The “Ledo” shell at 433 Mass Ave is on the market again. Last fall we heard that the property was sold at auction. It now appears (see image below) that the current owners have contracted Coldwell agent Charles York to find a buyer. An April 5th cache of a listing on Trulia suggests the asking price is $1,500,000.
Last week Broadway401 LLC won court approval for the Chapter 11 bankruptcy restructuring they applied for two months ago on The Dumont. This applies to all 559 units in both the 401 and 425 Massachusetts Ave NW buildings.
Urbanturf is reporting that we should expect to hear news of a sale of the properties to Equity Residential (EQR) in the coming weeks. Equity Residential is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top U.S. growth markets.
I wonder if the properties will be renamed by new ownership to distance themselves from the past baggage surrounding the Dumont.
UPDATE (3/24/2010 11:30am): Good find from reader Steven – a listing for 425 Mass on the EQR website.
UPDATE (3/25/2010 3:30pm):WBJ reports the sales price was $167 million.
On Monday the three related entities that developed The DuMont condominiums voluntarily filed prepackaged bankruptcy cases in Delaware. Read the full details at Netdockets’ Corporate Restructuring & Bankruptcy Blog.
It certainly appeared that foreclosure was a forgone conclusion. Perhaps that they’ve finally made it official suggests a transaction to another party is closer to being realized.
The Google Earth tool has a feature that displays historical satellite images from selected points in time. I thought it would be interesting to review images from last decade that pre-date all the new construction development we see today.
Not surprisingly much of what existed in 1999 was surface parking lots. But there are structures visible on many of these sites. Where these vacant buildings or did they host residences or businesses. Feel free to share the 411 in the comments.
UrbanTurf recently partnered with McWilliams-Ballard to publish a 5 part series on the state of the new construction DC Condo Market. The series highlighted the performance of various submarkets and top selling buildings in the DC area.
Several of the conclusions presented in the series proved favorable for the Mount Vernon Triangle. Our neighborhood sported 3 of the top 12 fastest selling condo buildings in the DC area with City Vista K earning the top honors. New construction inventory in the Triangle, at the current velocity of sales, was also determined to be the second lowest among submarkets at just 11 months.
Could the rapidly depleting inventory in our neighborhood increase the likelihood that new ownership for the DuMont could once again market the property as condos?
A quick posting on the latest signs of progress in the neighborhood:
- Taylor Deli buildout continues to zoom along
- Brown paper has been put up inside the windows of Kushi Izakaya – this usually means buildout is about to begin.
- Ideal Realty Group classifies the DuMont as “under agreement”. I’ve learned this only applies to the 370 unit building at 425 Mass Ave.
A few small updates this morning:
- Several readers have pointed out that DDOT installed much needed physical barriers at 5th and Mass over the paint striped areas. See photos from John and Kim. While the barrels are a bit much this sort of temporary solution was needed to address the safety hazard DDOT created by leaving the intersection modifications they started incomplete.
- The water being pumped out from the DuMont onto the street is pooling along the yellow curb and producing Algae. The MVTCID has approached DCRA and they will send out an inspector.
- The prostitutes that previously congregated at 4th & L have relocated to the 5th & Mass triangle park next to the House of Ruth and Circulator bus stop. A few days ago I saw a man with no pants on wiping up after dropping a deuce. Please call MPD if you see any violations of the law.
The DuMont continues to sit on the market as Ideal Realty Group attempts to attract buyers. While the current lending environment is unquestionably hindering progress on this front as a neighbor it’s more puzzling why the building continues to take on water. Flood Control trucks were a common sight in December of 2008. Here we are 9 months later and the building still is pumping water out of the garage after heavy rains.
UPDATE [8/7/2009 12:30PM]: From a reader email it appears that today Pepco is pumping water out of the DuMont’s electrical vaults.
In the comments I riffed against the urban design of the DuMont’s Mass Ave frontage. Two entrances accompanied by semi-circle driveways on Mass Ave was completely unnecessary. Good urbanism would have been to place one entrance on Mass Ave and the other (sans semi circle driveway) on either Fourth or Eye Street. This would have allowed more Mass Ave frontage for retail space. The developer placed greater emphasis on the prestige of Mass Ave addresses over good urban form. That was a very short sighted attitude. Is this a travesty – no? But definitely a large missed opportunity considering.
The DuMont condominiums have been in limbo for months. A tip from reader PQResident shows that the building Ideal Realty Group, on behalf of the lender, is listing the two 14 story buildings totaling 559 units at the price of $170,000,000. A four page flyer is available on the IRG website.
The Esocoff architectural designed community is the most luxurious property constructed in the Mount Vernon Triangle and Gallery Place / Chinatown submarkets.