S.V.P. Daniel Lanni Arranges Exclusive Sales in Asbury Park and Long Branch
Woodbridge, N.J., January 25, 2023 – The Kislak Company, Inc. announced the recent sale of two mixed-use buildings in Monmouth County, New Jersey for $3,600,000. The transactions included the $2,200,000 sale of 700 Main Street in Asbury Park with four luxury residential units and 3,300 square feet of retail space, and the $1,400,000 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.
Mr. 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. Part of the urban chic attraction of Asbury Park is that along with restaurants and community art within easy walking distance, it is home to a lively, major music scene, the Garden State Film Festival, and is less than seven miles from Monmouth University and two campuses of Brookdale Community College.
Regarding the Long Branch sale, Mr. 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 one bath, one two-bedroom unit with two bath units and four retail spaces. Centrally located in Long Branch’s downtown, the property also offers parking in the rear of the building
Mr. Lanni joined Kislak in 2010 and is consistently among the firm’s leading producers. He specializes in the sale of multifamily and other investment properties in central New Jersey with a particular focus along the Jersey Shore. He was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a senior vice president in 2019.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s thirty-five professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, Delaware and Florida.
Now in its 117th year, Kislak was among a select group of firms recognized as a 2021 Power Broker by CoStar Group, Inc. and this was the firm’s 16th consecutive recognition. For the second consecutive year, Kislak was named by NJBIZ as one of its Leaders in Real Estate, Construction and Design in New Jersey.