WaPo recaps saga of 433 Mass
In today’s Washington Post staff writer Paul Schwartzman revisits the story of the “Ledos” building at 433 Mass Ave. The owner, Austin Spriggs, turned down over $2 million from developers for a property assessed at $200K during the height of the bubble. Late last year the District threatened to demolish the property as it was and unsecured shell. Adams National bank took that as a cue to foreclose and put the property on auction. It appeared there was a buyer (for $715,000) at the auction, but Spriggs contested the foreclosure and is supposedly threatening a civil rights lawsuit against the bank.
This April the property has been put back on the market for $1,500,000. Realtor Charles York told WaPo there is interest while members of the development community retorted “not at that price“.
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