Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-08-04
Mr.. John B. McLea Purchases Land
on the Tenleytown Road.
NEARLY 4 HALF MILLION INVOLVED
An Entire City Square Acquired by
the Richmond Syndicate.
IN CREASE IN VALUES

large and important transaction in real
estate has practically been completed, in
volving the transfer of the title of prop
erty the aggregate value of which is nearly
$5OO,OO0. Mr.. R. H. Goldsborough and
others. the trustees of what is known as
the Richmond syndicate. transfer the title
to 31z acres Of land on the Tenleytown
road to Mr.. John R. Mclean The trustees
of the syndicate will require from Mr.. Nc
Lean the entire square 100, which Is bound
ed by 10Th, Goth and streets and Florida
avenue northwest. In the deal the subur-
ban property is valued at 1000 per acre,
so that the entire consideration is s254 900,
while the city property has valuation of
s1.50 per foot, AS the square contains 12S.-
256 square feet, the consideration is $192,-
coo.
The difference in the value of the two
properties amounting to about SEQ, 600 is to
be paid in cash by Mr.. Mclean.
1t is announced to be the purpose of the
new owners of the city property to at once
improve the square by the erection of
houses. 1t is probable that Oregon street
will be continued through the square, and
if this is done and provision made for al
leys, the property will be amply subdivided
for building purposes.
Probable Improvement.
Mr.. McLean's intentions in regard to his
newly acquired property are not definitely
known. AS the old house now on the place
is under lease for the summer, Mr.. Mclean
will not get actual possession until the first
of October. 1t is thought highly probable
that he will build handsome house for his
own use on the property, instead of on the
city square, as he had once planned, AT
present he leases one of the old places on
the Wood1ey Lane road, where he enter
tains his friends during the early months
1, ODD fa1l hn r.
chase by such a shrewd investor as Mr.
Mclean of property in that portion of the
suburbs is looked upon by those interested
that he will build a handsome home for his
confidence In the future of this property.
At any rate, it is believed that the transac-
tion, followed by the contemplated improve
ments, is likely to have favorable effect
upon the real estate market, and is looked
upon strong proof of the revival OF IN
terest in this form of investment
In the transaction Mr. Mclean was rep
resented by H. Rozer Dulany, real estate
broker, and the syndicate by Eilerson d
Wemple, real estate brokers. In arranging
the details of the transaction Mr.. Dulany
was guided by the advice of Mr.. George T.
Emmons, the attorney for Mr.. Mclean.
Increase in Values.
There is another interesting phase of this
transaction, and that is the appreciation in
values which the record Of both Of these
properties in recent years SHOWS. For cX-
ample, the city square which Mr.. Mclean
owned was purchased by him some twelve
years ago He transformed in into Il pleas
ure ground for the of his and built
d little cottage there and had the place
handsomely adorned with shrubbery and
surrounded it with hedge, so that 1t is
noW pretty park, He paid less than 80
cents a foot for the square, and now he
sells it for S1.50 per square foot. which ag
gregates S192, 900. Mr.. Mclean paid for the
property about So, 900
somewhat similar appreciation is shown
in the history of the suburban property,
which, hy the way, to be precise, is located
on the west side of the IeneytoWn road
nearly opposite the old Nourse place and
just north of the entrance to Cleveland
Park. For years this property was owned
by Georgetown College, and the fine grove
of old oak trees, that according to tradi
tion, is due to the fact that the place was
the country retreat of the priests attached
to the college. However that may be, the
ices were not destroyed by the troops who
were camped in that vicinity in grear num-
bers during the civil war. Some ten years
age the college authorities sold the prop
erty for $6u,0 and about a year later the
Richmond syndicate bought it, paying
S105,U00. Now the latter dispose of the
property at a handsome advance, which is
more than double what they paid for it.