Boraie Development has paid $1.75 million for a series of lots next to its Atlantic City apartment complex, 600 NoBe. Wasseem Boraie said in an email that he bought it “just to clean up the area and fence it off so people don’t park cars there anymore,” adding that it “looks ridiculous next to our fully occupied beautiful 600 NOBE!” The newly-acquired lots sit to the Inlet side of the apartment complex. Boraie already owns the block to the Ventnor side of 600 NoBe, which is used for guest parking.
The lots that Boraie bought in February make up a large fraction of the two half blocks on either side of Congress Avenue and between Pacific and Atlantic Avenues. They include an interest in the building (currently home to a barber salon) on the corner of Congress and Atlantic, but Boraie’s acquisition does not include South Inlet stalwart Mel’s Furniture. The acquisition also does not include a number of lots that are city-owned through foreclosures or owned by the Casino Reinvestment Development Authority. (Further toward the Inlet, 18 beach block lots will go up for auction at the end of this month.)
Operating as 500 Atlantic Avenue, Boraie paid:
- $273,300 for lots 10, 42 and 43 on Block 130 as well as a 23.26% interest in lot 2 (a building that is home to a barber salon) and the entirety of lots 10, 12 and 14 on Block 131
- $832,400 for lots 17 on Block 130 and lots 2, 5, 6, 7, 9, 11, 15, 16, 18, 20, 21, 22, 23, 24, 27 on Block 131
- $644,300 for Block 131, Lots 1 and 8
“There are more than 16,000 private residences in Atlantic City, and more than 60 percent of them are rentals. Instead of saying no one lives in A.C., I would restate that as, ‘No one lives in a new rental in A.C.,’” Boraie told BOSS Magazine this week. “There are more than 10,000 renters in Atlantic City and more than 30,000 renters in Atlantic County, so I think 1,500 or 2,000 units of new residential over the next five to seven years will be easily absorbed in Atlantic City. If Asbury Park and Wildwood can do it just by cleaning up their boardwalk and immediate surrounding areas, then Atlantic City can do it.”