Silver Lake nightclub owner cashes in on property

Jan 16, 2013

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Nightclub owner Steve Edelson had made  a fortune off the Eastside nightlife scene. Now apparently he is preparing to cash in on Eastside real estate. Edelson is in the process of selling some of his local real estate holdings, including the land beneath two popular nightspots: El Cid in Silver Lake and The Virgil (formerly Little Temple) in East Hollywood.  “He’s just unloading some  properties right now,” said Rob Zaharia with NAI Capital, the commercial real estate broker who is marketing the Edelson properties.  The El Cid property on Sunset Boulevard, which is listed for $3.35 million, “is just one of the things on the list.”

The Virgil/Photo from NAI Capital

The Virgil/Photo from NAI Capital

The other thing currently on Edelson’s list is the approximately 3,400-square-foot building at the corner of Virgil Avenue and Santa Monica Boulevard that is home to The Virgil lounge.  Edelson, whose most recent venture, Los Globos in Silver Lake,  has attracted complaints from neighbors, is asking $1.9 million for The Virgil  property, according to the NAI Capital listing.

In the case of El Cid, Edelson sold the Spanish restaurant and supper club to Scott Milano but kept ownership of the approximately 7,000-square foot lot that slopes down the south side of Sunset Boulevard.  An employee of El Cid, which is known for its Flamenco show,  said is not part of the sale and will remain in business no matter who the landlord is. Edelson and Milano have had a rocky landlord tenant relationship. A recent L.A. Magazine profile on Edelson  said that the two men settled a three-year lawsuit over the sale of the club.

While El Cid’s owners plan on staying in business,  the Sunset Boulevard property could be an attractive development site.  The property sits on a section of Sunset Boulevard where developer Frost/Chaddock is planning to build  three large apartment buildings. Says the listing of the property:

Located Directly in the Path of Progress with Multiple Major Residential Developments Underway within Walking Distance.

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