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MASSACHUSETTS AVENUE PROPERTY ALREADY APPROVED FOR DUPLEX DEVELOPMENT SOLD FOR $2.5 MILLION


A 2.13 acres parcel located at 204 Massachusetts Avenue, near Prospect Street in Lakewood, has just been sold, FAA News has learned.


The seller is Herman Vorhand of Majestic Investment LLC. The buyer is Prospect Massachusetts Holdings LLC, which is registered to Pinchus Wolhendler.


The closing price was $2,550,000.


The property is Block 445 Lot 18.


Annual property taxes in 2023 were $37,764.90.


This parcel already received Subdivision and Site Plan approval from Lakewood Township's Planning Board for 17 duplexes. The adjoining property is already approved for another 15 duplexes as well as a shul and playground area.


Way back in 2016, Aron Mansour of ARM Developers presented plans for a total of 32 duplex units and a shul and playground area.


Most of the units were to have frontage off of a private driveway with access off both Prospect Street and Massachusetts Avenue, or a private cul-de-sac bulb with access only off of Massachusetts Avenue. Two units were to have frontage directly on Prospect Street. All units were to have a minimum lot area of 10,000 sq feet.


At the request of a neighbor, because school buses will likely not fit down the narrow cul-de-sacs, the Board stipulated that the applicant should install a bus shelter on Massachusetts Avenue if feasible.




Since that time, an existing one-story frame dwelling, in-ground swimming pool, pool houses, and a shed on the property were all demolished and the entire 4 acres site have been cleared, but no actual construction has taken place. This is in part because the design plans needed to be revised numerous times due to the County taking some land for the widening of Prospect Street.


As previously reported here on FAA News, back in April 2023, the developers returned to the Planning Board, explaining that the County's additional right-of-way taking along Prospect Street means that the proposed street trees would conflict with proposed drainage improvements which were previously designed. To address this issue, the applicant requested a design waiver to eliminate the proposed street trees. The Board granted the request.


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1 comment:

Anonymous said...

2,250,000 divided by 32 equals about 80,000 per lot.
Add a grubbeh markup 175,000 - 200,000 just for the land plus the playground and shul land.