From CNBC > In Atlantic City, vulture investors are beginning to swoop in. They’re developers who specialize in turning around distressed properties or neighborhoods.
While many folks have written off the East Coast’s one-time gambling mecca, investors such as Bart Blatstein see an opportunity: Low real estate prices touting property tax bills that are fraction of their pre-recession assessments, in a city desperately trying to reinvent itself.
For those armed with capital and a penchant for risk, it has created a fire sale of sorts. “Fire sale, distressed sale. The lender just wanted to get rid of it (Pier at Caesars),” said Blatstein. “A.C. lost more jobs percentage-wise than any other part of the country last year. When things look that bad, that’s when we come in.”