Zumot Real Estate Management has hired Walter Schamu to conduct a feasibility study on the Brexton, and as of the Spring (2000), begun interior demolition and cleanup of the Brexton.
On March 30, 2000, I sent Zumot a letter offering whatever support and resources Brexton Renaissance has at its disposal. As of April 13, there has been no reply. I have also offered to assist Walter Schamu in any way possible.
I have confirmed with public records the price of the last sale at $122,500 effective 2000.1.5). Current city appraisal is $150,000 (1999.1.1). The owner of record is "Park Avenue, LLC, 1000 Potomac St, Washington, DC 20007"
To refresh your memory, when I began this process, the owner was asking $350,000, and the 1995 city appraisal was $326,000.
November 17, 1999, 3:45pm
An interesting day at the auction; only one bidder, with some dispute from the previous owner (Michael Kokolakis). Nothing about the Brexton ever goes quite as smoothly as one might expect. The new owner is:
Zumot Real Estate Management.
1400 Chain Bridge Rd, Suite 200, McLean, VA 22101
Zumot owns and/or manages properties in Alexandria and Rockville. More information will be posted here as soon as I dig it up.
The Sun did have a reporter on site, and the turnout for the auction was fairly considerable. Pictures of the auction are available at the Photos link.
This is the new owner.
NOTICE: The Brexton Is Going to Auction!
November 17, 1999, 3:00pm
I would like as many Brexton Renaissance people to be at the auction as possible. Brexton Renaissance does not have the resources to make a bid on the Brexton at this time, but a public showing of our interest in the building is important in case anyone does bid.
Auction is at 868 Park Avenue. Terms: Deposit of $10,000 upon signing of contract, 10%BP. Auction details supposed to be on www.cyberhomeauctions.com (but this site is "under construction" when last checked).
Update: There is some confusion about the "Absolute Auction" advertised in the Sun November 1st, and the $150,000 minimum bid on the web site. There's also a conflict between the $10,000 deposit on signing in the paper and $25,000 from the web site. I don't have the answer to that yet. I should note that the $150,000 minimum bid is precisely the last sale price for the Brexton (this past spring). Please note, if you bid, there is a 10% buyers premium (Your $150,000 bid is really $165,000.)
I've also had a few people express interest in, or suggest forming a group to bid on the Brexton; no such group exists now, if you'd be interested in participating in one, please let me know ASAP and i'll put you together.
If any of you contact these people, I'd be very interested in your experiences. As always, your comments, feedback, and suggestions are quite welcome. For your reference:
1999.10.21: A memo was filed regarding the damage to the north turret cornice, excerpts: Cornice above fifth floor window had fallen to sidewalk. Unable to contact owner. Previously condemned March 13, 1991. Due to the unsafe condition of this building, it is recommended for condemnation. Not recommended for razing consideration. Debris cleanup by Mr. Baker of DPW. Oct 10, 1999 9 o'clock, recieved call from city hall operator to respond to subject address. Albert Cheeks, Construction and Buildings Inspector I.
1999.11.9: I have been informed that the current owners (Michael Kokolakis and William Swisher) have removed and presumably sold off much of the interior finish work. Potential bidders should be aware that this has occured.
1999.11.11: Brexton makes the news again. Click here
On November 17, 1999, the Brexton was auctioned to Rajai Zumot. After some strange disputes from the previous owner (Michael Kokolakis), a check was endorsed and I expect the paperwork will follow in short order. Zumot is a real estate developer in Virginia, and made brief comments after the auction, intending to renovate to "market housing" at a cost of approximately $1M. Brexton Renaissance continues its role as watchdog for the Brexton.
On April 5, 1999, the Brexton was sold by Larry Teitel to a group known as 868 Park Avenue, LLC. The deed was recorded May 17, 1999. 868 Park Avenue, LLC is Michael Kokolakis (of Dakota Trade Associates) and William Swisher (of WMS, Inc.). As a result of this sale, Brexton Renaissance has assumed the role of watchdog for the Brexton, and will continue to monitor and collect information about any development activity.