Evening star., 1895-06-08
REAL ESTATE GOSSIP
The Riggs Bank Property and the
Recent Partition.
ESTIMATES As TO THE BASIS OF VALUE
The Weeks Record Shows a Heal
thy Increase in Building.
SOME IMPROV ENTS

The partition of the property on a por--
tion of which the Riggs Bank building is
located, and which was made matter of
record during the past week. excited con-
siderable interest, AS this property has re-
mained in the possession of the families
represented by the present owners since
1855, the usual basis for determining its
value, namely, the consideration given in
former sales, is. lacking. Naturally there is
good deal of curiosity among those who
are interested in realty to know the money
value on which the partition was made.
The papers recorded, however, mention
only nominal consideration, and as no
details of the transaction are given by the
parties interested the question remains
one of speculation. However, this fact
does not prevent the usual comment and
gossip which transaction of this char
acter gives rise to. The terms of the di-
vision have been stated in The Star, and,as
Is well known, under this agreement Mr.
+. Francis Riggs who succeeded to the
interest of his father, the late George W.
Riggs, in the property, receives as his
share the portion at the corner of Pennsyl-
Vania avenue and 18th street, having a
frontage of So feet / IL inches on Penn
sylvania avenue and 13O feet on 18th street
Area of the Entire Property.
The entire frontage on the avenue is about
los feet, the heirs of the late WV. Corcocan
receivinStne western half,as well as 'front.'
age of about so feet on 18th street. Tho
line of division is somewhat farther west
than the bark building and passes through
the building adjoining the bank. The en-
tire property contains about 25.oOO square
feet, and of this amount the portion of
Mr.. Riggs comprises about 1880 square
feet. 1t is understood that the partition
was made en- money valuation of the en-
tire property and equal division.
1t therefore follows that the corner. COM
prising about one-third of the entire area,
was estimated to be worth as much as the
balance of the property.
There have been various estimates and
guesses as to the valuation upon which this
partition was based. One estimate. which
Is regarded by some competent judges of
real estate values to be probably somewhat
near the real figures. places the value of
the corner piece at $50 per square foot, or
4 total of about $3.50, 600 The per foot
value of the balance of the property on this
same basis would therefore be about $40
According to this estimate. the value of the
entire property is about $12OO0O 1t Is ex-
pected that owing to the value of this site
substantial improvements will be made in
the near future which may take the form
OF a large building, covering the entire
ground.
Appreciation in Values.
1t Is interesting to note In this connection
that in 1S45. when this property was pur-
chased from the United States Bank by the
late W.. w. Corcoran and the late George
w. Riggs the price paid was $4,000. AL
though half i century has elapsed since the
original purchase. the appreciation in the
value of the property may be considered as
rather notable one. In this connection it
may be stated that comparison of prices
of property generally throughout the city
will show practically a corresponding in
crease, although of course, the ratio of in
crease would not be great in some cases
as in others. The half century that has
just closed has witnessed the development
of this city from struggling village into
great and prosperous comm unity, and prop
erty values have felt the influence of the
growth of population and the increasing
prosperity.
In Justice Whites Residence.
Extensive improvements and alterations
are about to be made by Mr.. Justice White
in his residence, 1717 Rhode Island avenue.
An addition to the house will be built, COW
ering the vacant ground a. the side, max
ing the new frontage about forty feet. An
entire new front will be put in from plans
prepared by Hornblower & Marshall,
architects, and changes and alterations will
be made in the interior of the house. John
McGregor is the builder.
The Argyle Subdivision.
Argyle, the Blagden estate, on the 14th
street road, has been surveyed by Mr..
Henry LOCKER so as to make it conform
with the Commissioners plans of street ex-
tension. The streets will not be opened to
their full width at present, but driveways
will be made in the center of the more i'm
portant streets for private use.
Mr.. Thomas Blagden, the owner, will
erect two houses under the shade of the
fine oaks, for which this estate is noted.
They will have stone Easements, weather
and rough cast work will be used
on the exterior of the other stories. Large
porches will be a feature of the design.
The interiors will be equipped with modern
Mr.. Glenn Brown is the
architect
This is a beginning of plan long desired
by MIR. Blagden, to develop the whole es-
tate
The Record Of the Week.
A healthy increase is shown this week
both in the number of permits granted and
the character Of the buildings. During the
week ending yesterday twenty-three per-
mits were issued, aggregating in cost ap-
$s9,275. These were divided
among the several sections as follows:
Northwest, seven permits, $iS,OI5; south
west, one permit, s400; northeast five per-
mits, $1,000; southeast, one permit, $1,000,
and county, nine permits, $29,SOO.
Some improvements.
Margaret Ragan Is building at 642 E
street northeast brick dwelling with
stone basement, three stories high. N. T.
Haller is the architect and A. K. Belt the
builder.
The Knights of Labor are building a
handsome brick assembly hall and head
quarters at 40 B street northwest. Samuel
Beall is the architect and builder.
Two brick stores and dwellings are being
erected at 1914 and 1246 7th street north
west Bildman and Rosenthal are the
owners, A. B. Mullett & Co. the architects
and Milton & Watts the builders.
Ground has been broken for the building
of a handsome brick and stone dwelling at
1920 street northwest for Martha B.
Gardner L. F. Gardner is the architect
and j. B. Perkins the builder.
A three-story brick dwelling Is being
erected at 800 East Capitol street for NJ. E.
Chlds. Jas c. Johnson Is the architect
and NJ. E. Cook the builder.
A large steel gas tank is being erected by
the Washington Gas Light Company in
square 1925, between 18th and 18th, NJ and
N streets southeast.
The City Construction COMPANY is build