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Another six condominium units are currently under construction in downtown Asbury Park.

Local Asbury Park developers Patrick Fasano and Patrick Schiavino closed purchase on the building located at 700 Mattison Avenue, at the corner of Mattison and Bangs avenues, and renovations are underway on six one- and two-bedroom units, he said.

“The Mattison,” a four-story building with a brick facade on the upper floors [shown above] was under renovations but project financing fell through and the upper floors have since remained vacant, he said. A law office is located on the ground floor of the building.

“We bought the last of the failed condo projects downtown,” Fasano said.

The 1,100 to 1,400 square foot units will be “aggressively” priced between $275,000 and $450,000, according to Fasano.

All of the units have open floor plans and access to a rooftop area, he said. Two penthouse units each have a spiral staircase that leads up to private rooftop areas, and the other four units have elevator access to common rooftop area.

“The bank’s loss will be my buyers’ gain,” he said.

Fasano said the construction will be complete within the next two months. He declined to name the purchase price.

Renovation projects abut the southern and western sides of building and construction projects now exist on three sides of the block, which is bound by Main Street, Mattison, Bond, and Cookman avenues.

Downtown developer Sackman Enterprises is restoring the Savoy Theatre, located in the adjacent Kinmouth Building [shown above, at right], and adding 52 micro studio units. Along the building’s southern side, new residential and commercial units are under construction on Bond Street. On the Main Street side, the expansion of Johnny Mac’s House of Spirits is underway along Main Street, and the Cameo Bar will soon make a move to Mattison Avenue.

Fasano also purchased and sold the units in The Mercury building, located at 701 Bangs Avenue, and recently partnered with another local developer, Vincent Gifford, to rehabilitate The Miramar condominiums in the northeast waterfront. The now finished units in The Miramar are more than half sold, he said.

Fasano was granted approval to expand Bond Street Bar’s liquor license to several adjacent store fronts along Mattison and Cookman avenues, where he plans to build four new restaurants with connecting hallways customers can pass through. Restaurant-goers will be encouraged to meander from space to space with their food and drinks in hand.

He also recently proposed a brick and stucco single story retail center to be built on the corner of Main Street and Fourth Avenue.

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