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Developers Excited Over NY Summer Vacationers on Jersey Shore

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By: Matt Healey

If they come, you should build it.

That’s the mantra that developers are beginning to follow as they look at New Jersey towns like Asbury Park and Long Branch.

Indeed, “a growing number of New Yorkers who are spending the summer on the Jersey Shore because of its proximity to the city, its welcoming vibe, and most recently, its growing number of upscale accommodations. Developers have noticed,” the New York Times recently reported. “This summer alone saw five hotel openings or expansions in the area, all high end, including the brand-new Hotel LBI on Long Beach Island and the recently reopened Seaview, A Dolce Hotel in Galloway, following an $18 million renovation.”

Not only that, the Paper of Record continued, but rental properties are doing well, too. “According to Airbnb, there were more than 6,300 guest arrivals at the Jersey Shore over Memorial Day weekend, up from about 4,800 arrivals from last year.”

In fact, money – and lots of it – is already flowing from across the Hudson River. According to 943thepoint.com, “The Garden State is the home of the second richest beach town in America, but you might never guess which one it is. As a matter of fact, I bet we could give you ten guesses and you still wouldn’t get it. And to go one step further, there’s a pretty good chance you’ve never even heard of it. Starting to get curious?”

Spoiler alert: the correct answer is Cape May County’s Strathmere, located between Sea Isle City and Ocean City, where the median household income is $222,031.

In fact, Strathmere is reportedly the second richest beach town in America, behind Old Greenwich, Connecticut with a median household income of $236,250.

“This summer,” the Times’ feature continued, “(developer Charles) Kushner built the oceanfront Wave Resort, along with its five boardwalk restaurants. Kushner has also started work on a third hotel and another 70,000 square feet of retail with Extell that Kushner will own. Extell is developing additional luxury condos above the new retail component and commissioned a carousel on the restored boardwalk this July.”

“We’re bringing luxury that you usually find in Manhattan and Miami, that has not been seen before in a city like Asbury Park,” Brian Cheripka, master developer of the Asbury Park waterfront for iStar, told the Times.

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