PROSPECT / MASSACHUSETTS AVENUE PROPERTY ALREADY APPROVED FOR DUPLEX DEVELOPMENT SOLD FOR $4.2 MILLION


A 1.73 acres parcel located at 500 Prospect Street, near Massachusetts Avenue, in Lakewood has just exchanged hands, FAA News has learned.


The seller is Haim Aharanoff. The buyer is Prospect Massachusetts Holdings LLC, which is registered to Pinchus Wolhendler.


The closing price was $4,224,499.96.


The property is Block 445 Lot 17.


Annual property taxes in 2024 were $32,242.88.


This parcel already received Subdivision and Site Plan approval from Lakewood Township's Planning Board back in 2016 for 15 duplex structures (30 units plus basement apartments) as well as a shul and playground area.


The adjoining property on Massachusetts Avenue approved for an additional 17 duplex structures (34 units plus basement apartments).




As previously reported here on FAA News, Mr. Wolhendler also purchased the adjoining property for $2,550,000.


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


Thanks to a request of a member of the public who spoke up at the Planning Board’s public hearing and noted that school buses will likely not fit down the narrow cul-de-sac, the Board stipulated that the applicant should install a bus shelter on Massachusetts Avenue if feasible.


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