Izek Shomof

Izek Shomof
Born 1959/1960 (age 56–57)[1]
Tel Aviv, Israel
Residence Beverly Hills, California, U.S.
Occupation Real estate developer
Spouse(s) Aline Shomoff
Children 5, including Eric Shomof
Parent(s) Hanan Shomof
Sara Shomof

Izek Shomof (born c. 1960) is an Israeli-born, American real estate developer, investor, one-time film producer and former restaurateur. Born in Tel Aviv, he dropped out of high school to open restaurants and an autoshop. Since the 1990s, he has restored many historic buildings in Downtown Los Angeles. He has been honored for his philanthropic work in reducing homelessness in Los Angeles.

Early life

Izek Shomof was born circa 1960 in Tel Aviv, Israel.[1] His parents, Hanan and Sara Shomoff, owned a bar in Tel Aviv until they emigrated to Los Angeles, California in 1973.[1] His brother, Jacob, owned a restaurant in Los Angeles.[1]

Shomof went to high school in Van Nuys from 14 to 16, when he dropped out.[1]

Career

After working in his brother's restaurant, Shomof opened his own restaurant, Maxim, in Downtown Los Angeles, at 16.[1] By the age of 18, he had owned three restaurants, and he opened an autoshop on Pico Boulevard called Star Auto Body.[1]

The Hotel Alexandria in Downtown Los Angeles, prior to its restoration.

Shomof purchased Spring Tower Lofts, a derelict building located at 639 South Spring Street in the Spring Street Financial District of Downtown Los Angeles for US$1 million in 1999.[1][2] He sold it in 2000.[1] Meanwhile, he also acquired and restored the Premiere Towers at 621 South Spring Street.[1]

As an investor in Bristol 423, Shomof acquired the historic Leland Hotel, the King Edward Hotel, the Hotel Alexandria and the Baltimore Hotel with his son Eric and investor Naty Saidoff in 2012.[3][4] Additionally, they acquired the Santa Fe Lofts at Sixth Street and Main Street, the Binford Lofts at 837 Traction Avenue, the Title Insurance Building at 433 South Spring Street and its adjacent building at 419 South Spring Street, the Maxfield Building at 819 South Santee Street and the Capitol Garment Building at 217 East Eighth Street.[4] By 2013, Saidoff and Shomof were suing each other over the ownership of the buildings.[4]

Shomoff produced For the Love of Money, a crime film starring James Caan, Jeffrey Tambor and Edward Furlong, in 2012.[1]

In 2013, Shomoff purchased the Sears, Roebuck & Company Mail Order Building in Boyle Heights, Los Angeles for US$29 million from Mark Weinstein, another developer.[5] Shomoff expressed his intention to transform the entire neighborhood.[6] By 2014, he began the construction of a 22-story tower at 4th and Broadway in Downtown Los Angeles.[7][8][9]

Shomoff purchased the Rialto Theatre in South Pasadena, California in 2015.[10] Additionally, he made a US$80 million bid on the Revel Atlantic City in Atlantic City, New Jersey.[11]

Shomoff has not added seismic retrofit to some historic buildings he restored in Downtown Los Angeles.[12] His son Eric has stated that it was unnecessary, as they survived the 1994 Northridge earthquake.[12]

Philanthropy

Shomoff believes homelessness must end on Skid Row, believing it to be "inhumane".[13] With his business partner Leo Pustilnikov, Shomof was honored by the LAMP Community, a non-profit organization which aims to prevent homelessness in Los Angeles, in 2015.[14]

Personal life

Shomof has a wife, Israeli-born Aline,[2] and five children.[1] They reside in Beverly Hills, California.[1] He collects cars, and he owns "Ferrari 360, Shelby Cobra, Chevrolet Corvette C1 and NASCAR race cars".[1]

References

  1. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Or-el, Ayala (April 4, 2016). "Izek Shomof is driving the Downtown L.A. revival". The Jewish Journal of Greater Los Angeles. Retrieved May 2, 2016.
  2. 1 2 Freeman, Keri (April 18, 2013). "Building Downtown from the Ground Up". Downtown LA Examiner. Retrieved May 2, 2016.
  3. ↑ Vincent, Roger (March 5, 2012). "Three downtown Los Angeles hotels are sold to developers". The Los Angeles Times. Retrieved May 2, 2016.
  4. 1 2 3 Vaillancourt, Ryan (June 25, 2013). "Downtown’s Quiet Bel Air Buyer". LA Downtown News. Retrieved May 2, 2016.
  5. ↑ Vincent, Roger (November 20, 2013). "Sears building in Boyle Heights sells to developer for $29 million". The Los Angeles Times. Retrieved May 2, 2016.
  6. ↑ Vincent, Roger (November 21, 2013). "Owner of historic Sears site in Boyle Heights sees eastward growth". The Los Angeles Times. Retrieved May 2, 2016.
  7. ↑ Vincent, Roger (February 27, 2014). "New high-rise on Broadway would be one of tallest in Southland". The Los Angeles Times. Retrieved May 2, 2016.
  8. ↑ Khouri, Andrew (April 2, 2015). "Transformation in store for L.A.'s historic core". The Los Angeles Times. Retrieved May 2, 2016.
  9. ↑ Vaillancourt, Ryan (February 19, 2013). "Developer Planning 22-Story Tower at Fourth and Broadway". LA Downtown News. Retrieved May 2, 2016.
  10. ↑ Shyong, Frank (January 9, 2015). "South Pasadena's historic Rialto Theatre sold to downtown developer". The Los Angeles Times. Retrieved May 2, 2016.
  11. ↑ Rosenberg, Amy S. (March 4, 2015). "UPDATE: Judge puts off approving Revel proposed sale, part 3, to allow other offers". The Philadelphia Inquirer. Retrieved May 2, 2016.
  12. 1 2 Smith, Doug; Xia, Rosanna; Lin II, Rong-Gong (October 15, 2013). "Thousands of lives at risk and L.A.'s quake retrofit law isn't helping". The Los Angeles Times. Retrieved May 2, 2016.
  13. ↑ Holland, Gale (August 23, 2014). "For skid row residents and advocates, mural is a sign of survival". The Los Angeles Times. Retrieved May 2, 2016.
  14. ↑ "LAMP Meets 30. Save the Date for our Fall Affair.". LAMP Community. Retrieved May 2, 2016.

External links

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