the organizers of the Merchants and Manufacturers Association, as well as one of the first directors of the Chamber of Commerce. He was part of a group of local business leaders instrumental in bringing in the Santa Fe Railroad to the area. By this time, the Flats, as the lowlands along the Los Angeles River were called, developed into the warehouse district. The J. R. Newberry Company was one of four early buildings in the district, predating construction of the 1st Street Viaduct. Character-defining features of the warehouse include its location and close proximity to the Atchison Topeka & Santa Fe Railroad rail yards, the simple plan, relatively plain wall surface, random placement of the fenestration and the use of brick as a construction material.

Parking is available, and may be included with some units. Dogs and Cats are now accepted, subject to management rules.

Newberry Lofts apartments is two blocks from Sci-Arc, close to the 101 Freeway, walkable to Little Tokyo Village, near grocery, restaurants and shopping.

NEWBERRY LOFTS FOR LEASE | NEW LEASE LISTINGS | UNLISTED LOFTS

To see Newberry Lofts and other Arts District lofts for lease, call (213) 880-9910. Request new listings.

<a href="https://laloft.wufoo.com/forms/z16pez3m1ls4r2j/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

newberry-lofts-kitchen-220122-1116-j-e — Newberry Lofts Kitchen

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Not affiliated with Newberry Lofts owner or management. Corey Chambers, Broker, dRE#01889449

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

Today’s MLS data reports that the average Downtown rent has increased from $2,606 ($2,400 median) in the last half of 2013 to $3,021 ($2,725 median) currently. That’s $300 to $400 per month more rent today than just 2 years ago. Unfortunately, that is just the beginning.

Think Downtown Los Angeles rent prices are already high? Wait a few years. While we are dazzled by the amazing transformation of Downtown into the most exciting place on earth, the average Downtown rent will hit $4,000 in the blink of an eye. The Atlantic reports that over the next 10 years, the rental population in the U.S. will climb by about 4 million people. And that growth rate pales in comparison to the blistering speed of Downtown population growth.

Census Bureau data puts DTLA’s 2000 population at 27,849 people, but the 2013 total (according to the Los Angeles Downtown Center Business Improvement District) almost doubled, reaching 52,400, says KPCC.

Of the 57 residential construction projects currently under way in Downtown Los Angeles, only 3 are condominiums for sale. Investors are placing billions into rental communities because their projections show huge profits coming at the expense of renters over the next 10 to 20 years. No developers have converted new condo lofts in Downtown in more than 2 years. And none have plans to convert any more soon.

Those who think it is cool to rent now and buy later will unfortunately find that home prices will rise in a corresponding manner, locking out the average buyer. Only the wealthy will be able to purchase a nice place, and only the wealthy will be able to easily afford to rent an attractive loft or apartment. The average renter will be forced to spend more than 30% of income on rent, or live with additional roommates.

LOFT & CONDO LISTINGS DOWNTOWN L.A. [MAP]