109-Unit Luxury Rental Development Planned on 1.97 Acres
WOODBRIDGE, N.J., December 17, 2020 – The Kislak Company, Inc. announced the recent sale of an oceanfront assemblage of three contiguous properties in Long Branch, Monmouth County, New Jersey, for $9,900,000. The assemblage includes the following properties that total 1.97 acres: 276 Ocean Avenue (0.66 acre), 286 Ocean Avenue (0.66 acre) and 290 Ocean Avenue (0.65 acre).
Kislak marketed the properties on an exclusive basis on behalf of the sellers. Arbor Sales & Marketing, LLC procured the purchaser, 290 Ocean, LLC, which plans to construct a 109-unit luxury rental building on the properties.
“The offering presented an extraordinary opportunity to develop an oceanfront multifamily property in an Opportunity Zone in one of the strongest markets along the Jersey Shore,” said C.O.O. Jason Pucci. “The key demand drivers for luxury housing in the immediate vicinity include population growth, tourism, supply constraints and economic growth, and the assemblage is among the last developable oceanfront properties in New Jersey.
The properties are located within Long Branch’s Oceanfront-Broadway Redevelopment Plan Beachfront South Sector in a premier location two blocks south of Pier Village along the Long Branch boardwalk. Pier Village is the heart of Long Branch’s vibrant and growing beach community.
The properties are 26-32 feet above sea level and not in a flood hazard zone.
The Long Branch train station is two blocks west of the properties and is connected to New York City and northern New Jersey via New Jersey Transit trains running on the North Jersey Coast Line. During peak season, a shuttle service runs between the train station and Pier Village.
The redevelopment of Long Branch has brought an influx of new residents to the city, which 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, New Jersey – and 84 miles northeast of Philadelphia. Plans for a pier and ferry in Pier Village have been considered by the City of Long Branch that may provide direct ferry access to New York City.
Mr. Pucci joined Kislak in 2006 and is responsible for the oversight and management of the firm’s operations, business activities and growth initiatives including achievement of its financial and operational objectives. Since joining Kislak, the firm has closed more than 1,500 transactions valued at over $6 billion with Mr. Pucci personally closing more than 60 transactions valued at over $600 million.