POINT PLEASANT BEACH — Jenkinson’s Boardwalk is currently in negotiations for the purchase of Risden’s Beach and Bath House, according to the attorney representing Jenkinson’s.
Attorney Edward R. McGlynn confirmed Jan. 2 that Jenkinson’s intent is to purchase the beachfront properties and the terms of the deal are expected to be finalized within weeks.
“We’re pretty close to completing the purchase, but I can’t discuss any details until we close on the sale,” said Mr. McGlynn, adding the projected closing date is Jan. 15.
Calls to principals in Risden’s for comment were not returned. Risden’s Beach and Bath House dates back almost 80 years in Point Pleasant Beach.
According to Borough Administrator Christine Riehl, the owners of Risden’s had offered to sell the property to the borough.
“We had meetings in regard to a potential purchase, but ultimately the price was beyond our reach. We had a confidentiality agreement so I am not at liberty to discuss numbers,” she told The Ocean Star.
Ms. Riehl said between the property value of the bath house and parking lot at 700 Ocean Ave. and the beachfront property, Risden’s property is assessed at over $7 million.
“The bath house and parking lot has an assessment of $50,000 improvement value and $5,356,600 land value. The other properties are 1,330 feet of beachfront, land only, and have a combined assessment of $1,977,900 for a grand total of $7,384,500 of assessed value,” Ms. Riehl said.
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