The Porsche was traveling at a high rate of speed, headed northbound, when the driver lost control and hit a median, causing the auto to go airborne, Toms River Police Department Media Relations Specialist Jillian Messina said in an email to NBC News.
The vehicle hit a center median, went airborne across lanes of traffic and crashed into a commercial building.
The commercial building was vacant at the time of the crash, authorities said.
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The ride appears to have left a massive hole in the brick building - more than 15 feet from the ground, photos posted to Instagram show.
Sergeant Vincent Padalino said the building, which is across from Hooper Avenue Elementary School, houses four businesses including a counselling service and a real estate company.
Police were investigating how the Porsche went airborne.
A crowd of about two dozen people gathered at the scene to watch as firefighters pulled the vehicle from the building.