ATLANTIC CITY, NJ—The interest in 48 lots in the Southeast Inlet that are up for auction on Wednesday could tell just how the investment community views development prospects for Atlantic City.
The auction for the parcels will be held at Revel Casino Hotel and online at www.auctionad visors.com by the Montclair, Essex County, office of AuctionAdvisors and AJ Wilner Auctions.
Joshua Olshin, a managing partner at AuctionAdvisors, says the owners of the 48 parcels spent “five to seven years putting together the assemblage” into two related companies, GMAB Realty LLC and SPE Realty LLC, according to the Press of Atlantic City. The lots will be offered individually, in assemblages within the same block, and all together.
“We're seeing a lot of small interest, individuals looking to get a couple of lots, small-time speculators,” Olshin says. “There has been some interest from big players, but we're not sure if they're coming to the table or not.”
The lots are zoned Resort/Commercial, which allows for commercial, residential or resort-type ventures. The lots are free and clear of any liens. See story in the Press of Atlantic City.
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