Marcus & Millichap Brokers Sale of Multifamily Development Site in Asbury Park, New Jersey

by Taylor Williams

ASBURY PARK, N.J. — Marcus & Millichap has brokered the sale of a site located at 1001 First Ave. in the coastal city of Asbury Park that is entitled for the development of 80 multifamily units. The sales price was approximately $2.2 million. Development plans for the 57,000-square-foot parcel also include two ground-floor retail spaces and 94 parking spots. Chez Eider, Fahri Ozturk and Richard Gatto of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

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