Almost 1,500 new residential units have been constructed in Rahway over the last 15 years, including more than 1,000 downtown, with another 1,000-plus in the works — either approved and not yet begun or presented as a concept plan.
Carriage City Plaza, the downtown high-rise that is among the city’s most prominent symbols of redevelopment, could change hands later this year.
Space on the penthouse level of Carriage City Plaza — once held out for custom-designed luxury condos during the housing boom — could feature another 20 units and other amenities for the massive downtown complex.
Postponed twice, the Union County Sheriff’s Sale of the 19 unsold, foreclosed Riverwalk townhouses is scheduled for 2 p.m. on Thursday (Aug. 16). The $5.255-million sheriff’s sale originally was scheduled in February, then postponed again in April on the townhouses that went into foreclosure in late 2009.
The ground-floor retail and commercial space at Carriage City Plaza (CCP) has gone through a few tenants since it was constructed in 2008. Original plans (pre-recession) had a restaurant in mind. Eventually, a dry cleaner and coffee shop came and went and the lone tenant among several spaces is an Edward Jones investment office.
As many as 85 to 90 percent of the 160 rental units in Sky View at Carriage City Plaza are typically occupied, according to Joe LoMonaco, manager of 80 E. Milton Ave., LLC., which acquired the property last fall when it had the loan assigned to it during the foreclosure process.
A sheriff’s sale on unsold units at Riverwalk originally scheduled last month has been postponed until April 11. Redevelopment Agency attorney Frank Regan briefed commissioners on the sale at their meeting last month.
With foreclosure looming for Carriage City Plaza,
one two short sales in the building went on the market two weeks ago within the past month. A check of Realtor.com shows at least four units in the 16-story building on the market by owners.
About 62 of the 222 units were sold since the building opened in 2008. Another 72 leased were through the developer — Carriage City Properties (CCP)/Silcon, Inc. — leaving 88 units unsold or not leased. All 160 units owned by CCP — not the 62 owned by individuals — are expected to go into foreclosure, along with the hotel and retail space on the first three floors.
Meanwhile, New York City-based Spandrel Property Services was named this week to manage the remaining unsold units being marketed as rentals in Skyview at Carriage City Plaza.