Six stories of Atlantic City blight up for auction. Yawn. A buddy bidding war for other properties down the block. Go figure.
Yet another Atlantic City real estate auction took place on March 9. Out of 100 attendees, about half were registered to bid. Only a few walked away with property their won for just pennies on the dollar.
Fire-sale priced Atlantic City property and land was auctioned off.
One such piece up for auction was the old Knights of Columbus Hotel on Pacific Ave. No takers for this 6 story eyesore perched on the outskirts of a hoped-for Tennessee Avenue renaissance. Lack of hotel parking and a precarious location dampened investor interest in that structure. The hotel once featured a clubhouse, 110 guest rooms, and a hideaway bar in the basement.
The current owner originally wanted to redevelop the Knights of Columbus property into a 99-room hotel. Nice thought, but Atlantic City ordinance requires any hotel to provide a parking space for every room. The owner had no interest in leasing a lot nearby for parking.
Purchased in 2007 for $900,000, The Knights of Columbus Hotel had no investor interest at the $500k minimum bid. So, the property will sit even longer, dragging down the adjacent Real Estate values and neighborhood morale.
The once proud Knights of Columbus Hotel is just a few steps from St. Nick’s Church across the street, where you can pray and offer a few novenas for this area’s revival.
Voted one of ATLANTIC CITY’S TOP 10 EYESORES for 2010
It’s no secret that many properties up for grabs are owned by outside vulture investors and local speculators. Many put minimal investment into their investments, hoping to flip one day for a tidy sum.
Scant marketing and awareness likely played a role in the limited turn-out & bidding. Odd lot parcels, no matter how cheap, found no takers.
14 connected lots on St James Place went to top bidder Joel Miller for $200,000. A bidding war started at $100,000 between Miller and Evan Sanchez. Both believe the adjacent Tennessee Ave area will once again flourish, making their investment pay off. This particular parcel of properties is owned by Gary Hill and John Schultz. See list of Real Estate property holdings by John Schultz and Gary Hill here.