Anthony Alfieri at 42 Monmouth Street, which he’s redeveloping with his two siblings. (Photo by John T. Ward. Click to enlarge.)
By JOHN T. WARD AND BRIAN DONOHUE
One of the downtown area’s most long-vacant storefronts is finally showing signs of life, with work on a second floor addition underway and new owners hoping to fill the large first floor space with a new retailer or two.
The building has been vacant since the closing of Fameabilia in 2008. Below, a view of the building this week with the first beams of the new second floor in place. (Photo by John T. Ward. Click to enlarge.)
The building at 42 Monmouth Street formerly housed the Fameabilia poster and souvenir memorabilia shop, but has been vacant for 15 years since that business closed.
Matawan restaurateur Florin Lupu bought the building in 2017 for $1.2 million and received approvals to convert the first floor to a brewery and add a second floor with two apartments. But construction by Lupu’s company, Phoenix of Matawan LLC never began.
In February, the building was purchased for $2 million by AVB Investment LLC county property records show. The buyers were three siblings who are now proceeding full speed ahead with the borough-approved redevelopment, with Lupu’s contracting company doing the work.
Construction is well underway on the second floor, which will house a pair of 2500 square foot rental apartments with rooftop terraces. Phoenix had altered the plans to scrap the brewery idea before the sale, and the new owners are looking for one or two tenants to fill the first floor retail space. They hope to have construction complete by the end of the year. 
“Once the building’s done it’s going to stand out,” owner Anthony Alfieri told redbankgreen in a recent interview. “We’re really excited about it. We just couldn’t be on a better street. We love this area so much.”
AVB Investment is owned by Alfieri, a chiropractor, and his brother and sister, Victor and Brielle. The family, along with their father, Michael, have been investors in several projects in Monmouth County, including Porta restaurant and the Gas and Electric Building in Asbury Park.
Given its location, Anthony Alfieri said he was pleasantly surprised the building in such a prime location was available when the siblings were looking for their first project in Red Bank.
“It was weird that it did sit,” he said. “It was almost like it was too good to be true.”
Brian Donohue may be reached at [email protected] or (848)331-8331. If you value the news coverage provided by redbankgreen, please become a financial supporter for as little as $1 per month. Click here to set your own level of monthly or annual contribution.
