LIVINGSTON, N.J. – January 10, 2013 – Asbury Park is continuing its residential, economic and cultural rebound, resulting in heightened multi-family investment interest citywide, according to Steven Follman, vice president of Gebroe-Hammer Associates. The Ocean/Monmouth County area market specialist recently recorded the city’s latest apartment-building trades involving the $6.9 million sale of Kingsley Arms and the $1.775 million sale of 23 units at 510-512 Fifth Ave., in the heart of this community.
“Asbury Park is just one of several Monmouth County municipalities that has undergone significant redevelopment, resulting in high demand for multi-family investments and apartment-rental units,” said Follman, who – since June – has arranged the trade of more than 270 total units in the area netting $26.16 million. In Asbury Park, he also recently orchestrated two REO transactions in which he exclusively represented a prominent multi-billion dollar global private-equity fund.
According to Follman, the 98-unit Kingsley Arms transaction is testimony to the reemerging strength of the city’s apartment market. “This building had been unsuccessfully marketed for years by other brokerage firms, but once Gebroe-Hammer was awarded the exclusive, we were able to generate a great deal of investor interest and procure the right buyer,” he said. “A substantial renovation effort is planned by the private buyer to make the building more competitive.”
Located at 200 Deal Lake Drive, just one block from the beach and famed Convention Center, the eight-story elevator-operated building offers sweeping lake and ocean views. The property is positioned within Asbury Park’s redevelopment zone and consists of 23 studio, 68 one-bedroom and five two-bedroom units, as well as two combined double penthouses. Monthly rents currently range from $700 to $2,000. The well-located building is a short drive to NJ Transit rail service and Route 35, and is about an hour away from New York City.
The two-building, 23-unit Fifth Avenue complex includes six studio, 15 one-bedroom and two two-bedroom units, featuring Sunset Lake views. Each of the two-and-a-half-story, all-brick façade buildings offers ample on-site parking as well as beach access, dining and shopping just a few blocks away.
Once known as the “Crown Jewel” of the Jersey Shore, the oceanfront community of Asbury Park is making a comeback. In the last few years, millions of dollars have been invested in new housing, infrastructure and boardwalk renewal efforts. Best known for its musical history and as home to the famed Stone Pony nightclub, a thriving art and restaurant scene is once again evident on Cookman Avenue and elsewhere throughout the city.