The New Jersey Casino Reinvestment Development Authority—saying they were taking advantage in a renewed interest in development in Atlantic City—has sold more than 90 properties in the resort at auction for more than $570,000.
The live public auction at the Atlantic City Convention Center saw a total of 92 properties sold in 23 packages and grossed $574,000, according to the Press of Atlantic City. The auction included 16 packages, or 84 lots, with developable land and seven packages, or eight lots, of nonconforming lots. The sales are subject to CRDA board approval.
“It’s just the right time for us to do this,” CRDA Executive Director Christopher Howard told the paper. “There’s a lot of excitement in the city, a lot of great projects coming in. So, it’s a good time for us to unload some of these properties, get them back on the tax rolls and encourage further development.”
Maximillian M. Spann Jr., president and CEO of Max Spann Real Estate and Auction Co which handled the auction for the authority told the Press the company has been involved with several urban property sales in recent years, including in Atlantic City, Jersey City and Newark.
“What we’ve been seeing, in places like Atlantic City, is there’s a definite movement back toward the urban areas,” he said. “Which is wonderful. We’re starting to see places that have been in decline all of a sudden have renewed interest and younger people wanting to come here. I think it’s great on a bunch of different levels.”
Spann also auctioned properties in the resort on behalf of the city itself in December. That sale netted more than $1.6 million in revenue.
