Mystery Buyer Nabs 101 S MLK, Best Western Gets $3 Mln Mortgage, Stockton Donor Buys Beach-Block Lots

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A shell company earlier this month spent $510,000 on an Atlantic City building that includes a Pacific Ave storefront and apartments. Property records show the building was purchased by a company named 101 MLK LLC (the address of the property) and the deed was signed by an Ocean County lawyer (who did not respond to a call for comment). The seller, Stuart Weiss, said he dealt with a broker and does not know who the buyer’s identity.¬†The property sits at 101 South Martin Luther King Ave, across from the Carnegie Center and on the corner of the site of the delayed Polercoaster.

Atlantic City’s real estate market has had a relatively busy spring so far. Property records also show the owner of the Best Western on the corner of Pacific and St James Avenues took out a $3 million mortgage from The First National Bank of Elmer. The owner, Pravin Khatiwala, did not immediately respond to a request for comment about his plans. Khatiwala also owns the Econo Lodge at 3001 Pacific Ave.

Separately, Atlantic Club (and Claridge) owner TJM sold two neighboring lots on the beach block between Sovereign and Montpelier Avenues to the Costas Corporation for $150,000. The Costas Corporation is owned by George Georges, who has been a generous supporter of Stockton University. It is not clear what the plans are for the property and Georges could not be reached for comment.

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