AVALON, N.J. (KYW Newsradio) — One Jersey Shore community has an unprecedented real estate opportunity: An entire city block, including two restaurants and a lot of land, is up for sale.
The listing in Avalon includes two restaurants — summer hot spots the Princeton and the Whitebrier. The two liquor licenses alone are worth about $3 million.
Also listed is 3.1 acres between Dune and Ocean drives. The land and businesses are all owned by the Zurawski family.
“We’ve never seen anything like it,” said Berkshire Hathaway broker Jack Vizzard.
There is currently no price listed on the property, so it’s hard to come up with an exact number.
“A lot going on, a lot of pieces to this. But the best thing to do, in our opinion, is to price it as what you can do today, what zoning allows you to do today. And that would be both retail and commercial use and single-family dwellings. If you price it out like that, we’ve come up with a number between $55 million and $60 million,” Vizzard estimated.
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There’s been some talk of perhaps building a hotel on the property, but he doesn’t think it’s likely. That would require zoning changes, which were rejected just a few years ago. Vizzard also noted the area is prone to flooding, so building a hotel there may not be the best idea.
Another issue is funding. Vizzard said the lack of similar listings makes this a very risky situation because most banks wouldn’t touch a loan of this amount with such uncertainty for the property’s potential.
He predicts potential buyers will need to pay cash or get creative with financing.
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