Category Archives: Condos

Rahway development map

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.

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Carriage City Plaza could be sold this year

Carriage City Plaza, theĀ  downtown high-rise that is among the city’s most prominent symbols of redevelopment, could change hands later this year.

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More units proposed for Carriage City’s top floor

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.

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Sheriff’s sale of Riverwalk this week

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.

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‘Destination’ retail tenants sought for Carriage City

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.

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Catching up on Carriage City Plaza

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.

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Riverwalk sheriff’s sale postponed

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.

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Short sales at Carriage City Plaza

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 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.

Among the first 30 or so units that sold in the building, Unit 512 went for $231,250 in September 2008 and at one point was listed for rent at $1,700 per month. The one-bed/one-bath, which appears to have some upgrades, is now on the market for $139,900.Unit 1002, a two-bed/two-bath, closed for $395,250 in December 2008 – two years ago tomorrow, to be precise. It listed on for $199,900 earlier this week and today is $99,000. Base units, sans upgrades, at Carriage City Plaza were starting at about $220,000 during the pre-construction phase in 2006.

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.

What exactly is a short sale? Wikipedia explains here: “When sale proceeds fall short of the balance owed on the loan, often when a borrower cannot pay the loan on the property but the lender decides selling at a moderate loss is better than pressing the borrower.”Note: This original post was updated Dec. 10 to reflect the 1002 short sale.