Atlantic Club sold to New York firm

The New York-based firm that purchased the shuttered Atlantic Club Casino Hotel last month has hired a real estate broker and marketing manager for the property.

ATLANTIC CITY — The New York-based firm that purchased the shuttered Atlantic Club Casino Hotel last month has hired a real estate broker and marketing manager for the property.

Colosseo Atlantic City Inc. hired Joshua Garay, who runs a Manhattan- and New Jersey-based real estate firm, the company said in a statement.

Rocco Sebastiani, president of Colosseo, said Garay is already “negotiating partnerships, joint ventures, leases and other property-related items.”

“We value his honesty, experience and reliability, and expect that the entire Atlantic City community will also benefit,” Sebastiani said in a statement. “He has already developed a framework that is intended to connect with the community and provide alternative uses for pieces of the property.”

Garay Real Estate, also known as JSG Realty, was founded in 2007 and has closed more than $75 million in residential and commercial real estate transactions, the release states.

“The Atlantic Club property represents one of the finest properties on the south end of Atlantic City. This is prime real estate, and Atlantic City deserves a winner — exactly what Colosseo Construction will bring to the market,” Garay said. “We care greatly about the local community and tourist population of Atlantic City, and share a goal to create a thriving development for years to come.”

Colosseo purchased the Atlantic Club from TJM Properties, a Florida-based firm that had owned the property for five years.

The Atlantic Club closed in January 2014 and was purchased four months later by TJM for $13.5 million from an affiliate of Caesars Entertainment Corp. TJM has come close to selling the property on several occasions.

A deed restriction preventing the property from operating as a casino remains in place.

Sebastiani told The Associated Press he plans to operate the building as a noncasino hotel.

— David Danzis

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