Sale of the 18,441-square-foot tract (a parking lot in recent years) known as the Trans-Lux site was consummated this week for $1.2 million. Harold Zirkin, a 33-year-old investment counselor, bought the site from 14th and H Street Corp., headed by developer-builder John McShain.
Zirkin said that he has no present plans to develop a new office building on the former theater site but will probably entertain such plans when a prospective major tenant is available. The site at 14th and H streets and New York Avenue NW is zoned C-4 and could accommodate a building of 184,410 square feet, according to its floor area ratio.
The seller took back $875,000 of the purchase price in a mortgage loan.
More than ten years ago there was a Zirkin family fur shop in that area on 14the Street and the young owner said that he is convinced that the midtown area will regain stature with additional completion of the Metro, use of the station at 14th and I NW and other nearby redevelopment.
He also said that, compared to office building sites selling for $200 and more a square foot around Connecticut Avenue, this purchase was reasonable and worthwhile at about $85 a square foot. He said it is likely the parking lot will continue to be operated there through 1977. Monument Parking has the lease.