Why be a patron of a bar when you can own one … or two?
An entire 3-acre block — along with its two bars/restaurants and their liquor licenses — that’s historically been the heart of nightlife in the resort town of Avalon, New Jersey, has been listed for sale.
There’s no asking price in CBRE’s listing — which spans from Dune Drive to Ocean Drive and 20th to 21st Streets and includes the Princeton and the Whitebrier along Dune and Ocean drives — but estimates are in the range of about $65 million, the Philadelphia Inquirer reported. The sale is effectively a private auction, with bids being taken until mid-February, the outlet reported.
Property owner Anthony Zurawski and two of his children put the block up for sale after pushing to have the town approve boutique hotels in the area, the outlet reported. The boutique-hotel plans didn’t sit well with some locals; the borough in 2016 rejected an application Anthony Zurawski filed for a 21-room hotel.
But equally concerning to some residents is the potential loss of the Princeton and Whitebrier, “the two most popular and well-established upscale bar and restaurant operations in Avalon,” which have been open for more than 30 years, the listing says.
The Princeton & Whitebrier Block (CBRE)
The listing, which notes the two businesses have generated more than $10 million in annual revenue, also mentions that a new owner has the opportunity to add to their legacy. The site is zoned for mixed uses, including retail and residential housing and restaurants.
“We’re actively soliciting offers,” CBRE Executive Vice President Robert Fahey told the Inquirer. “The opportunity that we’re presenting is really twofold: it’s a very, very successful food and beverage nightclub operation that’s been around for 50 years or more. And there’s enough excess land to build 20 or more homes and/or retail establishments.”
Avalon’s real estate market, which is among the most expensive along the southern Jersey Shore, has held fairly steady amid a national downturn.
Average home values are higher than $3.4 million and the average sales price of single-family homes in 2022 was over $4 million, according to the listing.
In late November, an unnamed businessman purchased two lots in Avalon for a combined $21 million, setting a record for Seven Mile Island.
— Ted Glanzer