NEW JERSEY—Gebroe-Hammer Associates recently completed the sale of twoproperties in Asbury Park, N.J. for a combined total of approximately $8.7 million.
In the first transaction, Kingsley Arms sold for $6.9 million. The 98-unit property is located at 200Lake Drive, one block from the beach and the Convention Center. Kingsley Arms is an eight-story elevator-operated property and is position within Asbury Park’s redevelopment zone and consists of a mix of studio, one- and two-bedroom units as well as two combined double penthouses. Monthly rents currently range from $700 to $2,000.
The building is in close proximity to N.J. Transit and Route 35.
According to Gebroe-Hammer Associates’ Steven Follman, VP, the new ownership plans a substantial renovation.
In the second transaction, 510-512 Fifth Ave. sold for approximately $1.8 million. Containing 23 units, theconsists of two buildings and includes a mix of studio, one- and two-bedroom units. The property offers on-site parking, beach access and close proximity to shopping and dining.