New Jersey’s Freehold Raceway, the nation’s oldest half-mile harness racing track, was acquired by Raceway RE Partners, which plans to demolish the landmark site.
The financial terms of the acquisition were not disclosed – the Asbury Park Press reports the property last changed hands in 1999 for $46 million when it was acquired by FR Park Racing, a joint venture between Penn Entertainment and Greenwood Racing.
Racing has taken place at Freehold since the 1830s. while organized racing began in 1854 with an annual fair featuring harness racing. The venue closed in December 2024 and the property’s new owners plan to build a mixed-use site featuring retail, dining, and a boutique hotel and social club.
Jake Lebowitz of Raceway RE Partners stated, “This land holds generations of memories—an incredible 171 years of horse racing took place here—and we intend to honor that legacy while introducing a vibrant, exciting, and forward-thinking destination for all.”
Leibowitz added, “Raceway’s mission has always been to create more value both economically and socially within the community, so we can give more back—to our local charities, hospitals, police, firefighters, food banks, and more. We’re not just building for profit. We’re building for purpose.”
With its closure, New Jersey now has only two racetracks – Monmouth Park Racetrack in Oceanport, known for thoroughbred racing, and Meadowlands Racing & Entertainment in East Rutherford, which offers both thoroughbred and harness racing.
Photo: Freehold Raceway / Facebook
