HABcore, Inc. tenants are soon expected to occupy three new affordable apartments in a newly renovated, two-story house located at 25-27 Wall St., opposite the strip mall on West Front Street in Red Bank. SUNAYANA PRABHU
By Sunayana Prabhu
RED BANK – The non-profit HABcore, Inc. recently unveiled a newly renovated, three-unit affordable housing property on Wall Street that provides permanent, supportive housing for those facing homelessness or housing instability. The Wall Street acquisition was made possible through HABcore’s collaboration with a private developer, Monmouth County and the Borough of Red Bank.
The property, located at 25-27 Wall St., faces the rear parking area of Pazzo restaurant. The two-story house is named Rolf and Nancy’s Place, to honor the Margenaus, longtime HABcore trustees who raised their three daughters in Rumson. Nancy Margenau was a founding trustee and Rolf Margenau served as board president for 10 years.
“The Wall Street project represents a win-win for our community, bringing a developer, a county, a municipality and a nonprofit agency together to create three new affordable homes in Red Bank,” Steve Heisman, HABcore’s chief executive officer, said in a May 28 release announcing the availability of the new homes.
“This partnership shows how we can creatively work together to reduce housing insecurity and revitalize a neighborhood.”
HABcore purchased the nearly 2,000-square-foot, three-unit property in June 2025 with funding from Kalian Companies, an Atlantic Highlands-based residential developer, Red Bank’s affordable housing office, and a Monmouth County affordable housing grant.
Kalian’s contribution toward the Wall Street property is tied to the developer’s affordable housing obligation for another property it is developing called One Globe Court, a 40-unit, four-story apartment building at 19-29 Mechanic St.
According to Judy Musa, the communications director for HABcore, the non-profit owns and manages all three units – two one-bedroom units and one two-bedroom unit.
HABcore marketed the one-bedroom units through its website, on social media and on the housing resource website that “municipality housing authorities, nonprofits and community partners access to identify affordable rental unit availability,” Musa explained via an email.
In a separate email Heisman confirmed that “applications have been submitted for all three units.”
Applications for the two-bedroom unit upstairs are being handled by Red Bank Housing as part of its affordable housing program. The borough is “in charge of selecting the household,” Musa said.
HABcore completely renovated the structure and will manage the three-unit property. The total cost for renovation and furnishing was about $1 million, according to Heisman.
Each unit in the Wall Street property received a new kitchen and appliances, bathrooms, flooring and HVAC systems.
HABcore’s 2025 Giving Tuesday campaign raised funds for the kitchen cabinets, appliances and paint. A core group of volunteers from local houses of worship like Tower Hill Church assisted with clean-up, yard work, flooring, painting, cabinet installation and gardening. “While we don’t quantify their help,” Musa said, it was “priceless.” The community members “graciously give their time and talents to ensure we make our spaces welcoming, clean and ready for move-in,” she said.
“Thanks to the generous support of the Margenau family, three households in need of an affordable rental will have their own place to call home,” Heisman said at the event. “We are honored to have the Margenau daughters join us today to unveil a property that was created based on their parents’ commitment to serving those less fortunate.”
The Margenaus were credited with establishing a culture of care that continues to guide the organization. “Rolf’s leadership combined with Nancy’s hands-on devotion to our homes set a standard of care which continues to guide HABcore’s work today,” according to the release.
Tenants who have met affordable housing income requirements are expected to move in this summer.
The first-floor, one-bedroom units have rents ranging from $573 to $1,283 per month. Eligible applicants must earn between $28,751 and $47,900 annually or hold a housing voucher and must be experiencing homelessness, at risk of homelessness, housing instability or be a survivor of domestic violence.
HABcore also operates affordable units in Oceanport, Heisman said. “Out of 36 units, 16 are age-restricted and the other 20 are for families, but at affordable rents,” he noted.
For nearly 38 years, HABcore has been providing affordable housing and supportive services to vulnerable families, veterans and individuals with special needs in Monmouth and Ocean counties. According to HABcore’s website, the nonprofit currently provides a stable home and supportive housing services to approximately 800 families, veterans, and individuals with special needs including 147 children. To learn more about housing availability, applicants can visit habcore.org and click on the Need Housing? tab.
HABcore currently has “hundreds of units across Monmouth and Ocean counties and serves over 1,000 Jersey Shore residents,” Musa said. According to the organization’s most recent count, there were over 13,748 homeless persons in New Jersey and 1,274 in Monmouth and Ocean counties.
The article originally appeared in the June 11 – June 17, 2026 print edition of The Two River Times.
