Less than a week after its 100 year anniversary, Grand Central Market has been sold. The new owner is Adam Daneshgar, president of Beverly Hills-based Langdon Street Capital, who vows to keep the market intact, with a plan to make minor upgrades.
According to the LA Times, Daneshgar would not disclose the sale amount. The purchase also includes the Million Dollar Theater tower, which sits right next door and is now in line for a major overhaul. Grand Central Market sees two million visitors every year, and the closed theater will reopen with a new tenant.
Since 1984, Grand Central Market’s previous owner has been Adele Yellin, widow of Ira Yellin. Adele Yellin was the one largely responsible for the building’s recent influx of new vendors when she took over the Yellin Company in 2012, bringing in names like Eggslut, Horse Thief, Sticky Rice, and G&B Coffee. Adele and Ira are considered early real estate settlers in Downtown LA.
Are GCM vendors and Angelenos worried about costs? Will longtime stands like China Cafe, or Tacos Tumbras a Tomas remain? The LA Times article says that Daneshgar wants to focus on maintenance and aesthetics by adding new paint, cleaning the skylights, and improving the lighting situation. He also suggested they will add a few new stalls. That could ultimately be good news for fans of Grand Central Market, as the aging building’s transformation over the past few years has been credited with proliferating the food hall trend across Los Angeles and the rest of the country.
- Downtown's historic Grand Central Market is sold to a local investor who promises few changes [LAT]
- Grand Central Market sold, new owner plans a facelift [Curbed]
- $20 a Day in Downtown's Grand Central Market: Pupusa, Burger, and Wonton Soup [ELA]
- China Cafe Is Secretly Grand Central Market's Best Breakfast Option [ELA]
- LA’s Grand Central Market: A complete guide [Curbed]