Bassin's Restaurant and Cocktail Lounge, destroyed by an early morning fire Tuesday, will reopen "as soon as is feasible," a spokesman for owner Lac Than Trong said yesterday.

Attorney Eric Cummings said Than Trong would rebuild and reopen the restaurant despite the fact that it lies on the first block that the Pennsylvania Avenue Development Corporation intends to buy as part of its plans for revitalizing the avenue.

Bassin's, at 14th Street and Pennsylvannia Avenue, is housed in two buildings that are slated to be acquired prior to 1980, then demolished to make way for a new office building.

Cummings estimated it would cost $150,000 to refurbish the burned restaurant, Than Trong had a $75,000 insurance policy on the restaurant's contents, the attorney said.

The announcement came as police and fire officials continued to search the rubble left by the blaze for clues to its exact cause.

The neighboring National Press Building is one of the applicants to redevelop most of the block. The Press Building has proposed erecting a new office building that would include the Bassin's site. The fate of the National Theatre, the other landmark location on the block, remains unclear.