' v business

S3.2-MiIlion Price Reported

Katzoff Adds Princeton To 7-Mile Properties

By SKIP GLADUE AVALON — Borough Council at its reorganization meeting July 3 approved the transfer of the Princeton Grill liquor license to Just Posters, Inc., paving the way for Gerald Katzoff to buy The Princeton, 2008 Dune Drive, for a reported $3.2 million. Katzoff, the president and sole shareholder of JP, Inc., last Thursday said he expects to close on the transaction within 10 days. "There will be no changes in personnel," said Katzoff. "I want to make that perfectly clear. The place will be run just as it always has been run. My former room-mate, Ron Pinchuk, who's been helping us out with Snickers, will be working with Phil Mattalucci III at The Princeton." THE PROPERTY, which stretches between 20th and 21st streets on Dune Drive, houses the Princeton Grille and Package Store open seven days and nights year-round, Phil's Circle Tavern, and Phil's Princeton II, plus the Princeton Hotel. Pennsylvania lawyer Steve Williams, who has been summering in Avalon GERALD KATZOFF

since a child, has been added to Katzoff's staff as corporate counsel to work with Robert Blumensten in managing all Katzoff's shore properties. Blumenstein is manager of Harbor Square, Stone Harbor. Katzoff is president of Dover Historic Properties, Philadelphia, which specializes in rehabilitating historic buildings into hotels, residential and commercial space. KATZOFF'S OTHER Stone Harbor properties, in addition to Harbor Square and its flagship restaurant Snickers, include the building housing the Shelter Haven Motel, liquor store, and Touche's, the Harbor and Park Theaters, the six shops adjacent to the Park known as the Plaza Shops, the Shelter Haven Parking lots on 96th and 97th streets, plus the former Saul house on 114th and the bay, a Signups Set By Lower ERMA — Summer registrations at Lower Cape May Regional School District may be conducted for all students grades 7-8 at Richard Teitelman School until Aug. 22 between 8 a.m. and 2 p.m. Monday through Friday. High School registrations for grades 9 and 10 must be completed by Friday, Aug. i 15, so that testing of new students can be accomplished Monday and Tuesday, Aug. 18 and 19. Eleventh and 12th grade registrations can be completed as late as Aug. 22. Any new registrations that do not meet these deadlines will be conducted starting Monday, Sept. 8. The hours for the high school registration are also 8 a.m. - 2 p.m. Monday through Friday.

beach property on 98th Street, and eight condominiums at Stone Harbor Gardens on 83rd Street, which are assessed at $1,165,700. The assessment for the Princeton: $484,000, land; $472,200, improvements. Katzoff's planned acquisition of the Princeton was initiated by a Stone Harbor realtor who said that Phillip Mattalucci would be interested in selling the property to a major buyer. Rumors of the sale have been circulating on seven mile beach for the past few weeks. IN AN EARLIER interview, Katzoff stated that his investments here are a family operation. His wife, Lydia, manages all their real estate and Blumensten, Harbor Square Manager, is his wife's first cousin. His son,

Stuart, is working at Hunt's Miniature Golf this year. Stuart is a fine amateur golfer who just last week placed second in the Philadelphia senior tournament, his father is proud to say. Katzoff reiterated, "We own our own properties and have no secret backers, no foreign investors. The rumor that my wife is worth 40 million is just that, a rumor. When we got married 19 years ago, 20 this August, we each had $1,000." Katzoff, 39, is a native of Bayonne who spent his summers at Belmar. A graduate of Temple University Law School he practiced law until 1978 when he realized that he was much more interested in real estate. He first saw Stone Harbor in February, 1985.

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