JBG Smith continues to make Northeast DC a part of its long-term plans in the city.
The firm acquired 75 New York Avenue NE for $17.4 million last week, JBG Smith representatives told UrbanTurf. (JBG Smith disputes the $30 million price listed in city records.) The site is currently home to a McDonalds restaurant.
“We have had an option on the site for many years, and decided to exercise that option,” JBG Smith principal Andy Van Horn told UrbanTurf late last week.
There are no plans for the site at the moment, but Van Horn said that they will get to work on concepts in the near future. McDonalds has a flexible lease on the site.
The acquisition of 75 New York Avenue NE adds to JBG Smith’s presence in this section of DC. The developer has previously proposed an office building for the adjacent site at 1300 First Street NE, and across N Street, the firm and Brandywine Realty Trust are at work on Lacebark Alley, a project that includes two office buildings and a 208-unit residential building.