Ocean City Investor Gets Two More Local Properties

OCEAN CITY, NJ — Two Ocean City properties have been sold to a local investor, who continues to grow his portfolio of Ocean City businesses.

Online real estate records show that the Tahiti Inn has been sold to First Knight Coastal LLC, headed by Raj Khatiwala, a local investor. He and his brother, Yogi, own several Ocean City hotels already, including the Scarborough Inn, the Beach House, the Pavilion, Blue Water Inn, Ocean Breeze Hotel and the Forum, according to their portfolio.

The brothers also own Stainton's a Gallery of Shops and Stainton's Galloway by the Sea, according to public property records.

Tahiti Inn sold for $10.5 million, according to real estate records. It was originally listed for $13.5 million and comes with two beach-block motel and apartment buildings plus the two adjacent parking lots, according to the listing.

Through their real estate company Eclat Investments, the brothers also were recently approved to purchase Ocean City's historic Crown Bank building through bankruptcy court, according to OCNJ Daily. The building and its adjacent parking lots will be sold for $6.6 million, the outlet reported.

Both Icona Resorts and the city itself had previously expressed interest in the building. Read more: $6.5 Million Deal Would Build Hotel In Downtown Ocean City: Report

The Khatiwala brothers, who prefer to keep a low profile, recently told the Ocean City Sentinel that they aren't sure what they want to do with the Crown Bank building, but they hope to "bring it back to life."

"Our plan is to bring back some retail there and try to continue to keep the energy going in the building," Raj Khatiwala told the outlet, adding that the brothers may keep the building's upper floors as office space.

The deal is expected to be finalized in about a month, according to OCNJ Daily.