The Washington herald., 1911-12-02

Marked by the same general Iassitude
which has prevailed in local real estate
circles for weeks. the Thanksgiving sea-
son gave little promise of better condi-
tions for the season. From nearly every
where came reports of inactivity in the
realty market, with every indication of
further dizziness during the winter, al
though in some quarters there were ru-
mors Of comparatively large deals pend
ing. although nothing Of particular conse-
quence has been recorded.
The leasing of the Shoreham Hotel, at
Fifteenth and II streets northwest, by
Levi p. Morton to ]. Maury Dove, OF
washington constituted the chief center
of realty interest during the week. Ru-
mors are persistent that the leasing OF
the property to Mr.. Dove for a term OF
ten years, at an annual rental Of $50, 600
presages the passing of Morton control
in the valuable hotel property.
Purchase Price Secret.
By the terms of the lease. which Vas
recorded several days ago. Mr.. Dove
has the privilege of paying the aggre-
gate rental Of $3.50, 1000, and also the right
of purchase either before or at the ex-
piration OF the period of the lease. No
mention of the purchase price was made,
DQI is 10. lHe EdCl
that for the first time Mr.. Morton, for
mer Vice President OF the United States.
has offered to sell the hotel at any
figure.
In the campaign of 1885, in which Mr..
Morton was a candidate on the ticket
with Gen. Harrison, his political oppo-
nents made much of the fact that buff
fet was one of the accommodations of
the Shoreham, and on the stump and in
A. II .n,VI, 4. -sr11
was laid on Lewis bar" Mr.. Morton
for years has declined to consider any
offer for the sale of the property.
In Valuable Section.
Occupying the position It does in the
heart of the newly created and fast
developing financial section of Wash
ington, its value increased by the re-
cent erection OF the new Southern and
Woodward buildings across the street.
the Shoreham property is acquiring a
value II held at no other period.
Men well informed in Washington
realty values consider the hotel prop
erty worth anywhere from 81, 10000 70
81, 10000 with every prospect II its value
increasing proportionately within the
next half dozen years. No confirmation
can be had OF any OF the rumors re-
garding either the purchase or Mr..
Morgan's desire to sell. How anxious
he is to dispose of the property can only
be inferred by the terms of the lease.
An additional feature of the transac-
ton is the fact that the entire block
bounded by II and I streets, Fifteenth
street and Vermont avenue may even
tually be owned by MIR. Dove and John
+. Mclean, both Washington men.
Wants Property Here.
A probable outcome of the leasing Of
the property and Its possible sale is the
surmise that the Shoreham may even
tually be turned over to the Ritz-Carlton
hotel syndicate, which is believed to be
DESTROYS OF securing a hotel property in
Washington to add to fits chain OF hos
telries throughout the country More
than speculation is said to be at the
bottom of the deal, but the plans Of those
directly concerned are a secret.
Building operations on the new Riggs
office building, at the southeast corner
Of Fifteenth and streets northwest, are
progressing rapidly. The contractors,
Wells Bros. Company. of New York,
haYe already practically completed the
stone and brick foundation work and
several days ago began the erection of
the steel construction. This has already
risen to a height of one story above the
street on the Fifteenth street side. and
is being brought up from the depths be-
low the street on the G. street side.
Work on the new Woodward building
at Fifteenth and II streets northwest Is
practically complete. Inside finishing
work is nearly over. and within a few
weeks the building will stand ready for
occupancy.