Month: June 2014

Talk About Sticker Shock!

Photo Courtesy DistrictSource.com

Photo Courtesy DistrictSource.com

Mt. Vernon Triangle is in the midst of a serious makeover, with shiny new luxury high rises popping up all over the place. But amidst all the beautiful new construction, one eyesore still stands strong on K Street next to the City Vista complex: Museum Square. Last week, the building’s owners filed an Offer of Sale with a pricetag of (drumroll please)….$250 million. The building has 302 units. Which means they are asking about $830,000 PER UNIT.

People, please. You know some developer is going to snap that building up eventually, but who in their right mind would pay that price for a building in that condition? I can’t wait to see how much it actually sells for, and REALLY can’t believe the audacity of these owners to ask for so much. This is DC folks, not Manhattan!

Other fun facts about the building from DistrictSource.com: The 89,710-square-foot lot sits on just over 2 acres at 401 K St. NW and had a tax assessed value of $32.5 million in 2013.  The existing building has 302 apartment units and 6,500 square feet of retail fronting on both K and 4th Streets, NW.

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