Since January, 2003
            
 Sliding from Before to After

Documents filed with the Recorder of Deeds within the past few months show that Lehman Brothers has executed the necessary legal and financial maneuvers to take sole ownership of a portion of the infamous hole in the ground on Half Street just north of Nats Park (which I can't believe I didn't until this instant ever think to call Monument Valley).
The site, on the northern part of the hole and just south of 55 M Street, was going to be the hotel portion of Monument Realty's block-long Half Street development.
This is the third time in the past few years that Lehman has taken ownership of property in Monument's once-vast holdings just north of the ballpark. Lehman was one of Monument's investment partners on these properties, in addition to being the lender.
In both of the other cases, the "foreclosure" by Lehman ended up being a precursor to the sale of the property--both at 50 M, bought by investors in May 2013 and now the site of the planned Homewood Suites hotel, and at 1244 South Capitol, bought by JBG in late 2013 and likely to be a residential project. (The company's 55 M Street office building was sold in late 2013 without a Lehman takeback.)
Whether this is another precursor to another sale, we will have to see.
As of now, Monument retains an ownership stake in only two properties in the Ballpark District: the southern half of Monument Valley, where a residential project was planned, and the old Domino's site at One M Street, where back in 2012 Monument had been starting to shepherd an office project through zoning.
Comments (5)
   
 
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Comments

Tom says: (5/29/14 10:32 PM)
Oh, you know its bad when Lehman bros. picks things up.


JD says: (5/29/14 11:06 PM)
I probably should have done a better job of making clear that Lehman was part of the original investment team on these properties, along with Monument and MacFarlane Partners. They didn't just swoop in and pick them up at foreclosure - they were the lender in addition to an investment partner.

Sometimes I just write like everyone knows what I'm taking about. :)


Westnorth says: (5/30/14 3:02 PM)
"Monument Valley" is too clever to give up!


JD says: (5/30/14 3:41 PM)
In other news, there's a new feature on the home page, if you hit a qualifying "before" photo in the random pair in the box at top.


Tom says: (5/31/14 10:33 PM)
Lehman Bros. filed the biggest bankruptcy in U.S. history, with Lehman holding over $600 billion in assets but that's what bankruptcy's for, I s'pose. I'm guessing they've decided to put sub-prime loans behind 'em.

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Recent Crime Incidents Archive  
1200 B/O HALF ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 03/28/20
1200 B/O HALF ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 03/23/20
1500 B/O SOUTH CAPITOL ST SE   THEFT
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 03/11/20
200 B/O I ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 03/09/20
1000 B/O 1ST ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 03/08/20
400 B/O M ST SE   THEFT
Theft 2nd Degree (theft From Building)
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800 B/O L ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 03/05/20

Recent Issued Building Permits Archive  
1300 4TH ST SE 1001   
03/16/20 
LA FAMOSA LLC / null
P2004796 / SUPPLEMENTAL
   
03/20/20 
LA FAMOSA LLC / null
E2005975 / SUPPLEMENTAL
1300 4TH ST SE 1006   
03/16/20 
LA FAMOSA LLC / null
M2001859 / SUPPLEMENTAL
1300 4TH ST SE RU-1   
03/11/20 
AP BOWER RETAIL LLC / DOMINIC E TOTARO; DOMINIC E TOTARO
M2001793 / SUPPLEMENTAL
1300 4TH ST SE   
03/13/20 
LA FAMOSA LLC / KIMOY LALLEMENT; POTOMAC CONSTRUCTION SERVICES
TL2000028 / CONSTRUCTION
New tenant layout for commercial kitchen, two restrooms, point of sale bar, and dining seating, new lighting and mechanical zones. 2,338 sf INDOOR OCCUPANCY: 84 PERSONS WITH 59 SEATS OUTDOOR OCCUPANCY: 38 PERSONS WITH 38 SEATS TOTAL MAX OCCUPANCY: 122
900 5TH ST SE   
03/24/20 
DISTRICT OF COLUMBIA HOUSING AUTHORITY / KAYLA TRICE; DELAWARE
EN2001608 / SHOP DRAWING
Install 3 new hydraulic passenger elevators
2 I ST SE   
03/09/20 
CRESCENT CAPITOL VIEW MF LLC / BOB BIROONAK; BOB BIROONAK; BOB BIROONAK
SG2000223 / CONSTRUCTION
one non illuminated sign
200 I ST SE   
03/17/20 
DISTRICT OF COLUMBIA / LEIA TERRELL
B2006382 / CONSTRUCTION
Tenant Alterations of existing office doors and wall. Including relocation of existing electrical, and mechanical terminals. NO CHANGE OF EGRESS, USE OF OCCUPANCY, NO EXTERIOR LAND DISTURBANCE, NO BASE BUILDING STRUCTURAL WORK.
   
04/01/20 
DISTRICT OF COLUMBIA / null
E2006294 / SUPPLEMENTAL
300 M ST SE   
04/02/20 
FEDERAL CENTER LP / CENTER; EDGE CONSTRUCTION
B2004640 / CONSTRUCTION
INTERIOR RENOVATION TO 4TH FLOOR OFFICE SPACE. PARTITIONS, FURNITURE, MECHANICAL, ELECTRICAL, LIFE SAFETY AND STRUCTURAL HANGING PARTITION. 3500 SQUARE FEET. AMENTUM
139 N ST SE   
03/16/20 
PARCEL I FC ROWAN / MIGUEL RIOS; GRIFFIN DEWATERING, LLC
SB2000152 / CONSTRUCTION
Type of proposed System: Deep well dewatering system consisting of 16 wells around the perimeter of the shored excavation and 2 wells within the excavation in a mutually agreed layout. • Installation Method: Wells will be drilled up to 70’ deep, utilizing Griffin’s hollow stem auger drilling rig to drill up to a 10.25” I.D. borehole. Deep wells come complete with screen, casing, riser pipe and a s...
1299 NEW JERSEY AVE SE   
03/13/20 
FOREST CITY SEFC LLC / SARAH J. NAPIER
BCIV2000067 / CONSTRUCTION
Revisions to BCIV1800153. This submission is for approval stamps only. No change in work.
71 POTOMAC AVE SE   
03/27/20 
MRP RESIDENTIAL / KAYLA SHATTUCK; KAYLA SHATTUCK; PARADIGM CONTRACTORS LLC
BCIV2000036 / CONSTRUCTION
This permit is for site civil work at 71 Potomac Avenue SE including stormwater management and erosion & sediment control. See plans for more details.
AH = After Hours; B = Alteration & Repair; D = Demolition; E = Electrical; FB = Boiler; M = Mechanical; P = Plumbing and Gas; PC = Post Card; R = Raze; SG = Sign; TL = Tenant Layout; TN = Tent; RW = Retaining Wall;

Real Property Sales Archive  
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