The Washington herald., 1906-10-15
BIG REALTY DEAL is ON
Syndicate Seeks to Buy Two
Business Blocks.
OFFERS $4 PER SQUARE FOOT
Agents Engineering Deal secretive
As 10 Purpose fer which Ground
Is Wantcd-Hodern Hotel or Giant
Department store Way Occupy site
Numerous other Rumors Prevail.

A real estate deal Involving two squares
Of valuable ground. bounded by .dassa-.
chusetts and New york avenues. Sixth
and seventh streets northwest, IS under
way, options having been secured upon a
majority Of the lots 10 both squares
The price of the options signed are said
to be on basis Of 81 q square foot, with
allowances. in some Instances, for the
value of the improvements.
The squares in question are fatiron
shaped tracts with * street running be-
tween them on the square fronting on
Massachusetts avenue is the Home Saw
ings Bank. stump & Lyford's furniture
store, and about fifteen smaller holdings,
alI occupied by small stores or dwelling
houses. The other square is of exactly
the same size ana is covered by the hard
ware store oC Louis I5rtig. large
restaurant. and some twenty dwellings.
snyyiIIinE Ones EndanEer Deal.
Agents and cmmisaries Of the would-be
purchasers have been negotiating with
the owners Of the property for several
weeks. and while the majority have signed
options several are holding back for
higher prices or arc unwilling TO sell
their homes for sentimental reasons.
Those who are engineering the deal ere
secretiye as 10 the purpose TO which The
ground VIII be put ii purchased. ana they
refuse al This time to disclose The identity
0T tie persons who are trying 10 buy it.
a property holder iu the neighborh0od,
who requested his name TO be withheld.
said 10 Il Herald reporter last night, that
the project might be tied Up by thc few
who are holding of for higher prices. as
the parties seeking 20 buy il had only
specified sum with which 10 make the
purchases. This man said that for "a week
or more the prospects had not been
favorable for the deal % go through. IIe
hoped. however. that those who had NOT
yot signed the options would be- induced
90 do So when they learned that the
majority of the holders had been willing
to accept the psice offered
Rufmor OF New Center Market.
4 number OF rumors are current as TO
the probable intention of the purchasers.
one of them IS that the two squares are
To- be used for new Center Market, with
"A
that the United States government owns
the land where tae Center Market now
stands. and the company is said TO realize
that ia Is only 81 question of q few years
when ii viii be necessary 90 seek new
quarters for tho market. as the govern
meut VIII want the land for some pablo
building
II is held that with the new terminal
rfHsa..
adjusted to the new requirements rhe
location az Seventh street would be ideal
for new Center Market
s number OF persons were found yes
terdly who were positive this wes the
purpose % V1ich the property Was TO bc
devoted This. Dc Wes said. explained the
willingness Of the Home Savings BaBk-t0
sacrifice its location and seek a new one.
When objection was made % this theory
ou the ground thar the Northern Liberty
Market was only three squares away. the
informant said the two markets could be
easily consolidated and the property Of
The Northern Liberty Market devoted 20
other purposes. one of which is the pos
sibnity OF "a theater or improved con-
yenuon hail.
May lie Modern Hotel.
Another idea suggested was that New
York parties are buying the property
with a view 10 erecting o grand hotel on
the site. possibly closing X street and oe-
cupying two squares.
This proposition. according to one in
furmant, was capable Of another inter
pretauon-that If they found it expedi-
ent 70 take the square next 10 Massa-
chusetts avenue, the other would t5e open
&c them for the purpose of building the
hotel This view seemed TO liz IN with
TIE idea that the syndicate really want
ed only one of the squares. StiN another
rUmor is that the same company VIII
build hotel ON one square and "a bis
theater on the other.
Stiil another informant told The Her
AID man in an seriousness thai john Wan
amaker. of Philadelphia. was 20 erect and
open Q fine department store on the prop
erty as soon SIS it's purchase was effected.
A modification OF this story was 90 the
effect that several New York merchants
had formed q large company TO establish
a. big store on the site.
Purchasers Eager ~ Close soon.
None &C these stories could be fully vcr-
ihed yesterday. except that one man who
is acquainted with the secret said that
the department store notion might bc
abandoned and that the hotel was nearer
The truth.
None OF the persons talked with denied
that responsible parties We're seeking To
acquire the property and were anxious To
bEy it, One man said it had been hoped
20 close the deal before this time. as the
pians OF the purchasers included build
ing operations ON large scale and they
were eager u begin SO as 20 have their
structure ready for occupancy within
about two years