This building wasn't "half-built" it was half falling down. It dates from Asbury's golden year, the 20s through the late 50's
That building was the Albion Hotel. In fact, it was built sometime around 1941, using steel from the 1939 World's Fair (French Pavillion). At that time, it was considered an Art Deco building. The building may look like its falling down but in fact its entire frame is/was solid steel. I renovated that building in 1981-82 and was making progress but then in 1983 the City decided as part of its "redevelopment" the building had to be converted to residential but the remainder of the property--parking lot and swimming pool lot--would be taken by the City for the use of the redeveloper. An impossible task for me. I then decided to try to get approval to build on my site the same thing that was to be built by the redevloper and submitted plans for a new building with about 60 condos. Even though the block plan was for about 200 some condos and I owned about 2/3's of the block, the planning board turned down my application stating I didn't have enough land to meet the required land/building ratio for 60 units. They also stated they wanted the redeveloper to do all the building. It was pretty much the "you have to own BOTH Park Place and Boardwalk" in order to build. Unfortunately, the city owned Boardwalk. There is much more to this story but that's the short version.
Also, although I believe the developer made many mistakes, the failure of that redeveloper was entirely caused by the City of Asbury Park.