After a former bank was reincarnated as multiple failedrestaurants, Bielat Santore & Co. recently sold the Asbury Park, NJ-based propertyto Sackman Enterprises. The deal will convert the property into anoffice or mixed-use space in Asbury Park's commercialdistrict.

|

Despite the COVID-19 outbreak hitting the New Jersey tristateparticularly hard, Allenhurst, NJ-based Bielat Santore said thislatest 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 investmentproperty to an unnamed contractor. In May, Bielat Santor alsoannounced it assisted Chefs International in acquiringPoint Pleasant Beach, New Jersey's Rod Olde Irish Tavern.

|

While the Merchant's National Bank was originally builtin 1917 at 649 Mattison Ave., over the years it's been thehome of a martini bar, a Cajun-Creole restaurant and various othereateries, according to a press release provided by BielatSantore.

|

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 theaterlines 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 newestproperty's two-story frame, according to a published statement.

|

To be sure, this isn't Sackman Enterprises' first Asbury Parkinvestment. Sackman Enterprises owns multiple commercial andresidential real estate properties in the beach town, according toSackman Enterprises' website.

|

Indeed, Mattison Ave. isn't even new to Sackman Enterprises'portfolio. According to the real estate company's website, itacquired the historic Post Building on 601 Mattison Ave. in 2003and later converted it to luxury apartments. Sackman also purchasedthe 603 Mattison Ave. headquarters of the Asbury Park Press in2002. Sackman converted the former newsroom into a restaurant andoffice space.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Victoria Hudgins

I am a reporter for Legaltech News where I cover data privacy, cybersecurity and technology's impact on the business and practice of law.