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The landmark Steinbach building in downtown Asbury Park is up for sale with an asking price of  $27 million, according to a statement from Brookfield Financial Real Estate Group New York, which is the sales agent for the property.

The building is owned by Sackman Enterprises. Sackman principal Carter Sackman could not immediately be reached for comment.

Sackman Enterprises rehabilitated the long-vacant structure, which it reopened in 2007. Today the building includes 21,950 square feet of retail and 70,690 square feet of residential space. The building houses 63 loft style rental apartments of various sizes, and eight retail units, according to the Brookfield statement. The triangular building is bounded by Cookman and Bangs avenues and Emory Street.

The building’s retail tenants are Old Man Rafferty’s Restaurant, Baca Bar and Lounge, Casa di Dolci Gelateria, Café Volan, All Eyes on You, Glide Surf, and Meridian Health Realty Corp.

“I have been coming to Asbury Park for 15 years, and feel extremely optimistic about this property increasing in value given the tremendous upside both in residential and commercial rents,” said Brookfield managing partner Eric Anton, as quoted in the statement.

Anton and Anuj Kale will be handling the sale for Brookfield, the statement said.

Brookfield Financial is a global investment bank and real estate investment sales firm with offices in Canada, the United States, Brazil, the United Kingdom, Germany, India, China and Australia, according to the statement. Brookfield Financial is owned by Brookfield Asset Management.

Sackman Enterprises has significant holdings in the downtown Asbury Park business district, including the 550 Building opposite Steinbach, the Post Building, the former Asbury Park Press building and the Kinmonth building which houses the Savoy Theater. Elsewhere in Asbury Park, the company has also rehabilitated the former Kingsley Arms apartment building on Deal Lake Drive.

The following is the full statement from Brookfield Financial:

Brookfield Financial Real Estate Group New York, LCC Brokerage has been retained as the exclusive sales agent for 300 Emory Street in Asbury Park, NJ, an architecturally distinct, beautifully restored building. The triangular shaped historic façade is well known as the Steinbach Building, formerly a flagship Department Store. At the forefront of the city’s redevelopment initiative, the property is located at the intersection of Emory Street, Cookman Avenue and Bangs Avenue, 5 blocks from the Atlantic Ocean and the historic Asbury Park boardwalk, and adjacent to the growing central business district with its entertainment, shopping and dining options. The easy access to transportation — only three blocks from the New Jersey Transit Rail Station with direct link to Penn Station – makes it a popular home for young professionals. The Steinbach Building, combining, 21,950 SF of retail and 70,690 SF of residential space, is the Trophy asset in Asbury Park.

The developer successfully and stylistically integrated the 63 loft style rental apartments of varying sizes including 9 penthouse units, and 8 retail units into Asbury Park’s historic anchor property. The building’s fully occupied residential component features urban-style lofts with high ceilings and grand open space. Unit amenities feature designer kitchens with granite counter tops, stainless steel appliances, bamboo floors, large windows with plenty of natural light as well as a high-end gym, internal common atrium and modern laundry facilities. 9 penthouse units enjoy spectacular views and private terraces. The building’s retail includes well-known local tenants such as: Old Man Rafferty’s Restaurant, Baca Bar and Lounge, Casa di Dolci Gelateria, Café Volan, All Eyes on You, Glide Surf, and Meridian Health Realty Corp.

Asbury Park, New Jersey, a cultural mecca with a unique architectural flavor, has been the home to such legendary venues as The Stone Pony, where rock and roll legends Bruce Springsteen, Southside Johnny and the Asbury Jukes and Jon Bon Jovi have launched their careers. Asbury Park is currently undergoing a massive influx of development as the city’s leadership continues to upgrade the beachfront pavilions and central business district.

Brookfield Financial, in cooperation with Sackman Enterprises, is marketing the property for sale with an asking price of $27 million. The Brookfield Financial brokerage team of Eric Anton and Anuj Kale are spearheading the sales effort. The retail and residential income is expected to grow due to the significant improvements within the city’s infrastructure and the growing residential and commercial development. Eric Anton, Managing Partner of Brookfield Financial, said “I have been coming to Asbury Park for 15 years, and feel extremely optimistic about this property increasing in value given the tremendous upside both in residential and commercial rents”.

For more information contact the brokerage team at Brookfield Financial at 646-561-4440.

About Brookfield Financial

Brookfield Financial is a global investment bank and real estate investment sales firm with expertise in real assets. The company has offices in Canada, the United States, Brazil, the United Kingdom, Germany, India, China and Australia. Established with a clear mandate to operate independently and profitably, we are owned by Brookfield Asset Management. Brookfield Financial provides its clients with unsurpassed transaction execution skills, access to financial capital and global opportunity. For more information, please visit www.brookfieldfinancial.com.

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