135 Monmouth Street, (at right) was recently purchased by the developer building The Sax, the 45-apartment building rising in the background. (Photo by Brian Donohue. Click to enlarge.)
By BRIAN DONOHUE
The developer building a 45-apartment complex on Monmouth Street has purchased the properties owned by the Red Bank Charter School right next door, property records show.
A corporation records show is headed by Michael Salerno of Shrewsbury completed the purchase last month of 135 and 137 Monmouth Street. The charter school purchased the properties in 2017 with now-scuttled plans to build a gym inside.
The building is currently home to tenants including Red Bank Frameworks, and a language school. The sale also includes a small parking lot across the street at 138 Monmouth Street, alongside Fins & Feathers pet shop.
A deed recorded by Monmouth County on December 8 lists the sale price as $2,875,000.
Salerno is the developer behind The Sax, a building rapidly taking shape on the adjacent tract at 121 Monmouth Street. Bordering Pearl Street, the lot was home to a now-demolished building that once housed a nightclub owned by the late E Street Band saxophonist Clarence Clemons.
It is not clear what Salerno’s plans are for his newest properties. He did not immediately return calls seeking comment.
Records show the three properties were purchased by 133 Monmouth Street LLC, a corporation NJ Department of Treasury records show is, in turn, owned by ICE Holdings LLC, a real estate holdings company listing Salerno as registered agent.
The purchase could further fuel an already dramatic ongoing transformation of the stretch of Monmouth Street east of the train station.
In addition to the 45-unit Sax, the block is home to the new The Vistas at Red Bank, a 32-unit apartment building now leasing at 120 Monmouth Street. One and two-bedroom apartments are listed at The Vistas for between $3,620 and $5,180 per month.
Red Bank Charter School principal Kristen Martello did not immediately respond to an email seeking comment on the sale.
The school originally eyed the building at 135-137 Monmouth Street as part of a wider, controversial plan, to double its legally allowed enrollment to 400. That expansion was rejected by the state in 2016.
In a notice to parents posted in 2024, Martello said the school was moving on from plans to build a gym that school officials had harbored for years.
“Being sensitive to values of real estate and the precarious position of school funding, now is the time to capitalize on the investment,” reads the July 2024 notice.
“While we have enjoyed the additional space, it is not necessary to our success,” the statement reads. “In fact, RBCS operated for over 20 years without that extra space and provided a first-rate experience for our students.”
The statement says selling the building would allow the school to “leverage our investment to support student needs.”
The school owed $3.2 million on the mortgage for its properties, a total which records also includes its main building on Oakland Street. The mortgages for the various properties were combined in July 2020, records show.
redbankgreen editor Brian Donohue may be reached via email at [email protected] or by calling or texting 848-331-8331.
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