The seller was Asbury Partners, the city-designated master developer for Oceanfront Asbury, as the overall redevelopment is called. Metro Homes still must gain city approval for the transaction, which is anticipated. Officials of both Asbury Partners and Metro Homes declined to disclose the sale price or other details of the transaction.
The building, locally referred to simply as C-8 for its designation on the city's zoning map, has sat unfinished since 1989 when local developer Joseph Carabetta defaulted on the property. An extension of the building was demolished earlier this year to make room for the widening of the adjacent Ocean Avenue.
Metro Homes intends to use the existing frame of the building, according to its president, Dean Geibel, who says that his company has been testing the steel. Most of the building's precast concrete siding is being taken down, however.
Besides the C-8 property, Metro Homes has also taken options on adjacent sites, according to Larry Fishman, COO of Asbury Partners. Metro Homes is also slated to take part in a groundbreaking next month for the first residential phase of Oceanfront Asbury with fellow developers Kushner Cos. of Florham Park and Paramount Homes of Jackson.
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