Icon Real Estate Advisors arranges $19.35M sale of Long Branch multifamily and retail ­

Henshaw Realty acquired the assets as part of a 1031 exchange following the sale of a NYC asset

LONG BRANCH, NJ — ICON Real Estate Advisors has arranged the $19.35 million sale of The Pavilion, a newly constructed 46-unit multifamily building located at 165 Pavilion Avenue in Long Branch, and an adjacent retail property at 231 Third Ave.

The transaction included $18 million for The Pavilion and $1.35 million for the retail property.

The buyer, Henshaw Realty, acquired the assets as part of a 1031 exchange following the sale of a New York City asset. The seller, Jebara Parners and the original developer of the project, elected to divest the Long Branch holdings to focus on core investments in Northern New Jersey. ICON represented both the seller and buyer.

Completed in 2021, The Pavilion is a five-story residential building featuring 46 rental units with modern finishes and private outdoor space. The retail property is fully occupied by long-standing tenants Dunkin and Sushi on Fleek. Located near the Long Branch NJ Transit station and within proximity to the waterfront, the assets benefit from strong regional connectivity and access to the broader Jersey Shore market.

“Well-located multifamily assets in coastal New Jersey markets continue to see strong investor demand, including from 1031 exchange buyers seeking stable, income-producing opportunities,” said ICON’s David Jarvis. “We were pleased to facilitate a smooth transaction that closed efficiently for both parties.”