ASBURY PARK, NJ-Construction is under way for the Blu, a 24-unit luxury residential condominium property here. Located at 510 Monroe Ave. near Downtown, the project is being developed by Pyramid Equities LLC and is slated for delivery by the end of the year. The cost of the project hasn't been released.
"This city is undergoing a renaissance, and the residential market is incredibly strong," says Harvey Schultz, principal of Pyramid Equities, a Woodbridge-based group. "We hope to offer the market a new level of homes," he says, adding that the Blu will also have a rooftop deck and pool, a fitness center, storage facilities and on-site parking.
The Blu follows another Pyramid project in this oceanfront community. Last summer, the group completed Asbury Grand, a 25-unit condo property, a project that involved the conversion of the 43,000-sf former Jersey Central Power & Light office building into residences. The Blu is located adjacent to that earlier project.
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