Browsing through random Calisphere.org pictures I found the following, captioned "1957 - candidate for slum clearance, 1st and Central":
calisphere.org
It looks like the Brunswig Square building is peeking over from the next block, so we're looking at the SW corner of 1st and Central:
GSV
I think that water tower has been seen in other photos here. A few letters are legible: "__C PUR_". Looking for a Sanborn map of where I thought the tank would be, I found:
lapl.org
This shows a tank belonging to the Purepac Corporation, which was a pharmaceutical manufacturer based in New York. The lettering is hard to read, I think it might say "45,000 gal steel spklr ?? Elev. 60' abv ?? filled from city main by 120 gpm elec cent pump tank not in use"
The Purepac Corporation had a mixed reputation, being the object of enforcement actions and court cases:
US Nat'l Library of Medicine
As a physician, I'm intrigued by such things as
Dr. Meyers Nervine and
Mdme Brady's Female Compound. I am guessing the former caused bromism (chronic bromine intoxication) which paradoxically causes the symptoms it purportedly was used to cure.