Evening star. [volume] (Washington, D.C.) 1854-1972, 1889-09-14
A BIG REAL ESTATE DEAL.
Over a Million Square Feet Of Ground
Purchased.
THE FLANAGAN PROPERTY IN THE VICINITY OF
LINCOLN PARK NOW OWNED BIZ CITIZENS OF
wAsHISGToN-THEY PROPOSE TO MAKE ExrBN-
sIvE IMPRoyEMENTs-A LARGE Transaction.

wAsHINGToS-rHEY PROPOSE TO MARE ExrKN-
sIyE IMPRoyEMENTs-A LARGE Transaction
An agreement was placed upon record today,
/ showing one Of the most extensive deals in
Washington city property that has been made
in recent years, by which Stephen Flanagan Of
| Philadelphia transfers his entire interest in
the large tract of land owned by him in the
vicinity of Lincoln park TO .The Washington
Real Estate company" This property COM
prises fourteen squares and contains nearly
one million square feet of land. The price paid
was about S35O,OO0. The land has never
| been improved. although it includes nearly
the entire frontage on Lincoln park,
which is now one OF the prettiest parks in
! the city. The numerous eligible building
sites would have been occupied with resi-
| dences before this il the property had been
| offered in smaller blocks. The owner how
ever, had decided to sell it a whole, if at all
! and be was not particularly anxious to dispose
Of it. He had seen it gradually approaching
| In value and it was not difficult TO foresee that
| Its future was promising. Mr.. Flanagan's in
terest in the property dates back for a period
| OF over twenty-five years, when in conjunction
| with other Philadelphia capitalists he pur-
| chased the ground. 1t was the intention to
| erect large number of houses, and the work
| was begun by building q row Of residences
/ on llth street which are known to this day as
the philadelphia row." The plain brick
1
would make even Phlladelphian feel at home.
Zach house Is exactly like its neighbor; the only
| difference in the houses. as some one has re-
marked, Is that the night latch keys are unlike.
The houses, however, did not prove to be
profitable Investment and so no more were
erected. 1t was found that the enterprise
| was some years in advance Of the growth of
| the city. Eleventh street was too far east in
| those days and it continued to be good ways
out for some years after. The operations of
| the syndicate came to a stand still. They had
the land, however, and at a very cheap rate,
only few cents foot was paid for the prop
erty. Some of the members of the syndicate
| could not afford to wait to grow rich. and so
| one by one they disposed of their interests and
! finally Mr.. Flanagan became the sole owner
| His patience has been richly rewarded. He
has seen the city steadily growing out that way
and property III the immediate vicinity sell for
| over'a dollar square-foet. Lincoln park is
not so lar east today as 1T used to be and there
are facilities for getting there which did not
| exist when the Philadelphia syndicate made
| their purchase. The population east of the
| Capitol IS now about equal to what the popuia-
ton, OF the entire city was not many years ago.
on THE LINE OF IMPROVEMENTS.
| The new owners of the property in making
this investment recognized the rapidly chang
ing conditions of this part Of the city and per-
| celved that IN the development. Of real estate
! this property directly in the line of the
! onward march OF improvements and must soon
come on the market. They determined to buy
| and negotiations were begun. 1t was soon
found that 1t would be one of the largest real
estate enterprises ever attempted in this city
In fact, the recollection of some of the old real
estate operators failed to recall a similar in
stance where such large block of land within
| the city limits was included in one purchase
Some dealers whose memories go back as far
| as the year 1871 recall the large Investments in
northwest property made by the California syn-
dictate, and that Is probably the only transaction
l.1ph hS. a.
deal which has just been closed. The opera
tons OF the California syndicate. although it
was composed OF astute financiers like Judge c.
J. Hlllyer, Senator Stewart. and the late Judge
Sunderland, were looked upon at that time as
au instance Of the folly OF men. Times have
changed. No one regards the present transac-
ton, although involving probably larger in
vestment OF money, as indicating anything but
good business sense. The new owners Of the
property, the Washington Real Estate com
pany, was organized Last May with capital of
Sl2OO0O. the par value OF each share being 500
All this stock has been sold, and applications
| having been received for more the directors
have increased the capital stock to S3O0OOO
THE OFFICERS OF THE COMPANY
are al citizens of the District and identified
with the interests, as the following list will in
lcate:
President. John II. Walter: vice president.
DR.. Harrison ii. Bennett; secretary. w. Mosby
Williams; treasurer, John Ridout: board Of
directors, John II. Walter president Amnon
Behrend. Harrison VI. Bennett. Geo. A Jor-
DAN Jared Z. Nichols, Leo Simmons, Barlow
l.. Walker; attorney, John Ridout; finance
committee, Prot. c. X. Uruer. chairman.
Bertrand S. Ashby, Chas. ". Blazey.
1t Is the purpose o: the directors to place a
portion OF tins property on the market at once,
and they VIII also improve portions by the
erection OF residences. The president Of the
company, Mr.. John II. Walter in conversation
with a STAR reporter, said that the company
had been regularly organized under the laws
Of Virginia and that it had received a charter
therefrom; that it was authorized to buy and
sell real estate and to improve property by the
erection OF buildings. Mr.. Walter said that as
soon as formal possession of the property
was secured that active measures wontd he
taken toward developing it. He thought
that no difficulty would be expert
enced III realizing handsomely on the invest
ment. as there was growing demand for build
ing sites and houses in that locality, and that
the company could dispose of portion of the
property now at an advance Of 100 per cent
Under these circumstances he thought that the
investment was an excellent one. and that the
company might congratulate itself on having
made such a wise purchase. He thought that the
readiness with which the stock already issued
was taken before the sale of this property was
contaminated showed how the enterprise was
regarded by the public.
AN EXPOSITION SITE.
Mr.. Walter has great faith in the future Of
East Washington. He said that if this city was
selected as the place where the great exposi-
ton OF 1892 IS to be held as he firmly believed
that II would be. that the exposition buildings
would undoubtedly be located in the eastern
part of the city. He was of the opinion that
no other place In the city offered the same ad-
yantages. At least $50 acres of land he said
can be secured east Of the Capitol The Penn
sylvania railroad now skirts the border of this
Land, and the Baltimore and Ohio by its branch
from Bowie to Sheppard's could also have ac-
cess to the same locality by using the Pennsyl-
yania companys bridge. The street car facili-
ties could easily be made equal to those in any
part of the city, and looking ct it from every
point of view he thought the location in the
eastern section was the most suitable that could
be selected.
GRAND EXCURSION TO GETrYsBURa, THE
MECCA OF AMERICAN VALoR via Baltimore and
OHIO and Western Maryland railroads, under
the auspices OF Nelson association, Sunday
September Is, passing through the gorgeous
scenery of the Blue Ridge, Pen Mar, &C.
Special train of through cars will leave WASH
| lngton I'm. and arrive at Gettvsburg 80 D.
M, returning leave Gettysburg pm giving
! excursionlsts three and half hours at this his
toric battlefield forest of monuments to our
yalorous dead. Round-trip rate q. Children
half price. Tickets for sale at Baltimore and
Ohio ticket Offices, 6i9 and 1851 Pennsylvania
avenue. and at Baltimore and Ohio depot.
Forgotten Workers.