The Kislak Co. Inc. has brokered the sale of an eight-acre development site at Larchwood Avenue and Jonathan Court in West Long Branch. — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A development site that could bring new multimillion-dollar homes to West Long Branch has changed hands for $5.8 million, brokers with The Kislak Co. Inc. announced Wednesday.
According to the listing team, the L-shaped lot at Larchwood Avenue and Jonathan Court is about a mile and a half from the Atlantic Ocean, three miles from Pier Village in neighboring Long Branch and three miles from Deal. That location spurred major interest for the eight-acre property, which Kislak Managing Director Matt Weilheimer and CEO Jason Pucci marketed on the seller’s behalf.
“We were engaged to market the property and conduct a ‘sealed bid’ process for the site that is zoned residential for anticipated construction of multimillion-dollar homes,” Weilheimer said. “The enthusiasm and interest we garnered were amazing. We received numerous offers not subject to obtaining any approvals and the lengthy wait time that would have followed the approval process.”
Kislak noted that the property is zoned for residential, offering the potential for subdivision among new and older multimillion-dollar homes. Of the eight acres, about four are buildable.
The firm also cited the borough’s population growth of more than 6 percent from 2010 to 2020, helping to drive significant recent single- and multifamily development in the region. West Long Branch is also the home of Monmouth University, a top-ranked private university with 5,500 undergraduate and graduate students and nearly 300 full-time faculty members.
