A Broad Street building with one of downtown Red Bank’s most distinctive facades has been sold and is about to undergo a makeover, redbankgreen has learned.
The property, at number 7 Broad, near the intersection with Front Street, sold last month for $2.2 million to a Westport, Conn. partnership of David Ross and Richard Becker.
“We intend to fix up the building,” Ross tells redbankgreen. “It needs some aesthetic improvements and construction improvements.”
Marked for removal are the steel-frame archway and exterior stairwell that dominate an open-air recess, Ross says.
The sale is yet another sign of outsider money jostling for stakes in the volatile downtown market, which is about to hit a new level with this week’s opening of the Tiffany & Co. store on middle Broad. In September, 26 Broad, which is home to Murphy Style Grill, changed hands, with a Woodbridge outfit paying $3 million. And the owners of the former Prown’s Hardware space at 32-34 Broad, now home to a Chase bank branch, last month turned down an offer of $10.5 million almost six times the sum they paid for the building in 2003 and took it off the market, according to principal Mike Rovere.
are said to have tried and failed to unload the property for $10 million.