276, 286 and 290 Ocean Ave. in Long Branch — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A developer is planning to build 109 luxury apartments in Long Branch after acquiring nearly two acres of oceanfront property in the city, according to The Kislak Co. Inc.
Brokers with the firm represented multiple sellers in the transaction, which comprises three contiguous properties at 276, 286 and 290 Ocean Ave. The buyer, 290 Ocean LLC, paid $9.9 million for the 1.97-acre assemblage.
“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 Jason Pucci, Kislak’s chief operating officer. “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.
Arbor Sales & Marketing LLC represented the buyer, Kislak said, noting that the properties are located within Long Branch’s Oceanfront-Broadway Redevelopment Zone. The site is two blocks south of the acclaimed Pier Village complex, the heart of the city’s vibrant and growing beach community.
Kislak added that the Long Branch train station is two blocks west of the properties and is connected to New York City and northern New Jersey via NJ Transit rail service. The properties are 26 to 32 feet above sea level and not in a flood hazard zone.