Description
The offering consists of 48 mostly contiguous building lots, totaling 160,000±sf. Bidders can bid on theses lots individually, as a group with all the other lots in the same block, or on all of the lots in the entirety. This is a unique assemblage located in the Southeast Inlet section of Atlantic City, just north of the $1+ Billion Revel Casino Project. Several of the lots are directly located on the oceanfront/boardwalk and the inlet with breathtaking views of the Atlantic Ocean.
This is one of the last remaining pockets for development in Atlantic City and these lots cover an important part of the area slated for redevelopment. Atlantic City, has a rich history and is renowned for its boardwalk, casinos and world-class entertainment. It has become a year round destination with over 30 million annual visitors. These properties are zoned RS-C (Resort/Commercial) and have a very full range of potential uses, including residential, commercial and resort. This sale is being conducted pursuant to an Order of the United States Bankruptcy Court In Re: GMAB Realty, LLC, as Debtor & IN Re: SPE Realty, LLC, as Debtor. In cooperation with A.J. Willner Auctions.
Documents
Auction Information
Property Information
* Requires confirmation of Online Agreement
Terms & Conditions
- Buyers Premium: NA
- Closing: Sold in As-Is condition, no contingencies.
- Deposit Amount: 10% due at auction. An additional 10% is due within 2 business days.
- Broker Co-op: 1% of the high bid will be paid to a properly registered broker at settlement.
Inspection
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Auction Information
Property Information
* Requires confirmation of Online Agreement
- Buyers Premium: NA
- Closing: Sold in As-Is condition, no contingencies.
- Deposit Amount: 10% due at auction. An additional 10% is due within 2 business days.
- Broker Co-op: 1% of the high bid will be paid to a properly registered broker at settlement.
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