This short spur once served Builders General, a lumber yard in Little Silver, New Jersey. This particular customer was the last one on NJ Transit's North Jersey Coast Line, south of Red Bank. Originally served by Conrail, the yard would receive shipments at least once or twice a week. However, after Conrail was divided between CSX and Norfolk Southern, Builders General ceased their rail dependency here and at their location on Route 37 in Toms River, and began shipping by truck (freight would continue to be shipped by rail at the company's Freehold, NJ location).
Though not officially abandoned, NJ Transit considers this siding "Out Of Service" -- the tracks have not seen a freight car in over 10 years.
Thanks to Eric Kreszl for contributing information about this route.