An undeveloped eight-acre property tucked away in a residential neighborhood in West Long Branch netted $5.8 million in a recent sale. Managing Director Matt Weilheimer and C.E.O. Jason Pucci of the Kislak Company, Inc. marketed the land on an exclusive basis on behalf of the seller. Neither the buyer nor the seller was disclosed.
The Monmouth County property is an L-shaped lot located at Larchwood Avenue and Jonathan Court in West Long Branch. It is just minutes from the Jersey Shore and recreation, dining, shopping, and entertainment in the Borough of Deal and Pier Village in nearby Long Branch. The property is surrounded by new and older multimillion-dollar homes. Zoned R-22 residential, the land offers great potential for subdivision.
“We were engaged to market the property and conduct a ‘sealed bid’ process for the site that is zoned residential for the anticipated construction of multimillion-dollar homes. The enthusiasm and interest we garnered were amazing,” commented Kislak’s Weilheimer. “We received numerous offers not subject to obtaining any approvals and the lengthy wait time that would have followed the approval process.”
The Borough of West Long Branch saw a significant population increase of 6% between 2010 and 2020. The area has seen significant single-family and multifamily development. The borough is the home of Monmouth University, a private university with 5,500 students and roughly 300 full-time faculty members.
