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Auction to feature Atlantic City hi-rise.

Tannen Towers, one of Atlantic City's tallest buildings, will be offered for sale at a public auction directed immediately by its construction lender, a consortium of seven financial institutions, it was announced by Sheldon Good & Company, who will conduct the auction on May 19.

Built in 1983, the 31-story residential hi-rise was Atlantic City's tallest concrete structure at the time of its completion. Its replacement cost is estimated in excess of $24 million.

Presently vacant, the tower is to be sold without reserve subject to a minimum bid of $3 million. (In a reserve sale, the seller retains the right to reject the highest bid. In this case, the seller waives that privilege.)

A cashier's check for $250,000 is required to bid at the auction, which will take place on Tuesday, May 19, 1992, at 2 p.m. at the Claridge Hotel, Atlantic City.

Located at the corner of North Carolina and Pacific Avenues, Tannen Towers is just one block from the famed Resorts and Taj Mahal hotel/casinos. The building, to be sold in its entirety, contains 294 studio, one, two three-bedroom residences and penthouse units. Several penthouses are larger than 4,000 square feet. The building also contains 9,600 square feet of commercial space.

Gordon Greene, president, Real Estate Auctions, Inc., division of Sheldon Good & Company, said, "The Tannen Towers auction presents a tremendous redevelopment opportunity for apartments, condominiums and executive suites. As Atlantic city continues its astounding growth as the entertainment capital of the East Coast, Tannen Towers becomes an ideal location for corporate employee housing."

The building is zoned RSC, resort casino, and engineering and environmental reports are available for prospective purchasers, Greene said.

Tannen Towers offers commanding views of the Atlantic Ocean and the city skyline. The building has a swimming pool with recreational veranda.

The building will be open for inspection on April 16, 23, 30 and on May 7 and 14 from 12 noon to 4 p.m.
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Title Annotation:Tannen Towers
Publication:Real Estate Weekly
Date:Apr 15, 1992
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