Ocean Block Assemblage Adjacent to Pier Village Complete for Redevelopment
Woodbridge, N.J., July 7, 2021 – The Kislak Company, Inc. announced the recent $1,450,000 off-market sale of 36 Morris Avenue, a 0.4697-acre property in Long Branch, New Jersey, that completed an ocean block assemblage adjacent to Pier Village.
The nearly half-acre property sits at the corner of Ocean Boulevard and Morris Avenue immediately south of The Lofts at Pier Village and approximately 300 feet west of the Atlantic Ocean. The sale was the fourth and final transaction that marked the completion of a four-property 1.8618-acre ocean block assemblage – from Ocean Boulevard along Morris Avenue to Ocean Avenue – for redevelopment. In addition to 36 Morris Avenue, the assemblage includes:
- 34 Morris Avenue – 0.2765 acre, which sold in 2018
- 170 Ocean Avenue – 0.3134 acre, which sold in 2018
- 176 Ocean Avenue – 0.8022 acre, which sold in 2017
The seller of 36 Morris Avenue was a private company. The purchaser was PV Motel, LLC, which is an affiliate of Kushner, the diversified real estate organization headquartered in New York City. Kushner is also the owner of Pier Village and the other properties in the assemblage with plans to construct an oceanfront hotel on the site.
Kislak’s chief operating officer Jason Pucci represented both parties in the transaction.
“Since the beginning of our assignment, these properties have been a natural fit for Kushner given their oceanfront location just south of Pier Village and Kushner’s strong presence in Long Branch,” said Mr. Pucci. “Over the past 30 years, Kislak has closed more than 70 transactions with Kushner, and we are pleased to assist with their continued expansion in and redevelopment of Long Branch.”
The assemblage is ideally located along the ocean between Pier Village and several new developments in one of the most desirable beachfront destinations along the Jersey Shore. Many new condominium and rental developments have recently been completed with more underway and planned.
Long Branch is located 55 miles south of Manhattan – one hour by car and 40 minutes from Wall Street via the Sea Streak Ferry that leaves from nearby Highlands. The Long Branch train station is two blocks west of the assemblage and is connected to New York City and northern New Jersey via New Jersey Transit trains on the North Jersey Coast Line. During peak season, a shuttle service runs between the train station and Pier Village. Plans for a pier and ferry in Pier Village have been advanced by the City of Long Branch, which would provide direct ferry access to New York City.
The seller’s attorney was Michael Benedetto of Ansell Grimm & Aaron PC and the purchaser’s attorneys were Alan Hammer and Brian Peykar of Brach Eichler LLC.
Mr. Pucci joined Kislak in 2006 and is responsible for management of the firm’s operations, business activities and growth initiatives. Since then, the firm has closed more than 1,700 transactions valued at $7 billion with Mr. Pucci personally closing more than 60 transactions valued at over $600 million. He is a licensed attorney in New York and New Jersey and is a licensed real estate broker in New York and salesperson in New Jersey.