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RED BANK: BROADWALK PAIR GOES FOR $6.1M

The former home to Coco Pari, and the building next door, with Catch 19, were sold in a joint deal. (Photo by John T. Ward. Click to enlarge.)

By JOHN T. WARD

A prime bit of downtown Red Bank retail space was part of a two-building sale last month, redbankgreen has learned.

What goes into the vacant storefont of one is among the changes Retail Churn is keeping an eye on.

Mr. Vape has opened at 26 Monmouth Street. Below, Saffron is under construction in the former home of the Front Street Trattoria. (Photo by John T. Ward. Click to enlarge.)

• Two adjoining buildings in downtown Red Bank have a new owner, redbankgreen has learned.

The owner of Centrada restaurant, at 8-10 West Front Street, has acquired the home of Catch 19 restaurant and the former home of Coco Pari dress shop for a whopping $6.1 million, according to a newly filed deed.

A limited liability company associated with Middletown resident John A. DiLeo Jr. bought the buildings at 17-19 Broad Street in a deal closed July 14, the deed shows. DiLeo could not be reached for comment on his plans Thursday.

The seller was Rick Stavola, also of Middletown, who owned the buildings through a limited liability company that paid $1.2 million for 19 Broad in 2001 and $1.3 million for 17 Broad a year later.

Totaling more than 14,000 square feet of retail and commercial space in the heart of the Broadwalk seasonal dining and shopping plaza, the pair make for a must-watch space, especially in light of the sumptuous overhaul DiLeo gave to the three-story building that opened as Centrada just 16 months ago.

The two buildings were among seven downtown structures that a single buyer had lined up to acquire almost a year ago in what would have been an unprecedented binge if the deal went through. But the would-be buyer, TVND Acquisitions LLC, hasn’t  closed any of the deals, and TVND’s principals have not previously responded to redbankgreen requests for information.

Through a separate LLC, Stavola also owns 21-23 Broad Street, on the south side of Catch 19. Vacant for 11 years, that 12,000-square-foot building is listed for sale at $4.8 million through broker Geof Brothers.

• As Churn reported last month, an Indian restaurant is doing a buildout at 31-33 West Front Street, where Front Street Trattoria operated for 35 years before closing in 2020.

Since then, we heard back from Amrita Jogi, one of the two principals in the LLC behind the business. Jogi tells Churn they own a restaurant, also called Saffron, in Milwaukee, and that the Red Bank restaurant will “mirror, more or less,” that business.

They’re targeting a late-September opening, Jogi said.

Saffron is one of two Indian restaurants preparing to open downtown. The other is Agra Indian Masala, under construction at 30 Monmouth Street, the longtime home of Monmouth Music,

• Buildout work is also underway at 72 Monmouth Street, where the Bagel Oven ended a 45-year run in May.

A “coming soon” sign in a front window promises “Same Bagels.” Maybe that should be the name of the shop?

• A “coming soon” banner also hangs above the entrance at 51 Broad Street, where El Gavilan Tio Juan closed recently after just seven months in business.

We have no details yet on what’s coming soon, other than a possible clue: a Peruvian flag flying out front.

• Mr. Vape Smoke & Cigar shop opened last week at 26 Monmouth Street, a space recently vacated by Board & Brush.

According to its Facebook page, the store sells “e-cigarettes, cigarettes, cigars, disposable vapes, THC/CBD products, water bongs, bowl pieces” and the like. It is the fourth such business to open in the central business district.

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