$5 Million Parking Lot Sale Paves Way For Development

first_imgBy Maddy VitaleA prime piece of real estate adjacent to the Ocean City Boardwalk at Eighth Street is being offered for sale at nearly $5 million.The property, at 821 E. Eighth Street and the rear section of 748 Boardwalk, is actually a 140-space operating parking lot owned by Central Boardwalk Parking LLC of Farmington, Conn.The one-acre site went on the market over Easter weekend, said Gina Farruggio, the realtor handling the property sale.Farruggio, of Berkshire Hathaway HomeServices Fox & Roach in New Hope, Pa., who is licensed in both Pennsylvania and New Jersey, said the current owners purchased the land in 2017.“At the time, there was some talk of redeveloping it,” she explained Tuesday. “They are ready to move the property. They decided to let someone else build on it.”There are several reasons why she believes it is a great investment. The main allure is its location within the city’s Hospitality Zone.“The possibilities are endless. There is so much being torn down and rebuilt in Ocean City and surrounding towns,” Farruggio said. “I think this is a once-in-a-lifetime Monopoly game piece where you land on Boardwalk. It is a piece many people want.”Priced at $4.95 million, Farruggio said the property is a good investment with guaranteed returns.“I think we are priced very well for the location and the potential building opportunities,” she stressed.The property, as she described it, is a rare opportunity to purchase an acre of land on the beach block.Specifically, the site is located adjacent to the Boardwalk behind the Promenade Food Court and a block from the Ocean City Music Pier.The parcel is just a block from the popular Music Pier.“It is in the Hospitality Zone, so there’s a ton of opportunities. You could do a luxury hotel there. You could do condos. You could do a triplex or duplex,” Farruggio said, adding that she has an engineer looking into the specifics.Farruggio said a buyer could also have it as a mixed-use property.“You could have retail on the bottom and condos on the top,” she said.The purchaser could also still run it as a parking lot.“Keep it as a parking lot and continue to generate income with little expenses or overhead or develop the property,” Farruggio said. “This is all about location.”The buyers, she noted, could continue to make money while obtaining city construction approvals by operating it as a parking lot.“It could take a year for approvals,” she said.An added bonus to the project is there is nothing to tear down, she said.For more information about the property, call or text Berkshire Hathaway HomeServices realtor Gina Farruggio at 215-668-7471 or email her at [email protected] parking lot could be turned into a hotel or condominiums, among other possibilities. (Photo courtesy Gina Farruggio, Berkshire Hathaway HomeServices) This property currently being used as a parking lot at Eighth Street and the Boardwalk is on the market. (Photo courtesy Gina Farruggio, Berkshire Hathaway HomeServices) last_img read more

Adult day at camp

first_imgAdults can experience Rock Eagle 4-H Center Saturday, Aug. 21 during a special Rock Eagle Adult Learning session. During this REAL session, adults can learn about the history of the Rock Eagle Mound and the Little Rock Eagle.The session is set to begin at 9:30 a.m. at Rock Eagle 4-H Center’s Natural History Museum. A fee of $10 will provide transportation to the effigies, light snacks and admission to the museum. To register for this session of REAL, call Matt Hammons at (706) 484-2862 or email him at [email protected] To learn more about Rock Eagle’s environmental education program, visit the website www.rockeagle4h.org.last_img

German institutions turning from equities to alternatives – Universal survey

first_imgCurrently, the exposure to alternative investments is below 3% in the majority of portfolios of the surveyed institutions, which included Pensionskassen, Versorgungswerke, insurers, foundations and banks managing around €300bn in total assets.Universal pointed out that nearly one-third of respondents wanted to up their quota by more than 300 basis points.At the same time, the interest in real assets such as real estate and infrastructure remained strong, but only 31% said they wanted to increase investments in those segments compared with 43% last year.All in all, the surveyed institutions remained pessimistic about the global economic outlook, with 78% saying the financial crisis is not over yet five years on.More than 60% noted quantitative easing helped to buy time but did not solve structural problems, and they did not expect either the US Fed or the ECB to cut rates over the medium term. German institutions do not see an end of the low-interest rate environment any time soon and are planning to up their exposures to alternatives, a survey by Universal Investment has found.Among the 90 German institutions polled by the asset manager, 70% want to increase their exposure to alternatives, and 29% said they were looking at investments in private equity and loans.In a similar survey last year, only one-fifth of respondents were looking into alternatives, while one-third planned to increase their equities quotas.This year, the trend is reversed and “growing stronger”, Universal said.last_img read more

Divisional senior hurling championships continue

first_imgThe sole South Tipperary Senior Hurling Championship tie pits Carrick Swans against Ballingarry – the match is being played in Monroe and begins at 7.45pm. In the Centenary Agri sponsored Mid competition there’s a double header of quarter-finals in The Ragg.Clonakenny and Holycross-Ballycahill clash at 6 o’clock.Then at 7.30 it’s the meeting of Loughmore-Castleiney and Upperchurch-Drombane.last_img