January 27, 2023

Ever dreamed of owning an entire block on the Jersey Shore? Well, there’s an opportunity to do just that — at least for the few who can afford a full block location in one of New Jersey’s most expensive ZIP codes.

The Princeton and Whitebrier Block, as the property is named in the listing, stretches from Dune Drive to Ocean Drive and from 20th to 21st Streets in Avalon. It is at the intersection of the district’s main business district and upscale residential areas.

The location is also just three blocks from the beach in one of the most affluent coastal communities on the East Coast.

No sales price is specified in the offer. However, the sale would include all properties and existing businesses on the block.

The 3.12-acre property includes the Princeton and the Whitebrier, two of the most popular and well-established upscale bar and restaurant establishments on Cape May County’s barrier island. Crucially, the sale also includes the two spirits licenses.

The block also includes parking lots, other buildings and vacant land.

The restaurants have been owned and operated by local developer Anthony Zurawski for over 30 years. Zurawski did not immediately respond to requests for comment on Friday.

The Princeton and Whitebrier block “offers investors a rare combination of existing cash flow from the island’s most successful food and beverage operations and significant upside potential through future development,” according to Coldwell Banker Richard Ellis, a commercial real estate services firm and coordinating investment firm of the sale.

The two restaurants alone generate annual sales of over $10 million, according to the real estate listing.

Located in a B-1 zoned district, the full block site allows for a mix of uses including retail, restaurants and residential. The development opportunity also includes undeveloped land along Ocean Drive and the redevelopment or enhancement of existing buildings on the site, as per the property listing.

Entire block for sale in Jersey Shore town

The Princeton and Whitebrier Block, as the site is listed, includes the eponymous businesses – The Princeton and The Whitebrier – in Avalon. The bar and restaurant business generates over $10 million in annual sales

Established in 1892, Avalon — with around 1,400 year-round residents within its four square miles — has historically been a low-key, middle-class family resort. But the district has become a luxury real estate destination.

Now Avalon Cottages are regularly uprooted to make way for new developments and building sites dot the Barrier Island community.

According to Realtor.com, the average list price of Avalon homes for sale is $2.9 million. In 2021, Avalon was ranked third among the 10 most expensive ZIP codes in New Jersey and one of the 100 most expensive ZIP codes in the United States.

Luxury development in the region has been pushed back. Some Avalon residents are concerned that developers will crowd out mom and pop shops, contribute to traffic congestion and make on-street parking more difficult.

Most recently, residents have protested against planned zoning changes in the commercial area.

As currently written, the district’s master plan limits hotels to a zone two miles south of Avalon’s commercial center. The rules have occasionally caused problems for developers, including Zurawski, who had a 2016 application to build a 21-room boutique hotel in the business district that was rejected by the county zoning board.

But in August, the Avalon planning committee voted to amend the master plan to allow boutique hotels in the business district, subject to certain conditions. However, the change still has to be approved by the city council.

Community officials did not respond to requests for comment on Friday.

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Jackie Roman can be contacted at [email protected].

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