After a former bank was reincarnated as multiple failed restaurants, Bielat Santore & Co. recently sold the Asbury Park, NJ-based property to Sackman Enterprises. The deal will convert the property into an office or mixed-use space in Asbury Park's commercial district.

Despite the COVID-19 outbreak hitting the New Jersey tristate particularly hard, Allenhurst, NJ-based Bielat Santore said this latest deal is its third transaction during the pandemic.

Earlier this month, Bielat Santor announced it sold Frank & Teddy's Tavern in Monmouth County, New Jersey, as an investment property to an unnamed contractor. In May, Bielat Santor also announced it assisted Chefs International in acquiring Point Pleasant Beach, New Jersey's Rod Olde Irish Tavern.

While the Merchant's National Bank was originally built in 1917 at 649 Mattison Ave., over the years it's been the home of a martini bar, a Cajun-Creole restaurant and various other eateries, according to a press release provided by Bielat Santore.

Mattison Ave. is located in Asbury Park's commercial district, away from the beaches, casinos and hotels that tourists frequent. Currently, various banks, office buildings and a downtown theater lines Mattison Avenue, Bielat Santore wrote.

Under the new ownership of Sackman Enterprise, 649 Mattison Ave. will become an office or mixed-use office/residential space. Sackman Enterprise is also set to add a third floor to its newest property's two-story frame, according to a published statement.

To be sure, this isn't Sackman Enterprises' first Asbury Park investment. Sackman Enterprises owns multiple commercial and residential real estate properties in the beach town, according to Sackman Enterprises' website.

Indeed, Mattison Ave. isn't even new to Sackman Enterprises' portfolio. According to the real estate company's website, it acquired the historic Post Building on 601 Mattison Ave. in 2003 and later converted it to luxury apartments. Sackman also purchased the 603 Mattison Ave. headquarters of the Asbury Park Press in 2002. Sackman converted the former newsroom into a restaurant and office space.

Instant Insights /

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