Sold, for more than the seller ever dreamed: 25 Broad Street.
Stuart Paer’s request to the Red Bank Planning Board on Monday night went through like lightning.
He was asking for a change of use for the second-floor space in a building he owns at 25 Broad Street. Long utilized as an office, it at one time served as an art gallery owned by Lloyd Garrison, and is now used as an office again. The board granted the request. The whole thing took about five minutes.
And just like that, Paer cleared the last hurdle that will enable him to sell the building, and another one he owns at 19 West Front Street, to a Brooklyn-based buyer for $3.2 milion.
What does it mean for downtown? We’re not sure. But when a seller boasts, before a closing, that he’s getting more for a building than it’s worth, it just might be a sign of an overheating market.
Also in the deal: 19 West Front Street, home of Paw Palace.
Paer, who owns the Red Bank Sleep Shoppe mattress store on Maple Avenue (but not the building that houses it), told redbankgreen that, in essence, Pebean Realty made him an offer he’d be an idiot to refuse.
Here’s what he said when we asked why he’d decided now was the time to sell: “Because they’re willing to give me more than the market values those buildings for.”
He reasons that even if he held onto the properties for another five years, appreciation probably wouldn’t get the value up to what he’s getting in this deal. He figures he can invest the profits in hedge funds and bonds and do quite well, without any of the headaches of being a landlord.
“I’d rather take the money now,” he says.
We tried reaching Pebean, but it’s not listed in phone directories, and the only number we could dig up online went unanswered.
Paer says the buyers told him they needed to make a like-kind purchase for tax purposes after selling another property elsewhere.
Paer bought 25 Broad, which had been the home of his mattress store, for $1.2 million in August, 2003, according to Monmouth County records. He picked up 19 West Front about a year later for $525,000. So he’s getting just under twice what he paid in the package sale.
Chelsea Home, a furniture store, is the street level tenant at 25 Broad. Owner Bill Keimig tells us he’s not worried about the deal. He’s got 17 years left on a 20-year lease with modest annual increases. Paw Palace, a pet accessories store, is the tenant at 19 West Front.
GO STU wish i was as smart as stu
wish i cud get a descent nights sleep …. Stu
Wasnt that Goldins mens shop where I got my 8th grade graduation outfit from???
Shoulda gone to Clayten & McGee…
sorry Dan!
Hello,
What happened to your story on claudia ansorge? Did you just drop it the way the monmouth county prosecutors office did? Please tell me how some one can commit vehicular manslaughter, drunk and somehow the dead victim gets the blame- because he was drunk too??!!! It's so obvious that the rich do not get prosecuted and the law is just a tool by which the rich control the poor.
Maybe rbg is on the take too. What ever happened to right and wrong? Isn't is WRONG to kill someone in your car when you're drunk? In my book it sure is, i don't care who you are. And yet nothing is being done and that's just business as usual with everybody.
Please follow this story, please find out why this killer has not been indicted. If i had been the one to kill someone i know i'd be locked up - how do i know that?- i am not really really wealthy with really really wealthy friends.
Please, we can't let this go.
Oh yea, silly me - we're a government of the rich, by the rich, and for the rich. What was i thinking?
I am trying to understand, Ms. Darby Sheldon, the connection between your obvious hatred of people with money, the Ansorage legal thing and Mr. Paer's apparent windfall.
Be happy that you are not wealthy, ma'am (your claim). Otherwise, you would have to hate yourself.
I don't think I've ever officially met Stuart but I've always read and watched with interest his business saavy.
I've, always, always been so impressed by his
business energy, creativity and acumen.
His business sense is most astute and deserves his good fortune. Also, from what I've heard, he's also been quite generous giving back to Red Bank.
I belief he is also a resident of Red Bank.
Stuart is a great guy and business man. He didnt just sell us a new mattress but a good nights sleep. I'v sent a few family members over and as they are please too… Good for him , it could'nt happen to a nicer guy. Did you know Stuart is also a Red Bank firepolice volenteer. Its also nice to see someone who gives back to the community . Thanks Stu.