Evening star., 1928-12-29
PRIVATE BUILDING WORK IN d. C.. GAINS q
COST OF NEW PROJECTS
PLACED AT $49,994,355
Dwelling Construction Declined Sharply,
Apartments Increased Heavily.
Total Below 1926.

able. many major deals were con-
summated and the total valuations in
volved mounted into millions Of dol
| lars. Among major deals were the
purchase by the Southern Railway ol
the site for its new Washington head
quarters building, now being erected
on the southwest corner OF Fifteenth
and K streets; purchase of the site
for the home of the Washington Rail
way g. Electric Co., Tenth and
streets; purchase by Joseph McReyn-
olds of five of Washington's newest
and largest apartment properties
acquisition by s. Kann Sons Co. Of
downtown business property at 1216-18
G street and 1915 F street from Dulin
& Martin; sale by Harry Wardman of
the Roosevelt Hotel to a syndicate
headed by Frank B. Banks; purchase
by James L. Karrick of the Portland
Hotel from Harry M. Bralove; sale of
$50 acres of the old Benning race
track property to residential devel-
opment concern: purchase by Joseph
H. Hines of business property at the
corner Of Connecticut avenue and K
street.
Building Funds Plentiful.
While the market generally was
lcILI1Cu SClGCtlNE, UI lIIS
older real estate and operative build
amount of business in residential sales,
both of the expensive and modest price
types.
Money for investment here by out
of-town investors continued plentiful
and funds were available for nom
speculative new building operations, in
surance companies and brokerage
houses continuing to provide a con-
siderable portion of funds for new
ventures.
The outstanding refinancing opera
ton of the year was the underwriting
of bond issues totaling $13,500O 900
placed on the larger properties here
of the Wardman Construction Co., in
cluding IL of its hotel, apartment and
business properties.
Several months earlier a new bond
issue totaling $9900,000 was under
written on the Mayflower Hotel This
was believed to be the largest issue
ever placed here on a single property
The year was not, however, without
its troubles and number of valuable
structures were placed on the auction
block in default of trusts.
Fewer Houses Built.
Analysis of records of the building
inspector shows that in contrast TO
1927, when the volume of dwelling
construction exceeded in cost the figure
for apartment house operations, during
the past year the cost of dwellings
was $10,037, ,700 while the cost of
apartment projects was estimated at
$17,834, 500. The number of houses
provided under permits issued in the
past year was 1878, considerable
decline from the number in preceding
years, this being one explanation given
for improvement in the market for
houses here this year.
The number Of houses erected in the
District in 1927 was 1884, while there
were about 1926 erected in 1926, and
approximately 4,720 in 1925.
There were so dwellings started in
January, having cost of $495, 400; 1O9
in February costing $614,000, l53 in
March costing 81 $40, ia in April
costing $986.700 1853 in May costing
$l,l06,690, 81 in July costing ST. ,OO2. $50,
1O7 in August costing $822,850, II in
September costing $606,925, 142 in Oc-
tober costing $1,l75825, 81 in November
costing S596,050 and "a in December
costing S275,650.
Permits were issued in January of this
past year for six apartment houses cost
ing $780, 900; in February, five costing
$3,1l0,000, March. six costing $446, 500;
April, four costing $625,000; May, IL
apartments costing $934,O0O; June, one
apartment costing 100000; July, 10
apartments costing $2,339, 500; August,
two apartments costing $460 900; Sep
tember, IA apartments costing S495.-
600; October. two apartments, costing
S950,000; November, three apartments
costing $2,350,000. and December. 10
apartments costing S3,5445G0.
A tabulation of the estimated cost of
building operations in the District dur
ing months of 1923 follows: