Irving St. side of Park Square 90% leased

About 90 percent of the units at Park Square are occupied with 57 of the 63 units in the Irving Street building leased, according to rental manager Nilyne Fields.

 

The four-story residential/retail development has 63 units on the Irving Street side with another 96 units currently under construction on the Main Street side (a total 159 units). About 44 units were leased as of December, and the five-story Main Street building is expected to be completed later this year. The Irving Street units began taking residential applications in May.

Rents range from $1,550 for one-bedrooms to $2,375 for the largest two-bedrooms.

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Something that keeps coming up in keyword search analytics several times in recent weeks is the phrase, “How much did Matzel and Mumford pay for the Rahway site.”

To clarify, Matzel and Mumford was designated by the Redevelopment Agency as the redeveloper for the former Wheatena site on Elizabeth Avenue, however, it has not purchased the property yet. It’s still owned by the Los Angeles-based David & Sylvia Weisz Foundation, which acquired it in 1985 for $2 million, according to property records. According to our last blog post, the two sides have been negotiating for some time but the project doesn’t look likely until the market turns around.