Vacancies decline in boomtown
Red Bank has only
1 percent vacancy rate
in downtown area
linda denicola
The Hub
TThis area, as well as many other places in New Jersey, and the country, is thriving. So many new stores and restaurants have opened, or are poised to open, in the Red Bank area that it is hard to keep up with them.
According to a study done by R. J. Brunelli & Co., an Old Bridge-based real estate firm, for the third straight year vacancies declined in retail properties along central New Jersey’s four primary shopping corridors, which includes Route 35 between South Amboy and Brielle.
The other three are the Route 1, Route 9 and Route 18 corridors.
"By all measures, 1999 was a banner year for the central New Jersey retail real estate market," said Richard J. Brunelli, president of the firm. He added that the vacancy rate declined by 2 percent in the past year even though there was a 676,000-square-foot rise in total inventory.
According to Brunelli’s 1999 study, vacancies along the Route 35 corridor tumbled to a new low with a 3.3 percent vacancy rate in 1998.
Tracy Challenger, director of RiverCenter, the organization that manages Red Bank’s downtown Special Improvement District, said there is only a 1 percent vacancy rate in the downtown Red Bank business area. "We’ve been there before, but we’ve always fluctuated between 1 and 2 1/2 percent. If a vacancy comes up in Red Bank, it is almost immediately leased."
There are only three unleased spaces in town, she added, the former Royale Theater on Monmouth Street, the former Sand Box, also on Monmouth Street, and the former baseball card and candle store on East Front Street.
Challenger said there may be a few other stores that look as though they are vacant, but they are actually leased and in various stages of preparation for opening.
For the most part, the businesses that are opening seem to reflect the growing affluence in the area. Ultimate Office at 19 Broad St., Red Bank, held an opening celebration June 20. It sells innovative products for the home office and business, as well as for children, in their newly remodeled store.
Two weeks ago, CoCo Pari and Wisteria opened at 17 Broad St. CoCo Pari carries European designer clothing and shoes, and Wisteria carries beauty products and accessories based on European traditions.
Kramer Photography, also on Broad Street, opened where Copy Express used to be. According to Challenger, "They have completely redone the inside. It looks wonderful."
Red Bank Chocolates, White Street, features owner Amy Dunfee’s homemade candy, as well gift baskets and a charming interior where customers can watch the candy being made.
Mangia, a new Broad Street pizzeria, opened in the former home of Salvatore’s Deli last month. Owned by Al Volpe and Cono Cimino, a Brooklyn pizza maker and chef, the restaurant has tables outside and the feel of a city pizzeria.
Kevin Lynn, owner of The Dublin House, is renovating a little space across from the restaurant in the Victorian Court on Monmouth Street. The store was formerly a monogram shop. It will be transformed into a cafe and was expected to open this week.
Salon Concrete, a new hair salon, opened at 31 Monmouth St., next to Carlos O’Connor’s Mexican restaurant. The owner, Christine Zilinski, worked for Vidal Sassoon for six years.
Pulse Records has moved down Monmouth Street, next to Black Cat Records.
Horseman Antiques, owned by Mike Fagan, opened recently on the West Side, at 134 Monmouth St., across from the Victory Market. Merchandise consists of French and English furniture as well as art deco and turn of the century American. He also carries arts and crafts and a large selection of antique stained glass.
Also on Monmouth Street, a new import furniture and rug store will open in July. Called Margaret’s Imports and Studio M Designs, it is owned by Margaret and Paul Van Glan, who also own Margaret’s Accessory Boutique across the street.
Although not a new store. Leonardo Jewelers at 35 E. Front St., plans to expand and renovate its store, inside and out. Michael Zeik, one of the owners, calls the new decor "Beverly Hills style."
Challenger says that because of its placement on East Front Street, "the renovations will provide a wonderful gateway to the business district."
In Rumson, there is a new business called The Art Room at 113 E. River Road. Randy Mayer, an artist who studied illustration at the Fashion Institute of Technology in New York, will provide art classes and individual instruction for talented youths, teens and adults who would like to develop their creativity while learning and experimenting with media like sketching, clay sculpture, painting and jewelry making.
Her classes begin on July 6 and July 8 at her storefront next to Brooklyn Bagel in the North Shore Commons mall.
According to Challenger, Gilardini Ceramica Italiana should be opening soon at 2 Broad St. The shop will carry imported items from Italy.
And a shop called Maxwell and Sophie’s will open at 19 W. Front St. in the near future, Challenger said. It is expected that the merchandise will include handmade paper and art supplies.
The Grille and the Grape, a former Bilow’s liquor store on Monmouth Street, opened last weekend. There are tables and chairs set up in front of the attractively refurbished building.
There is also a new restaurant on Shrewsbury Avenue and Apple Street, called BRIX 560. The world-cuisine restaurant has a brick oven, a sushi bar and a lounge.
Also in Shrewsbury is a new Jersey Mike’s sub store, part of Jersey Mike’s Franchise Systems Inc. Located on Route 35, the sub shop offers a complete menu of hot and cold sandwiches, all made to order as well as a catering service.