In 2025, a penthouse on the Jersey Shore set the record for the highest price ever paid for a condominium in the Garden State. The unit in the then newly-launched Lido development in Asbury Park sold for $7.6 million—and while the price is eye-watering, the timing of the sale is just as striking. That’s because the building didn’t even exist when the unit was sold. Ground had barely broken on the 112-unit project when the deal was closed; according to developer Inspired by Somerset Development, Lido isn’t projected to be complete and move-in ready until sometime in 2027.

Despite its luxury positioning, the Lido development’s two connected towers, designed by Minno & Wasko Architects and Planner, will only rise eight stories each—their relatively modest height intended to fit into the scale of the surrounding structures while maximizing ocean views from each level.

As is often the case with ultra-high-end residential sales, the identity of the penthouse buyer has not been publicly disclosed, nor has the exact square footage of the apartment (another hallmark of ultra-luxury deals). The residence is one of the building’s “triplex penthouses” that span three levels with multiple outdoor terraces and include full private rooftop decks and plunge pools. Comparable triplex oceanfront penthouses often sprawl across 4,000–6,000+ square feet. 

Even at $7.6 million, the Lido penthouse is a fraction of the prices paid for top-tier Manhattan condos—but the sale is further evidence that the appetite for ultra-luxury living has crossed the Hudson, and reflects a broader transformation along the Jersey Shore. Seasonal, nostalgic towns like Asbury Park have become magnets for affluent buyers priced out (or simply weary) of New York City, and high-end developments, including luxury condos, boutique hotels, and destination dining are proliferating to capitalize on that market.  

When it’s finished, Lido residents will live in what Realtor.com called ‘a vertical resort’ with nearly 50,000 square feet of amenities, including a ‘wellness complex’ featuring an indoor/outdoor saltwater pool, hot and cold plunge pools, a Turkish-style hammam and Vichy shower, and indoor and outdoor saunas overlooking the Atlantic. There’s also a screening room, a sports simulator, coworking lounges, private dining rooms with catering kitchens, and a ‘listening lounge’ styled like a professional recording studio. Sales are still in an early-to-mid phase, with a significant percentage of units as yet unsold