ATLANTIC CITY-A variety of New Jersey properties, including three Atlantic County condos acquired in a federal sting, will be put on the auction block for Thursday, July 28 at 1 p.m. at the Sheraton Raritan Center, 125 Raritan Center Dr. in Edison, says Max Spann Real Estate & Auction Co.
Among the properties to be auctioned are three condos in Atlantic Count that were acquired by the Federal Trade Commission as part of a settlement agreement in a case stemming from a nationwide sting called “Operation Bottom Dollar.” The condos are located at 37 S. Iowa Ave. (units 1G and 2C) in Atlantic City, and 30 Cheshire Dr. (building 31) in Galloway Township.
“These are three valuable properties that private owners should be enjoying,” says Max Spann Jr., president and CEO. “It’s a shame that they have been used in the past as part of a scheme to take advantage of unsuspecting citizens.”
The condos were being rented by an organization called Independent Marketing Exchange, which along with its representatives were accused of selling false work-at-home and mystery shopper opportunities to unsuspecting citizens and then failing to pay out promised profits and earnings. As part of a settlement approved earlier this year, the defendants agreed to turn over the properties used in the scheme to the FTC to cover a $919,000 judgment.
Also included in the auction are three ocean-view lots in Seaside Heights, a Bloomfield site that has been approved for 40 condos or apartments, and a farmstead and a 22,000-square-foot retail/office complex, both in Hunterdon County. The last, called Grist Mill Commons, will be sold regardless of price.
The Bloomfield parcel is located at 78-80 Locust Ave., just across the street from scenic Watsessing Park and walking distance to downtown shopping, restaurants and NJ Transit’s Midtown Direct line to New York City. “This opportunity is ideal for residential developers looking to build homes in a growing and respected residential area,” Spann said. “The township recently completed renovations in Watsessing Park and has been recognized by NJ Future with a Smart Growth Award for their Town Center Redevelopment Plan. Clearly, Bloomfield is rapidly becoming one of the more desirable areas to live in Essex County.”
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