Asbury Park, New Jersey - May 1, 2007.
Real Estate Sales in Asbury Park remain steady. David Dorfman, publisher of the website asburyboardwalk.com and Real Estate Agent for Gilman Commercial Realty LLC recently noted the following on the real estate market in Asbury Park, New Jersey. All information is subject to change and information obtained from the Monmouth County MLS system, tax records and conversations with other professionals.
There are numberous units available for sale or for rent in Asbury Park. From several new developments to condo conversions - prices from $149,000 for a studio to onver $2m in the under construction Esperanza.
1. The Esperanza - 2 towers built on the Ocean at 4th Ave. 224 Units in total. PRices for a 1 bedroom begin at $385,000 up to over $2m for larger, ocean front units. The average 2 bedroom or 2 bedroom with den begin around $580,000. This project is under contruction and is expected to be completed in the fall of 2008.
2. Northbeach - 3 complexes: The Seville, The Monterey and the Barcelona. 154 units total. Approximately 17 units remain in addition to resales and rentals. Units from $450,000 to $1.3m. Rentals from $2000 per month.
3. Wesley Grove - Built along Wesley Lake facing Ocean Grove and Cookman Avenue. The link from downtown Asbury Park to the Boardwalk. Phase I consists of 91 units. Approxiamtely 41 have been sold. Rental units available from $2000 per month. Occuppancy August of 2007.
4. Downtown Asbury:
a) The Blu - 24 units from $450,000. Southbeach style in downtown.
b) The Mattison - units from $450,000
c) The Grande - converted former Jersey Central Power and Light company building. Rentals from $2,000 and resales.
5. The Steinbach - Historic renovation of a former department store. 63 units. RENTALS from $1350 per month to $2850 per month. Ground floor retail.
6. Ocean Arms (4th Ave), Shoreview (4th Ave), Park Terrace, Deal Lake Village (North Asbury) - converted apartments to Condos from $149,000.
7. The Esplande - An original condo buildng on Sunset Ave. Lake and Ocean views from upper floors.
8. The Bradley - Converted large home to 13 units. Rentals (from $2,000) to resales (from $450,000).
There are plenty more of opportunities in Asbury Park.
Please contact:
David Dorfman
Gilman Commercial Realty LLC
708 Hwy 35, Neptune NJ
(On the Asbury Circle)
732-539-2914
Showing posts with label Real Estate. Show all posts
Showing posts with label Real Estate. Show all posts
Wednesday, May 02, 2007
Wednesday, February 28, 2007
Berkeley-Carteret SOLD $16 million
SOLD. $16 million. Asbury may just get the taste of South Beach if the hotel is refurbished in the style of the Amersterdam Hospitality Group other holdings. Maybe not.
These guys were also a joint venture of partners who bought the Sears Tower in Chicago for $840 million in 2004. Scoop.
New York real estate investors Joseph and Jacob Chetrit bought the Berkeley-Carteret Oceanfront Hotel on Tuesday, paying $16 million for the historic 248-room building on the city's waterfront according to published reports.
Sold by Daniel and Ike Ahn. buyers were the Chetrit brothers (see Cherit Group) want to get the hotel refurbished, restored and reopened as soon as possible. The Empress Hotel, recently reopened, is the only other hotel in Asbury Park.
The brothers' company, the Chetrit Group, based in New York, has large real estate holdings around the country.
Daniel Ahn, a Queens-based entrepreneur, bought the hotel in December 1998 for $5.1 million plus $181,000 owed in back taxes. Ahn and his family refurbished the Berkeley-Carteret and kept it open through the years that the city's waterfront plans were being created, approved and financed.
My favorite piece of the hotel history:
Ahn had bought the hotel from the Maharishi Maheshi Yogi, whose organization bought it in 1994 from the Federal Deposit Insurance Corp. for $1.85 million, of which $625,000 was for the hotel and the remainder for back taxes and liens. At that time, the property was assessed at $3 million.
The maharishi planned to use the hotel as a Transcendental Meditation university and holistic health care center. The city did not allow those uses. The maharishi had to maintain the hotel's primary use as a hotel.
And then there was Henry:
The owners in the mid-1980s were a group led by local businessmen Henry and Sebastian Vaccaro, who restored the hotel but ended up in bankruptcy. They hit the market at wrong end of the banking and lending scandals of the 80's. We give him the credit at least of getting it re-opened, as prior to that it was completely gone. Lucky it didn't get knocked down or burned down.
These guys were also a joint venture of partners who bought the Sears Tower in Chicago for $840 million in 2004. Scoop.
New York real estate investors Joseph and Jacob Chetrit bought the Berkeley-Carteret Oceanfront Hotel on Tuesday, paying $16 million for the historic 248-room building on the city's waterfront according to published reports.
Sold by Daniel and Ike Ahn. buyers were the Chetrit brothers (see Cherit Group) want to get the hotel refurbished, restored and reopened as soon as possible. The Empress Hotel, recently reopened, is the only other hotel in Asbury Park.
The brothers' company, the Chetrit Group, based in New York, has large real estate holdings around the country.
Daniel Ahn, a Queens-based entrepreneur, bought the hotel in December 1998 for $5.1 million plus $181,000 owed in back taxes. Ahn and his family refurbished the Berkeley-Carteret and kept it open through the years that the city's waterfront plans were being created, approved and financed.
My favorite piece of the hotel history:
Ahn had bought the hotel from the Maharishi Maheshi Yogi, whose organization bought it in 1994 from the Federal Deposit Insurance Corp. for $1.85 million, of which $625,000 was for the hotel and the remainder for back taxes and liens. At that time, the property was assessed at $3 million.
The maharishi planned to use the hotel as a Transcendental Meditation university and holistic health care center. The city did not allow those uses. The maharishi had to maintain the hotel's primary use as a hotel.
And then there was Henry:
The owners in the mid-1980s were a group led by local businessmen Henry and Sebastian Vaccaro, who restored the hotel but ended up in bankruptcy. They hit the market at wrong end of the banking and lending scandals of the 80's. We give him the credit at least of getting it re-opened, as prior to that it was completely gone. Lucky it didn't get knocked down or burned down.
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