Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-16
&,OD5,O(|O BUYS
WASHINGTON BLDG.
Structure Is Sold at Auction
to Firm of Boston Invest
ment Bankers.

The Washington Building. which
failed under its original financial plan,
based on an appraised value reported to
approximate $4,000 900, was sold at auc-
ton yesterday afternoon to Lindsey
Hooper, representing Hooper, Kimball &,
Williams. Boston investment bankers,
with winning bid of $4,OO5,000.
The monumental 10-story Office struc-
ture, located in the financial section of
Washington, fronting on New York ave-
nue., Fifteenth and G streets, overlook
ing the United States Treasury, was sold
under an order of District Supreme
Court following complicated and lengthy
litigation, and still is subject to court
action.
The auction sale. conducted by YER
non G. Owen of Thomas j. Owen &
Son, auctioneers, before a gathering of
more than 200 real estate men, bankers
and other interested parties is subject
to ratification by court, and there are
appeals pending before District Court
of Appeals from the decision of Dis
trict Supreme Court.
Sold Free and Clear" by Order.
BY order of Justice Gordon of the
local Supreme Court the property was
sold free and clear" of all encum-
Peoples Drug Stores, which has a lease
for large ground-floor space. and by
Parker Bridget, department store con-
Germ. which contracted to open cloth
ing store on the first floor.
The winning bid was above the cur
rent assessed value placed on the prop
erty by the District government, which
totals S3624,960 for both land and
building, but was lower than the total
OF the two outstanding trusts against
the property, amounting to $4,100,000.
The land occupied by the building.
which comprises an area Of 22,358
square feet, is ass sSsed at 1924 $50 and
the building at $l,500,000.
There were but two bids for the prop
erty made yesterday after Mr.. Owen
had given full description of the prop
erty and the terms of the sale. The
first was for $4000,0O0 made by Will
liam Merrick Parker, Washington attor-
ney, who said he represented out-of-
town interests, which he declined to
identify.
One third to Be in Cash.
After considerable delay and exhorta-
tions by Mr. Owen that bidders were
offered their ''last chance" to make
higher bid. Mr.. Hooper raised the bid
$4,000. Finally, the property was
knocked down at tnaC price.
One-third of the purchase price is to
be paid in cash and the balance in two
equal inStallments in one and two years.
MIR. Owen announced that the build
ing was sold free of all leases to present
tenants except for about a dozen which
were made by the trustees. Harold e.
Doyle of the Thomas j. Fisher Co. and
Andrew B. Duvall and which were ap-
proved by the court.
The Peoples Drug Store lease and
that for the Parker Bridget Co. were
not included in this list.
The action causing the auction sale
was brought by the Liberty Trust Co. of
Boston, trustees under the second mort
gage of 100000. The National Shaw
NUT Bank of Boston is trustee under the
first trust of $3,300000.
There is outstanding against the
property claim of $196,297 by James
Stewart g. Co., the building firm, which
was placed ahead of other claims, ex-
cept the first and second trusts, by the
decree of District Supreme Court. Also
there is an outstanding stock issue said
to amount to 1891 in preferred shares
and 24,050 in common shares. having
no par value.