As developers from Asbury Park and closer to home are piling into long-neglected beach blocks in Atlantic City’s downtown, one Tennessee Avenue lot-owner has decided now is the time to sell. The Church of Jesus Christ Of Latter Day Saints has put up for sale a Pacific Avenue-fronting lot directly across from St Nicholas of Tolentine Church.
There has been a lot of interest in the site, but the current owners have not decided on a price, according to realtor Stephen Frankel. He declined to comment on whether any offers had been made. The property was last assessed at $172,400 and the church paid $200,000 for the lot in 2005.
The Mormon church owns a portfolio of real estate around the United States. The church recently sold another empty lot that it acquired in Ventnor in 2008. The Ventnor property at 6 N. Baton Rouge was sold last week for $405,000, less than a third of its original purchase price, to “Two Pioneers LLC”, owned by Jon Barnhart and Brian Callaghan.