Brooklyn Developer Buys Decrepit Monty Building at 1026 Rt 518
By Barbara A. Prestion | Posted November 2, 2022
The eyesore property near the corner of routes 206 and 518 sold for $2.6 million recently to Yonkers 300 LLC, with an address in Red Bank, according to njpropertyrecords.com. The LLC is owned by Brooklyn developer Dino Tomasetti, Jr. of Asset Realty & Construction, according to a search on opencorporates.com. Tomasetti’s company installed a chain-link fence around the property (formerly Princeton Gamma Tech and then an office building), and is engaged in removing mechanical equipment and asbestos. The building is expected to be demolished by the end of the year.
The Route 518 building in Montgomery, which has been a hangout for secret drinkers and spray painters, is finally coming down.
The Montgomery Township Planning Board and Township Committee had determined earlier this year that the property — which has been abandoned and vacant for more than 11 years — met the criteria for designation as a condemnation area in need of redevelopment.
The remedied Super Fund Site contains a dilapidated two-story building on a three-acre lot behind Wawa. It was at one time assessed at $3.177 million for tax purposes. Things changed during a winter storm, when heavy snow caused the roof to collapse in 2012. The building has been empty ever since.
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The 1026 Route 518 property was listed on LoopNet as a “wonderful opportunity with a great location. Walking distance to restaurants, banks, and fitness center.” It is unknown what the new owner intends to do with the property. There has been talk about the site becoming a self-storage facility or a mixed-use development with retail on the first floor and housing upstairs.
The Montgomery News called Tomasetti at Asset Realty but was unable to reach him at press time.