RED BANK: STILL VACANT, DOWNTOWN LANDMARK IS SOLD - AGAIN.

21-23 Broad Street. (Photo by Brian Donohue. Click to enlarge.)

By BRIAN DONOHUE

An architectural gem smack in the middle of Red Bank’s historic downtown – and one of its longest-running vacancies – has changed hands for the second time in three years.

And it sold at a cool million bucks below the seller’s original flip-for-beaucoup bucks asking price.

A limited liability corporation owned by Saurabh Abrol, CEO and founder of Le Malt Hospitality Group, purchased the building at 21-23 Broad Street, known as the Doremus building, for $4.05 million in December, according to Monmouth County Real Estate Records.

Le Malt Hospitality’s properties include Meximodo, the Guinness World Record tequila selection champ with locations in Jersey City, Metuchen and Marlboro; and Le Malt private clubs, including the members-only Le Malt Royale at 22 West Front Street.

The man with 1,000 tequilas is now a man with two buildings in Red Bank. Last winter, he also purchased the former home of Centrada at 8-10 West Front Street for $2.3 million.

Just as he plans to do around the corner at the former Centrada location, Abrol told redbankgreen that he’s hoping to open a restaurant in the century-old building smack on the Broadwalk pedestrian plaza. The concept has not been finalized, he told us via email, but he’s hoping to open in 2028.

The $4.05 million price is a hair above what the sellers paid for it in 2023, but well below their original 2024 asking price of $5.2 million.

Known as the Doremus building since 1921, the terracotta-faced structure at 21-23 Broad Street was sold for $4 million in October 2023 by Rick Stavola to a limited liability company associated with Jennifer and Marco Savo of Lincroft, according to business records.

It’s been vacant since the departure of Agostino, a furniture store, in mid-2012.

The Savos’ received zoning board approvals for a three-story restaurant with a roof deck in June, 2024, saying they hoped to find a tenant to operate what Marco Savo described as a “classy” eatery. The building plans included an elevator, with testimony before the planning board by the applicant that food from the kitchen would be brought to top floors on the elevator.

Instead, they put the building on the market and sold it to Abrol for $50,000 more than they paid for it, according to deeds recorded with the county.

Meanwhile, Abrol’s plans for the 8-10 West Front Street property continue to take shape. A peek in the window Tuesday showed the interior gutted down to the metal studs with signs of ongoing construction. He has not yet revealed the name or concept for the restaurant.

An LLC owned by Abrol closed on the building January 23 for $2.32 million. The building was previously home to Centrada restaurant and, before that, The Downtown. Abrol also acquired the liquor license from Centrada, borough records show.

The Downtown closed at the start of the 2019 pandemic and never re-opened. The building and liquor license was purchased in 2020 for $2 million by a partnerhip including John DiLeo, who opened Centrada in 2022.

DiLeo closed Centrada in September, 2025, with a spokesman saying his company, Esperto Hospitality Group, was going to focus on their numerous other holdings, including Catezza, a two-year old eatery at 19 Broad Street, and Cafe Pari, a wine bar/cafe with a tapas menu.

The building appeared in sales listings shortly after Centrada went dark.

redbankgreen editor Brian Donohue may be reached via email at [email protected] or by calling or texting 848-331-8331.

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