M id A tlantic Real Estate Journal — Central New Jersey — February 2023 — 9B
www.marej.com
C entral N ew J ersey
OODBRIDGE, NJ — The Kislak Company, Inc. an- Senior VP Daniel Lanni arranges exclusive sales in Asbury Park and Long Branch The Kislak Company, Inc. sells Jersey Shore mixed-use buildings for $3.6 Million W rear of the building
continued redevelopment of the oceanfront spurred inves- tor interest throughout the city. This well-located down- town 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 spac- es. Centrally located in Long Branch’s downtown, the prop- erty also offers parking in the
Lanni joined Kislak in 2010 and is consistently among the firm’s leading producers. He specializes in the sale of multifamily and other invest- ment 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. The Kislak Co., Inc. is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. MAREJ
nounced the recent sale of two mixed- use buildings in Monmouth County for $3.6 million. The transac- tions includ- ed the $2.2 million sale
Daniel Lanni
of 700 Main St. in Asbury Park with four luxury residential units and 3,300 s/f of retail space, and the $1.4 million sale of 593 Broadway in Long Branch, a two-story building with five residential units and 4,000 s/f of retail. Kislak marketed the proper- ties on an exclusive basis with senior vice president Daniel Lanni handling the assign- ments, and he procured the purchaser for each property. The parties were not disclosed. Lanni commented on the Asbury Park sale, “This fully renovated downtown building attracted a wide range of inves- tors through our marketing ef- forts. We procured multiple of- fers 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 s/f, 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 s/f of retail space. Fully renovated in 2020 with the addition of a third floor, the units include large open floor plans, a contempo- rary design, hardwood flooring, new stainless-steel appliances, and in-unit washers and dry- ers. The property was fully oc- cupied at the time of sale. Considered a walker’s para- dise, 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, Lanni added, “Interest in Long Branch remains very strong. The earlier addition of Pier Village to and the
EXCLUSIVE PROPERTIES FOR SALE
Ewing, NJ 52 Residential Units Matt Weilheimer ext 253
Elizabeth, NJ 2 Buildings | 18 Residential Units + 2 Retail Units Michael Salomon ext 243 Don Baxter ext 265
Berlin, NJ 16 Residential Units Daniel Lanni ext 248
Atlantic City, NJ 12 Residential Units + 3 Retail Units Frank Traettino ext 239
Paterson, NJ 12,000± Warehouse/Office Julie Gralla ext 224
South Plainfield, NJ 28,300± SF Retail/Office Max Levinston ext 308
The Kislak Company, Inc. | kislakrealty.com | 732 750 3000
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