FOR DOWNTOWN SELLER, TOO-EASY MONEY
Sold, for more than the seller ever dreamed: 25 Broad Street.
Stuart Paer’s request to the Red Bank Planning Board on Monday night went through like lightning.
He was asking for a change of use for the second-floor space in a building he owns at 25 Broad Street. Long utilized as an office, it at one time served as an art gallery owned by Lloyd Garrison, and is now used as an office again. The board granted the request. The whole thing took about five minutes.
And just like that, Paer cleared the last hurdle that will enable him to sell the building, and another one he owns at 19 West Front Street, to a Brooklyn-based buyer for $3.2 milion.
What does it mean for downtown? We’re not sure. But when a seller boasts, before a closing, that he’s getting more for a building than it’s worth, it just might be a sign of an overheating market.