The four-story residential/retail development has 63 units on the Irving Street side with another 96 unit
s currently under construction on the Main Street side (a total 159 units). About 44 units were leased as of December, and the five-story Main Street building is expected to be completed later this year. The Irving Street units began taking residential applications in May.
Rents range from $1,550 for one-bedrooms to $2,375 for the largest two-bedrooms.
Something that keeps coming up in keyword search analytics several times in recent weeks is the phrase, “How much did Matzel and Mumford pay for the Rahway site.”
To clarify, Matzel and Mumford was designated by the Redevelopment Agency as the redeveloper for the former Wheatena site on Elizabeth Avenue, however, it has not purchased the property yet. It’s still owned by the Los Angeles-based David & Sylvia Weisz Foundation, which acquired it in 1985 for $2 million, according to property records. According to our last blog post, the two sides have been negotiating for some time but the project doesn’t look likely until the market turns around.
So then, where are all the people? Why are businesses closing down? Where do these people get their coffee and do their dry cleaning? I guess if you are laying down $2300 a month for a 2 bedroom (when you could have only paid $1600 a month at Skyview)it doesn't leave much left over at the end of the day.Any Park Square renters out there who care to comment on how they like the place so far?
I haven't been to Rahway recently, and was going to ask whether the "90% full" Park Square building has provided any noticeable change in the number of people you (don't) see walking around downtown. I guess not, or not yet?
I live downtown, on Main Street. It's as dead as it always was. I'm out on foot now and then, and certainly in my car to get from one place to another on weekends and there isn't anyone walking around for the most part. Of course, it's winter, and it's been a harsh one thus far but not having local amenities to entice the people living here to get out and utilize their own neighborhood certainly is not helping.
My thinking with Rahway is that the first step is to get people downtown (in this case, by living there!) and then business for local merchants will start to pick up. Maybe it's just the winter weather, or maybe it's just a natural time lag between people moving in and businesses opening up. I guess this spring/summer will be the best indicator of whether things are moving forward for a more vibrant downtown …
"Rents range from $1,550 for one-bedrooms to $2,375 for the largest two-bedrooms."I wonder if these are actual rent figures, or just the numbers published by the landlord. Nearly $2400 per month seems high for a two-bedroom in Rahway. Any Park Square residents care to comment on actual rents?
Walked by here last night again, and I'm skeptical that this place is 90% full. I'd be willing to bet that figure is inflated, and maybe those prices too. In fact, if I had to guess I'd say the Irving Street building is about 25% full.
Anon, are you intimating that a real estate developer would even think — nay, even dream — about being less than honest with the information it feeds to the public?;-)I wonder how long it will be before Park Square counters your "count the lighted windows to verify occupancy" strategy by lighting up the entire building 24/7 (and maybe setting up carboard cut-outs of people in the windows, complete with music and dancing a la "Home Alone")
Those are the lowest and highest rents but there's quite a diversity of sizes and costs of units. Keep in mind too, Park Square had/has a promotion, much like Sky View, of offering one month's rent free.
I live in the building and it definitely 90% filled. The apartment prices are accurate. The reason why I haven't been walking around town is because one it is cold and two there aren't that many businesses around.
I considered moving there…but we needed 2000 square feet (after selling our home in Somerset)….so we opted for a rental in Riverwalk….though not downtown…the space & rent of only $2000 made it an attractive alternative….I drive to my practice in Essex Cnty anyway so a few extra blocks to the station isnt a "hurdle"