Anthony Alfieri at 42 Monmouth Street, which he is renovating with his two siblings. (Photo by John T. Ward. Click to enlarge.)

By John T. Ward and Brian Donohue

One of the longest-standing vacant retail spaces in the city center is finally coming to life: work is underway to expand the second floor, and the new owners hope to fill the large ground floor space with one or two new retailers.

The building has been vacant since Fameabilia closed in 2008. Below is a view of the building this week with the first beams of the new second floor in place. (Photo by John T. Ward. Click to enlarge.)

The building at 42 Monmouth Street formerly housed the poster and souvenir shop Fameabilia, but has been vacant since the shop closed 15 years ago.

Matawan restaurateur Florin Lupu bought the building in 2017 for $1.2 million and received approval to convert the ground floor into a brewery and add an upper floor with two apartments. But construction by Lupu’s company Phoenix of Matawan LLC never began.

According to county land records, the building was purchased in February for $2 million by AVB Investment LLC. The buyers were three siblings who are now moving full steam ahead with the county-approved renovation, with Lupus Construction doing the work.

Construction work on the second floor is already in full swing. It will house two 230 square meter rental apartments with roof terraces. Phoenix had changed the plans before the sale and abandoned the brewery idea. The new owners are now looking for one or two tenants for the retail space on the ground floor. They hope to complete construction by the end of the year.

“Once the building is finished, it will be noticed,” said owner Anthony Alfieri redbankgreen in a recent interview. “We are really excited about it. “We just couldn’t be on a better street. We love this area so much.”

AVB Investment is owned by chiropractor Alfieri and his brother and sister Victor and Brielle. The family, along with their father Michael, has invested in several projects in Monmouth County, including the Porta restaurant and the gas and electric building in Asbury Park.

Given the location, Anthony Alfieri said he was pleasantly surprised that the building was available in such a prime location when the siblings were looking for their first project in Red Bank.

“It was strange that it was there,” he said. “It was almost like it was too good to be true.”

Brian Donohue can be reached at (email protected) or (848)331-8331. If you are interested in redbankgreenPlease become a financial supporter for only $1 per month. Click here to determine the amount of your monthly or annual contribution yourself.