Attorney Fires Back in Fryman Canyon Suit
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An attorney for a developer trying to build homes in Studio City’s Fryman Canyon charged Tuesday that a lawsuit filed by the Santa Monica Mountains Conservancy is an attempt to depress the property’s value.
Attorney Ben Reznik, who represents developer Fred Sahadi, said the state agency is trying to drive down the price of the canyon property so it can buy it.
For several months, the two parties have talked, but sharply disagreed over price. The conservancy says the canyon is worth $8.7 million and Sahadi has had it appraised at $13.7 million. Conservancy executive director Joe Edmiston denied Reznik’s charges, saying the lawsuit seeks to require Sahadi immediately to dedicate 32 acres of the canyon to the conservancy for parkland to meet a requirement imposed by Los Angeles.
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