Bidders arriving, above, and inspecting the interior of the Ocean Avenue building. (Photo by Colby Wilson. Click to enlarge)
By COLBY WILSON
Things are looking up for Sea Bright. The hurricane-ravaged town isn’t merely rebuilding what was wiped out by the storm – it’s moving forward and attracting investors willing to bet on its future.
Case in point: the former home of Adrenaline Fitness.
On Wednesday morning, a dozen prospective buyers showed up to place bids on the three-story multi-use building at 1054 Ocean Avenue. Within a few minutes, five of them bid up to the property from an opening $500,000 to $700,000.
Rumson resident Christina Galinos walked away with the prize, for $720,000.
“I love the location, and I just think that Sea Bright is a great town that has so much potential,“ Galinos told redbankgreen afterward. “ItÂ’s going to come back even stronger. IÂ’d love to be a part of that.”
The property last changed hands in 2006, with a Leonardo-based partnership acquiring it for $1.2 million, according to Monmouth County records. But like many other structures in town, it was badly damaged during Hurricane Sandy, and the current owners failed to rebuild in the months after the storm, with the assessment getting knocked down this year from $736,500 to $249,100.
Galinos, who owns a residential building in New York, is now fearlessly taking on the task of rebuilding in a town prone to flooding and historically vulnerable to hurricanes. She says there are plenty of opportunities for new uses.
“It could be a restaurant, or maybe a gym will come back here, maybe apartments or office space,” she said. “The options are unlimited.
“Now the work is exploring every option,” she added.
After paying a $25,000 deposit, Galinos has 30 days to fulfill the contractual obligation and acquire full ownership of the property.
