A Record-Breaking Penthouse Sale in Asbury Park Signals a Bold New Chapter for the Jersey Shore

Asbury Park, a historic and charming if down-on-its-heels Jersey Shore town known in recent decades for its raucous punk venues, Bruce Springsteen roots, and crumbling boardwalk, has officially entered its luxury era—and Robb Report got an exclusive first look at Lido Asbury Park, one of the bold new developments leading the charge. 

Developed by Inspired by Somerset Development—the team behind Bell Works in Holmdel (the Apple TV–famous building from Severance)—the Lido is Asbury Park’s most ambitious project to date. Slated for completion in 2027, the eight-story waterfront complex at 1201 Ocean Avenue will feature interiors by New York’s award-winning Clodagh Design, nearly 50,000 square feet of resort-caliber amenities, and 112 residences ranging from $825,000 to over $7 million, including penthouses with private plunge pools and sweeping Atlantic views.

Speaking of penthouses at the Lido, one of them was just snapped up by an unidentified buyer for a staggering $7.6 million. The sale is not just a mic-drop moment for the design-forward project; it also marks a significant turning point for a town in the midst of a remarkable transformation and shatters the record as the most expensive condo ever sold in the entire state of New Jersey.

“We approached Lido with the clear intention of creating something singular,” Ralph Zucker, CEO and founder of Inspired by Somerset Development, tells Robb Report. “From day one, we set out to design a building that felt unlike anything else on the Jersey Shore: refined, immersive, and thoughtfully detailed. We assembled an incredible team and kept pushing the envelope, fine-tuning every detail, from the architecture to the amenities, until we had something that could truly set a new standard. While this record-setting sale is certainly a milestone, it’s also a reflection of the ambition and care that went into every inch of this project.”

The record-setting penthouse has four bedrooms and three baths, plus a powder room, in about 3,600 square feet of interior space, while multiple terraces add another 2,400 square feet of seamlessly integrated private outdoor living areas. Highlights include a double-height living room, a rooftop plunge pool, and an outdoor kitchen.

But this sale is about more than just square footage—it’s a cultural and economic signal. Until fairly recently, Asbury’s residential market topped out around $3 million. In 2020, a $5.9 million penthouse at the Asbury Ocean Club set the previous city record, and today, the most expensive single-family home on the market is listed for $3.5 million.

Zucker sees the sale not as an outlier, but as a sign of something larger. “We see this as a reflection of a deeper shift we’ve been watching for years. Asbury Park has always had the bones of a great city—the history, the music, the soul, the proximity to the ocean,” he says. “What we’re seeing now is the market catching up to that promise.” He went on to say that buyers are looking for the feel of a private home, with ample living spaces and generous outdoor areas, but with the ease of a full-service building, and the Lido offers what a single-family home can’t: turnkey luxury with the ease of a resort.

Zoom out, and Asbury’s renaissance is part of a broader luxury surge up and down the Jersey Shore. Atlantic City alone has seen over $1 billion in hospitality upgrades, with revamped icons like Harrah’s, Caesars, and the Borgata—and even a new Nobu-branded hotel. Farther south, Cape May and Ocean City are eyeing multimillion-dollar resort projects, and nearby Long Branch has unveiled a $300 million makeover of Pier Village and several deluxe beachfront developments, including The Atlantic Club, where homes range from $1.12 million to nearly $6 million.

Asbury Park, however, is leading the pack with both edge and brand identity. Crime is down, and property values have surged—up 26.3 percent year over year, per Redfin. The boardwalk is buzzing with stylish new additions: boutique hotels, art galleries, indie retail, and restaurants drawing critical acclaim. Music institutions like the Stone Pony and Asbury Lanes remain cultural anchors, while events like the Sea.Hear.Now festival bring fresh waves of surf, art, and sound each fall. And, at the refined St. Laurent Social Club, Top Chef alum and James Beard semifinalist David Viana, along with Neilly Robinson, recently debuted Judy and Harry’s, a seasonal, locally driven bar and restaurant that is fast becoming a scenester favorite. 

“Asbury Park has been on the rise for years—Lido was our response to that momentum,” Zucker explains. “We didn’t try to reinvent the city; we embraced what makes it special and brought a level of design and quality that aligned with where the market was heading. From Clodagh’s holistic approach to wellness and interiors to the incredible amenities and year-round lifestyle, every detail was developed with intention.”

For buyers from Manhattan, Brooklyn, and Hoboken, the appeal is immediate—proximity, culture, and a lifestyle that feels both elevated and effortless. Lido’s top offerings include Taj Mahal stone kitchens, spa-inspired primary suites, and panoramic ocean views, while resident amenities rival those of five-star resorts: a saltwater infinity pool, Turkish hammam, hot and cold plunge pools, sculpture garden, oceanfront fitness center, pet spa, coworking spaces, and multiple residents’ lounges.

A $7.6 million penthouse in a beach town where the average condo sells for under $1 million might seem like a unicorn, but, as Springsteen sings, “It’s been a long time coming, but I know a change is gonna come.” Looks like he’s right.

Click here to see more photos of the record-breaking penthouse sale.