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Tag Archives: Meridia Grand
Mack-Cali acquires Park Square for $46.5M
Seven years after breaking ground on its first phase, Park Square has been acquired for $46.5 million.
Tax judgement results in 2-percent break
A judgement by the state Tax Court resulted in a 2-percent reduction for one of the city’s largest taxpayers in the 2010 tax year, but no change in the property’s overall assessment.
The City Council approved resolution AR-230 at its Oct. 15 meeting, authorizing a $7,001 credit for the overpayment of taxes to Renaissance at Rahway, LLC, which does business as Meridia Grand. The building was constructed in 2010 by Capodagli Property Company, which sold it in 2011 for $19 million.
The 88-unit Meridia Grand on Monroe Street and East Grand Avenue is assessed at $5.362 million, for a property tax bill of about $324,420 last year. A $7,001 reduction is about 2.16 percent. The size and nature of a tax appeal can determine what venue it’s decided in and larger tax appeals can take longer to resolve.
The number of tax appeals filed doubled in 2010, and it was the same year that Merck initiated a massive tax appeal on its property, which resulted in a settlement and multi-year reduction. Renaissance at Rahway/Meridia Grand was among the top 10 property taxpayers in the city that year.
The City Council also approved refunds for 2013 tax appeals, which will be detailed in an upcoming post.
Polls results: Most appealing new development
OK, so it wasn’t a huge majority or a overwhelming mandate. In fact, it was one of the weakest showings in our history of polls — a scant nine votes. Even so, Park Square came out on top among the handful of people who put their two cents in:
Of the new construction in recent years, which residential development is most appealing?
Park Square, 55 percent (5/9 votes)
Sky View at Carriage City Plaza, 33 percent (3/9)
Riverwalk, 11 percent (1/9)
Brookside at Rahway
Meridia Grand
River Place
Riverview Manor
A couple of readers made good points: Colin was familiar with some new construction but didn’t know these by name. And Sivyaleah offered her take on each complex.
As I mentioned in the earlier post, “most appealing” could mean different things to different people. Some comments over on our Facebook page took issue with the amount of development in recent years, as well as the high-rise complex. Others just weren’t comfortable voting without knowing much about the buildings other than their exteriors.
We’ll make sure to get back to what people are comfortable with in the next poll. Thanks – and stay tuned!
Poll: What new development is most appealing?
There have been nearly 1,0000 new residential units constructed over the last decade in Rahway. There are more to come but that doesn’t stop the occasional inquiry about what are the best buildings in Rahway. Of course, there are other, older developments too (Rahway Plaza Apartments and Hamilton Apartments, among others).
With the exception of 86 units at Riverwalk townhouses, about 60 of the 200 condos at Sky View at Carriage City Plaza and the 13-unit Riverview Manor, all other developments have been rental apartments, including some age-restricted, such as Rosegate and Park Terrace. Meridia Grand started out in the planning stages as condos until the housing market collapsed, and it shifted to rentals.
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This time next year, there may have a new entrant or two in this poll, but for now, while I work on a few other posts, to get some discussion going:
Of the new construction in recent years, which residential development is most appealing?
Brookside at Rahway
Meridia Grand
Park Square
River Place
Riverview Manor
Riverwalk
Sky View at Carriage City Plaza
“Most appealing” could mean different things to different people. Rahway residents who don’t live in any of the new developments might aim for what looks best on the exterior. Of course, people who actually live in the buildings might have their own considerations, and experience to share. Feel free to use the comments section to share your thoughts about why you voted for one or another.
PILOT would shave about $170k off annual taxes
The City Council on Monday will consider a 15-year Payment In Lieu Of Taxes (PILOT) for Meridia Lafayette Village that would reduce its annual property tax bill by as much as 40 percent.
Continue reading PILOT would shave about $170k off annual taxes
Poll: How would you grade redevelopment?
Time for another fun, completely unscientific blog poll. What do you think?
Tax break could run as much as $160k/year
The 10-year Payment In Lieu of Taxes (PILOT) for Meridia Water’s Edge will reduce the property tax bill on the rental development by anywhere from about $85,000 to $160,000 annually. Over the next decade, that could mean a minimum savings of $1 million to $1.6 million, and likely much more as taxes rise.