Three years to the month after breaking ground, Park Square has 33 units occupied.
Rental manager Nilyne Fields confirmed the number in an email this week. The four-story luxury rentals began taking applications this past spring and the Irving Street portion of the complex (photo above) has about 63 one- and two-bedroom apartments. That makes for a slightly more than 50-percent occupancy rate, a little better than what was reported last month at Sky View. The entire complex will have 159 units in all, once construction is completed on the Main Street side (photo below).
The retail/residential project was among the first major redevelopment projects to break ground downtown, in October 2006 after several years of property acquisitions around Main and Irving streets and Elm and Elizabeth avenues. The block used to be home to, among other things, Cliff Hardware, a boarding house, and Junior League thrift shop.
Park Square rents had been starting at $1,600 a month for one-bedrooms but now they’re offering a “grand opening special” of $1,495 a month. That’s a shade more than Sky View‘s starting rents of $1,350 for a one-bedroom and $1,600 for two-bedrooms. River Place also has a promotion going, offering one month free on 13-month leases, with one-bedrooms starting at $1,495 and two-bedrooms at $1,750.
Perhaps this is fodder for a debate or poll question about the pros/cons of the different apartment choices (old and new) in Rahway? Feel free to begin discussiiinnnng — now!