City Council approved a tax appeal settlement Monday night with Carriage City Properties. Details on the settlement can be found in this earlier post.
During the Feb. 3 pre-meeting conference of City Council, Third Ward Councilman Jerry Scaturo raised the issue of Carriage City Properties leasing its unsold units. Sky View began marketing a lease-to-buy option, starting at $1,250 a month for one-bedroom units.
Pelissier said it’s not a concern from the standpoint of wanting to see people moving into the community. “It’s better than having…units sitting empty,” he said. If the units are occupied, the $10,000 fee owed to the Redevelopment Agency should be paid, said Pelissier, adding that the agency is seeking is a formal request from the developer to clarify the redevelopment agreement. Originally the developer, Elizabeth-based Silcon Group., was to pay the $10,000 fee upon closing of each unit.
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So I can buy 2 1BRs for the price of 1 2BR, spend a few bucks knocking down an adjoining wall and have more sq ft? Would this bring in a different buyer looking for more space? Might be worth considering. I thought the units were nice enough but not enough space to store much of anything.I hear RiverPlace Apartments are offering one months free rent so if the going rate there is $1650, less the free rent its the equivalent of $1512 a month. What is the benefit of paying more there when you can rent at Skyview for so much less?Will Park Square be worth waiting for? New is nice. How much of a premium can they really charge in this market?
In theory, Anonymous’s idea sounds fantastic. Getting a 2 for 1 deal would be a steal if all goes well eventually, however, the maintenance in that building is rather high and that does need to be taken into consideration. I’ll personally be in the market to purchase a new home by end this year/early next year and that building is a possibility “if” I could get more closet space out if it; but NOT if I have to pay double maintenance. I’m in the design business and I’m puzzled that some of the 1BR units were designed so poorly for storage space.
Rahway needs to do all it can to help bring more residents downtown. If that means letting Skyview rent units they can’t sell, then I’m in favor of it. Rahway downtown is a ghost town, but sheesh if they would just finish Park Square, bring in more people, it would help local businesses tremendously.