$15M sale of oceanfront condominium development site closes in New Jersey

MORRISTOWN, Dec. 18, 2023 – JLL Capital Markets announced today that it has closed the $15 million sale of an oceanfront condominium development parcel located along the historic beachfront promenade in Asbury Park, New Jersey. The site is a part of the Asbury Park Waterfront Redevelopment Area and is currently approved for an eight-story condominium development comprised of 155 residences and 9,340 square feet of prime retail space. The development parcel was acquired by Inspired by Somerset Development. JLL represented the land seller, an affiliate of Star Holdings, in conjunction with Starfield Companies.

Originally contracted for-sale in mid-2021, subject to land use entitlements, the site is one of three undeveloped land parcels along the historic Asbury Park beachfront promenade, and sits in the center of the oceanfront, which has been named one of the most ambitious urban-revival initiatives on the Eastern Seaboard over the past decade. The development will give residents access to the vibrant culture and energy of Asbury Park and will feature a wide range of luxury amenities including a resident club room, spa, outdoor grills and fire pits, a state-of-the-art fitness center and golf simulator, courtyard, and two pools – one of which will be open year-round.

Situated at the corner of Ocean and Fifth Avenues, the community is located within walking distance to Bradley Park, Paramount Theatre, Asbury Park Boardwalk and the ocean, as well as Asbury Ocean Club Surfside Resort and Residences – a collection of luxury condominiums and an award-winning boutique hotel that helped redefine the future of redevelopment in Asbury Park. Downtown Asbury Park is within a five-minute walk and offers a range of dining and recreational options. Additionally, the site is only 90 minutes from New York City, with the NJ Transit Asbury Park train station only minutes away. The site is also less than ten minutes to Route 18, Route 35 and the Garden State Parkway, which are Central New Jersey’s most heavily trafficked commercial arteries to travel north and south across the Garden State.

The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Jose Cruz and Directors J.B. Bruno and Ryan Robertson.

“The site’s oceanfront location combined with the exceptional demand for high end condominiums in one of the State’s most sought-after submarkets resulted in very strong pricing from multiple bidders,” stated Cruz.

“Inspired is excited to begin executing on our vision to develop this transformational property, which will provide residents with a suite of luxury amenities,” said Ken Gold, Vice President of Acquisitions and Development at Inspired by Somerset Development. “The forthcoming development will complement the iconic fixtures and beauty of Asbury Park, while setting a new bar for luxury living.”

“The massive success of Asbury Ocean Club provides a strong proof of concept for what will be a transformative project for not only Asbury Park, but also the greater New Jersey coast,” added Bruno.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Starfield Companies thinks about people prior to structures and about spaces before square footage – carefully crafting and curating residential and urban spaces, hotels and businesses that inspire and seamlessly integrate into their respective communities. Founded by Brian Cheripka and David Furgal, the Company provides services related to development and construction, asset management, operations, and property dispositions. Starfield prides itself on its willingness to take on complex projects, fearlessly imagining creative solutions for properties that are interesting and enduring. The Company currently serves as the exclusive manager of Star Holdings’ portfolio in Asbury Park, N.J. and Magnolia Green, V.A. Starfield’s experience in reshaping and reviving neighborhoods stretches back more than two decades, most notably with the Asbury Park redevelopment project, in Asbury Park, New Jersey, spearheaded by real estate investment company iStar. Starfield – delivering vision. For more information, visit starfieldcompanies.com.

Inspired by Somerset Development is a leading real estate developer focusing on large-scale transit oriented and brownfield redevelopment projects, led by a team of principals with more than 40 years of development experience. The company has positioned itself as one of the nation’s foremost real estate firms specializing in innovative mixed use and adaptive reuse projects, including the planning and development of Traditional Neighborhood Design communities that evoke a strong sense of place and reflect a distinctive character.

With several high-profile, large-scale redevelopment and development projects under construction or in the planning stages, Inspired has earned a quality reputation for its unwavering commitment to excellence through responsible development practices. For more information on Inspired by Somerset Development, contact the company by calling (732) 367-2828 or via the company’s new website at inspiredsd.com.