Unbuilt Jersey Shore penthouse fetches record sale

An anonymous buyer paid what a developer is claiming as a record price for a condominium on the Jersey Shore.

Stillman Development International landed a $6 million deal for one of the two penthouses at the Atlantic Club, a complex slated for 390 Ocean Avenue in Long Branch, NJ.com reported. It’s the highest price ever paid for a condo in the city, according to Stillman, and works out to $1,401 per square foot.

Stillman, along with investors Surrey Equities and Gotham City Real Estate Services, is constructing the luxury development on one of Monmouth County’s lone remaining oceanfront plots. The complex will include 132 homes, two of which are penthouses that have now been sold. Condos will range from 993 to 4,246 square feet.

Each penthouse is more than 4,200 square feet with five bedrooms. The penthouses will have ocean views, private balconies and terraces.

There will also be 75,000 square feet of amenities at the complex. A fitness center, business center, game room, virtual reality room, cinema, pet spa and children’s playroom are among the offerings.

Construction is expected to be completed by summer 2026. The Atlantic Club is represented in New Jersey by Teresa Minnick of Christie’s International Real Estate Group and in New York by Reuveni Development Marketing.

The project is replacing the former Sea View Towers, an apartment complex on the water that failed a code inspection in 2020, according to city officials, and was later demolished.

Elsewhere in Long Branch, Kushner Companies recently scored $100 million in financing for a $130 million mixed-use project at 144 Broadway Place. 

Also slated for completion in 2026, the project features 299 residential units, 21,000 square feet of retail space and 558 parking spaces. A SuperFresh grocery store will occupy part of the retail portion of the development, while building amenities will include a theater, yoga studio, an outdoor deck, a rooftop terrace and co-working space.
— Holden Walter-Warner

This article has been updated to include two additional owners of the entity building the Atlantic Club.

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