The decades between the 1970’s and the 1990’s saw a massive decline in Asbury Park real estate. Once a place for rock and roll musicians the city of Asbury Park was destroyed by riots in the 70’s. The city gradually declined and crime became a constant problem. Much of the city’s notable real estate was abandoned, many of the buildings being torn down. Homes were also left vacant or housed people involved in criminal activity. The beach was no longer a drawing point for families or young couples. Over the past decade, the city has slowly seen improvement in both residential and commercial real estate and development.

The late 1990’s began a new beginning for Asbury Park. A billion dollar redevelopment project was underway for the boardwalk and real estate developers were planning oceanfront condos. New Yorkers, used to spending thousands of dollar on rent, became interested in the single family homes available for cheap. Young couples began buying starter homes in Asbury Park and impressing friends and family with the size of the home, the proximity to the beach, and the low cost of the price tag. A renaissance was happening in Asbury Park.

Homes for Sale

Ranked as having the sixth best beach in New Jersey, Asbury Park is a magnet for people and families who enjoy living on the shore. With the price of single family homes ranging below $70,000 just a few years ago, many people who purchased then are seeing a mass appreciation of their home’s value. A home purchased in the late 80’s or early 90’s may sell for three times its original purchase price.

One issue the city has dealt with in the redevelopment phase is the grandfathering in of single family homes that were converted into multi-family dwellings. After the riots, many property owners converted their single family homes into rental units. Some of these homes still exist today, but most have been converted back into single family homes. The city no longer allows for the home conversions. The redeveloped homes boast custom floors, windows, counters, and other amenities.

With new businesses opening along the Jersey shore, Asbury Park real estate is once again a desirable investment for homebuyers and investors. Many of the redeveloped homes are within walking distance from the beach and the boardwalk, where all of the nightlife and social activity takes place. A younger crowd is definitely drawn to Asbury Park, with many young couples finding affordable start homes.

Business Property for Sale

The boardwalk is home to many new restaurants serving up a variety of different foods. Hot clubs and bars also draw a crowd at night, making Asbury Park a wise business location for investors. The Stone Pony is probably the most notable bar on the boardwalk, with many Bruce Springsteen fans considering it the place he got his start. For this reason, many investors show interest in Asbury Park.

The redevelopment of the boardwalk has allowed for more than just bars and clubs to prosper. Commercial businesses, stores, antique shops, and museums have all found a place in the city. Asbury Park Real Estate professionals have seen a climb in requests for both commercial and residential property listings. Asbury Park’s close proximity to New York has New York investors clamoring to snatch up some property. The renaissance of this ocean side city has once again made it a desirable place to live and visit.

Related Blogs

• Real Estate Investment Analysis Software
• Asbury park press

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Rabbis arrested in N.J. sting
July 23, 2009

WASHINGTON (JTA) — Several rabbis were arrested as part of a public corruption and international money-laundering investigation in New Jersey.

According to reports, among the 44 people arrested Thursday morning by the FBI along with the rabbis were the mayors of three New Jersey towns, a deputy mayor and a state assemblyman. They were to appear in federal court in Newark later in the day.

The money-laundering suspects were accused of moving “at least tens of millions of dollars through charitable, nonprofit entities controlled by rabbis in New York and New Jersey,” according to a release by acting U.S. Attorney Ralph Marra.

Prosecutors said they worked with an informant who had been charged with bank fraud in May 2006, Bloomberg.com said. Investigators obtained hundreds of hours of audio and video recordings, according to prosecutors.

The rabbis arrested were religious leaders from Syrian Jewish neighborhoods in Deal and Elberon, N.J., as well as Brooklyn, N.Y. The Asbury Park Press reported that the investigation involved the Deal Yeshiva, a Sephardic institution that has a boys’ division in Ocean Township and a girls’ school in West Long Branch.

The arrests reportedly are the result of a two-year probe by the Federal Bureau of Investigation and the Internal Revenue Service that began with an investigation of money transfers by members of the Syrian enclaves in Deal and Brooklyn, two tight-knit and wealthy communities.

The Monmouth County Prosecutor’s Office and the IRS removed at least three boxes from the Deal Yeshiva as students were arriving at school Thursday, The Star-Ledger reported, as well as several boxes from the Ohel Yaacob synagogue in the same town.

The charged rabbis include Rabbi Saul Kassin, 87, of the Sharee Zion synagogue in Brooklyn, N.Y.; Eliahu Ben Haim, 58, the principal rabbi of Congregation Ohel Yaacob in Deal; Edmond Nahum, 56, of the Deal Synagogue; Mordchai Fish, 56, of Congregation Sheves Achim in Brooklyn; and Lavel Schwartz, 57, Fish’s brother. They were charged with money laundering.

Kassin is accused of laundering more than $200,000 through the informant from June 2007 through December 2008, according to prosecutors. Fish, Schwartz and two other defendants used a charitable, tax-exempt organization called BCG, which was associated with Fish’s synagogue, to launder money, according to the FBI.

The mayors of Hoboken, Ridgefield and Secaucus, the deputy mayor of Jersey City and an assemblyman from Ocean Township were caught in the operation.

Also charged is Levy-Izhak Rosenbaum, 58, of Brooklyn, who was accused of conspiring with others to acquire and trade human organs for use in transplantation. In one case noted in the complaint, Rosenbaum said it would cost $150,000 — half up front. Rosenbaum said some of the money would go to the donor and some to doctors in Israel, according to the complaint.

Bloomberg identified the cooperating witness as Solomon Dwek, a real estate developer in Monmouth County, N.J. who was charged in 2006 with scheming to defraud PNC Bank out of $50 million, according to a person familiar with the matter and court records. Dwek was never indicted; he has received 17 extensions to continue the period in which his case had to be presented to a federal grand jury.

whats moronic about the whole thing is how ANYONE in there right mind ,theif or not can put there trust in a guy who stole 25 million dollars…its like duh this guy had no problem stealing millions from his own people what makes you think hes not going to squeal like a pig just to save his own a$$…the whole thing is so bizarre

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