The Purchase of 3 Beach Block Residential Lots in Mantoloking NJ – April 2014

The Purchase of 3 Beach Block Residential Lots in Mantoloking NJ – April 2014

Crimson Capital is pleased to announce the acquisition of three contiguous lots – two oceanfront and one beach-block – in Mantoloking, New Jersey. These three lots, with addresses of 230 Dune Avenue and 99 Oceanview Avenue, were purchased from two unrelated Sellers post-Superstorm Sandy. The two homes on these lots were severely damaged during the storm, and both Sellers did not have the funds to rebuild. Crimson simultaneous negotiated purchasing these lots and successfully agreed upon purchase prices which reflected the value of two buildable lots due to the fact that the northern oceanfront lot is encumbered by a beach access walkway/easement in favor of the adjacent beach block lot (which restricts development potential). Crimson is seeking to create value by increasing the number of developable lots from 2 to 3 by vacating the existing walkway/easement, followed by a general permit application to the New Jersey Department of Environmental Protection for coastal development approval on the previously undeveloped lot.