The Woodbridge-based Kislak Co. on Wednesday said it recently sold two mixed-use buildings in Monmouth County for $3.6 million. The transactions included the $2.2 million sale of 700 Main St. in Asbury Park, with four luxury residential units and 3,300 square feet of retail space, and the $1.4 million sale of 593 Broadway in Long Branch, a two-story building with five residential units and 4,000 square feet of retail.
Kislak marketed the properties on an exclusive basis, with Senior Vice President Daniel Lanni handling the assignments, and he procured the purchaser for each property. The parties were not disclosed.
Lanni commented on the Asbury Park sale: “This fully renovated downtown building attracted a wide range of investors through our marketing efforts. We procured multiple offers and achieved the best value, including a record per-unit price for this type of property. The motivated buyer was in need of a Section 1031 exchange and held at the purchase price despite the challenging interest rate environment.”
Located in the downtown area of the historic shore town, the property is an 8,000-square-foot, three-story, mixed-use building with two one-bedroom units with one and one-half baths; two two-bedroom units with two baths; and 3,300 square feet of retail space. Fully renovated in 2020 with the addition of a third floor, the units include large open floor plans, a contemporary design, hardwood flooring, new stainless-steel appliances and in-unit washers and dryers. The property was fully occupied at the time of sale. Considered a walker’s paradise, the neighborhood is a short walk to the Asbury Park train station and a short drive to several other commuter rail stations.
Regarding the Long Branch sale, Lanni added: “Interest in Long Branch remains very strong. The earlier addition of Pier Village to, and the continued redevelopment of the oceanfront spurred investor interest throughout the city. This well-located downtown property was owned by the same family for over 30 years, and we procured an all-cash buyer who intends to renovate it and benefit from the city’s renaissance.”
593 Broadway is a mixed-used building with four one-bedroom units with one bath, one two-bedroom unit with two baths and four retail spaces. Centrally located in Long Branch’s downtown, the property also offers parking in the rear of the building.