The Allergria and the lot next door

Regarding Long Beach debt a bargain for Garden City-based developers.

 

PART I: THE ALLEGRIA

Back in March I wrote a quick rumor about the Allegria on the brink of foreclosure. I just found an article that was written a few weeks after my post supporting that rumor. I’m confused by the article’s source, but it looks like the website it’s on redirects links from the Long Island Business News which is a legitimate source. From the article:

The Allegria Hotel next door could use the parcel (empty lot) for parking, since the hotel can’t get a permanent certificate of occupancy from the City of Long Beach until it secures enough onsite parking. But while Alrose Group, the hotel’s owner, is anxious to solve its parking problem, its first priority is trying to keep the Allegria out of foreclosure.

John Laliotis, owner of CTM Consulting Group in Wantagh, told LIBN he had been in talks to buy the $36 million note on the Allegria, held by Brooklyn Federal Savings Bank. But that deal didn’t come together, and Laliotis said the Alrose Group, which has defaulted on its hotel loan, will likely make a deal with Brooklyn Federal to retain ownership.

The Allegria PR department actually contacted me after I posted the rumor asking that I take it down, but you know what? I don’t make a dime on this blog so I just ignored their ‘warning’. The last thing I want is for that hotel to close. I don’t live near it, so I am not wrapped up in the parking frustrations that some residents suffer. But I do think the Allegria is an asset to our beautiful Long Beach. If you search though my blog you will find that I wrote more positive things about the hotel than negative.

Keep in mind people: Foreclosure doesn’t mean that the hotel is going to disappear overnight or be turned into something else. Right now it’s a hotel. Judging by all the all the bookings it’s gonna get for the Quiksilver Pro, it seems like it plans to stay that way.

PART II: THE LOT NEXT DOOR

Which takes me to another rumor that I posted (See: Barnes & Noble by the Sea?). Yeah, that one had no legs to it, but I posted it for fun.  Like it or not, we all know that Kindles, Nooks & iPads are eliminating the bookstore, so that’s that.

There was an auction for the vacant lot back in September and now we know who owns it. The future use is still up in the air.

Now after buying the $4.6 million note on the property at an undisclosed albeit steep discount, Burman, Krieger and their partners in BK at Long Beach are weighing their options on what they might build there.

Burman and Krieger are the same people who gave us the Aqua. So what does that tell us? More Fancy Aqua-style condos? Retail & restaurants on the boardwalk?  I wrote all about this back in October and I don’t feel like repeating myself.

Though BK at Long Beach hasn’t yet decided what it plans to do with the property, observers say luxury condos are one possibility. Burman and Krieger were successful with their last Long Beach condo project, called the Aqua, which is 75 percent sold. Completed in 2009, the eight-story, 36-unit Aqua has ocean views from each condo, as well as an indoor pool, outdoor dipping pool, fitness room, oceanfront clubroom and concierge. Units at the Aqua range from 1,730 to 2,400 square feet, with prices starting at about $1.3 million.

Even though I basically just posted the entire article, please read the original written by David Winzelberg for even more information: Long Beach debt a bargain for Garden City-based developers

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