Dear PoP – New Building at Georgia and Quincy Ave, NW For Sale

“Dear PoP,

Thought readers might be interested to see that “The Griffin,” the building going up at the NE corner of Georgia and Quincy is on the market.”

Full flier here:


Think it will become rentals or condos?

22 Comment

  • The rental market is strong right now. I’d say 70 percent chance of going rental.

  • I hope it goes condo and I never thought I would say this but the condo market is actually really strong. Given the location, these condos would cost less than Columbia Heights and I think they will sale quickly. I work with various developers and I keep hearing that the 1/2 bedroom/new condo inventory is actually getting “low” in DC. Either way, the DC housing market is crazy. Just happy the building is complete, great addition to the neighborhood.

  • “Good Deal or Not? 49-Unit Multifamily Building Edition”

  • Look = it has the same bricked up windows in front (more obvious in the flyer)like the the new smaller condo @ 2900 GA – wonder if Eric Colbert is arch. for this one, too?

  • is this a concrete building or wood building?

  • The flier says Marvin moved next door! 14th and U is going to miss that place…

  • it lists new buildings at the columbia heights and u street metros as the nearby comparable properties. georgia and quincy ain’t 14th and U.

  • What will be located on the ground floor? I sure hope that the retail spaces fill up a lot quicker than the condo building above the Petworth metro. That is still half empty.

  • I don’t understand why, if the building is almost done, it would make sense to sell it now rather than start condo sales? And I have trouble imagining Donatelli being short on cash given the success of other buildings (Park Place is suppoed to be 95% rented, plus successful buildings in CH and U St. Or maybe they are raising a ton of cash to start other developments?

    • It’s an optional exit strategy, that’s all.

      If they thought they could sell these 49 apartments today for what they thought they could sell them for before acquisition, pre development, permitting, excavation and full construction, they would sell them now all themselves.

      Things probably didn’t work out for the developer and the private investor partners the way as originally planned and having taken the high risk that real estate development is, with so many various factors; the very, very high cost of urban construction in D.C. with people living and working around your project 24/7, material and labor delays, current market conditions, a lender that won’t allow rentals and wants out, the plethora of things come to play altogether, and time is not on your side.

      Putting the whole project up for sale is an optional exit strategy to explore and to consider any offers that might come that allows the developer and private investor partners to satisfy their construction loan, all other obligations, all unpaid bills, and just maybe something left for them after all transaction costs,

      or to take the risk of selling these apartments in the current market one by one with uncertainty and an unknown result at the end of it all along the way until the last apartment is closed on and the warranty period has elapsed.

      This is the real world of personal risk taking, privately applied capital and productive resources, and the real world struggle of just making a living in the results oriented private sector that does not allow for inefficiencies and protracted development.

      Without these risk takers and the creative and innovative people they assemble in a collaborative effort, nothing would ever get built, there’d be no economic churning, wealth creation, an expanding private sector that provides work for everyone, real job creation, and an expanding tax base, all of which allows to be paid the slew of the myriad of taxes to provide for the revenues of the public sector so that it can do their vital work as well.

      It’s an optional exit strategy, that all.

  • anonymouse_dianne

    Only 25 parking spaces? What were they thinking? Anyone who can afford that sized apartment is going to have a car. Just saying.

    • It’s on top of the metro. I live farther away in a bigger space and I choose not to own a car. You’d be surprised; there are lots of people like me out there!

  • I’d buy that for a dollar!

    if they also offered a tax exemption for life.

  • I dunno. I think it’s bad news. It’s far from a vote of confidence that the builder would sell at this point in the process.

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