Sol Wolberg, a vice president at the Shannon & Luchs real estate firm who recently turned 93, has signed a 30-year mortgage to buy his apartment in The Towers, a complex on Cathedral Avenue NW that is going condo. He has lived there for some time. "They must think I'm going to be around for a while yet . . ." said Wolberg, who was honored last month by the Hebrew Hebrew Home for the Aged.
Eighty-five precent of the 615 units at The Towers has been sold, and about 70 percent of the tenants of the complex have bought in, a spokesman for the Lewis & Silverman real estate firm said. About 50 of the units were placed under deposit earlier for tenants who planned to buy second units as investments, he said.However, mounting interest rates caused those 50 prospective investment purchasers to drop their options, the spokesman said.
Builder Alan Pollin is completing four new three-bedroom, two-level town houses in two buildings in the 1800 block of 16th Street NW. The $197,500 houses have skyligths, private patios and brick fireplaces. One has been sold, according to Millie Lipp of Snider Bros., the firm handling sales.
A 10-year-old office building at 2511 Jefferson Davis Hwy. in Arlington has been sold for $10 million by American Century Mortgage Investors to Albert Ginsberg. Built by the Pomponio brothers, the building was taken over several years ago by American Century in a foreclosure.
The Ashley an older four-story apartment building at 2038 18th St. NW, is being rehabilitated, enlarged and coverted to condominium ownership by a development group called Ashley Associates Jeff Blake and Chris Albrick of the Capitol Hill office of Long & Foster are handling marketing. Blake said the long-vacant Ashley will have 26 two-bedroom units, priced from $105,000 to $125,000. He said the $3 million project includes installing greenhouses and decks in most units as well as the repair of a "fancy old elevator" that serves the building. Occupancy is scheduled for late spring.