It's like deja vu for Pat Fasano while walking around Atlantic City's Orange Loop. The Northern end of what was once known as "America's Playground" is helping revive a city that was propped up by entertainment establishments nearly a half-century ago.
The gaming halls lived off the fat of the land when the only other establishments were in Nevada. But when neighboring states, such as Pennsylvania and Connecticut opened gaming houses earlier in the century, much changed in Atlantic City.
Four of Atlantic City's 12 establishments were shuttered in 2014. Annual establishment revenue dropped to $2.6 billion from a high of $5.2 billion in 2006 courtesy of competition.
Atlantic City needed revitalization and a downtown, which is where Fasano arrived and started development in the Orange Loop.
"There was nothing but hypodermic needles here when I bought this (property)," Fasano said while walking on Tennessee Avenue. "But I had a vision...Just before I started this, I asked where the downtown in Atlantic City is. I found out that AC didn't have a downtown. What I see for this city is a walkable downtown."
This is familiar territory for Fasono, who led the development renaissance in Asbury Park a quarter century ago. The fit, silver-haired entrepreneur bubbles with energy and enthusiasm. He was the first developer in Asbury Park when the seaside town was famously in a state of disarray
Asbury Park had the Stone Pony and a strong music heritage, but not much else. At the close of the century Springsteen wrote "My City of Ruins" as an elegy for Asbury Park. The moving tune was debuted during one of Springsteen's Christmas charity shows in December of 2000 at Convention Hall.
The bleak city that inspired the Boss appeared to be unsalvageable, despite featuring beachfront property. No one could figure out how to make Asbury Park work.
However, the prescient Fasano was undaunted and revived Cookman Avenue. "I saw the potential in Asbury Park. So I didn't just buy a building there. I bought a block."
In 2001 Fasano bought a property at 626 Bangs avenue, fittingly for a song. Fasano forked over $5,000. "Nobody had any interest in Asbury Park at that time," Fasano said. "I donated the first floor to [an inclusive] community center and they painted a big [mural] on the building. Upstairs was employee housing."
Within two years, Asbury Park took the building over for eminent domain. Fasano was paid $150,000 on his meager investment. "I thought, 'This is great," Fasano said. "I'll buy everything around it on Cookman.' I almost bought the entire 600 block of Cookman Avenue."
Fasano, whose holdings in Asbury Park included Asbury Lanes, the Wonder Bar, the Bond Street Complex and more than 200 condominiums, bought a home on the 200 block of 3rd avenue for $275,000. The property is worth more than $2 million.
Fasano bought the property that is now Capitoline for $70,000. Fasano and Charlie Interrante co-own Capitoline, which specializes in pizza, rustic Italian fare and fun cocktails. Fasano owns 12 apartments above Capitoline.
Fasano also owns Loteria, Amerca's Cup, DJ’s Deli, Amici Gelato and Brando's as well as a number of retail shops.
"I grabbed the actual bar from Matty's bar and carried it to Brando's," Fasano said. "When we got there 25 years ago all of these buildings were abandoned. There was no displacement by [redevelopment]. They were all vacant buildings that required complete reconstruction"
Fasano has constructed an array of apartments and condos. The face of Asbury Park has changed, in part due to Fasano.
"It's a different city than what it was 25-years ago," Fasano said. "I used to carry mace in my pocket. Now I don't need mace. Asbury Park is a safe city since it has been repopulated. It's a great place to live but it's much more expensive now. Taxes are higher. The prices for property are so much higher."
But low, sell high is a phrase that Fasano is familiar with and enabled him to become one of the top developers in New Jersey.
Fasano started in real estate at 19, not long after graduating from New Brunswick High School. Fasano socked away all of his savings from his first restaurant job in New Brunswick.
"My friends were going to Rutgers," Fasano said. "I had a different path. While they were going to school there I was rehabbing buildings. It didn't take long for me to rent apartments to Rutgers students."
It all started for Fasano when he bought his first home for $12,000 in New Brunswick. Fasano fixed up the house, rented and flipped it. That was his process ad nauseum.
Fasano still owns a home he bought for $20,000 on Prospect street in New Brunswick. His monthly rent collection is $4,500. "Not bad all of these years later," Fasano said.
Fasano bought low in Asbury Park and is doing the same in Atlantic City. Next up is developing acres of vacant property in the Atlantic City inlet.
"Atlantic City is the final frontier as far as affordable New Jersey shore property goes," Fasano said. "I bought the top two floors at the Ocean Club in Atlantic City. It's 3,400 ocean front and paid $300,000. That would go for $5 million in Asbury Park."
Fasano spends considerable time in Atlantic City but Asbury Park remains home. "I love Asbury Park," Fasano said. "The way (Asbury Park founder James A.) Bradley laid out the city, he was truly a visionary. We have such a great place to live. I love being at home on 3rd Avenue. I can hear the Stone Pony Summerstage. The people are amazing. It's a walkable community and it's safe. And then there's Cookman avenue, which is fantastic. Asbury Park has come a long way and it's great to be part of its transformation."
We have such a great place to live. I love being at home on 3rd Avenue. I can hear the Stone Pony Summerstage. The people are amazing."
It's a different city than what it was...I used to carry mace in my pocket. Now I don't need mace.