A Transit Village Update in the latest edition of “Transit-Friendly Development” makes mention of several mixed-use projects in Rahway, including Park Square, where “occupancy is scheduled for early 2009.”
Eric Harvitt, a principal with Keasbey-based Landmark Companies, confirmed that they’re aiming for March for occupancy in the first of the 159 rental units in the four-story buildings. You’ll recall that at one point occupancy was expected by the fall. Harvitt attributed the revised timeline to “typical construction delays and maybe too aggressive a projection.”
Transit-Friendly Development is a newsletter by NJ Transit and the Alan M. Voorhees Transportation Center at Rutgers University.
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I’m betting they find that they’ve overpriced these rental. They do seem lovely, but who’s paying $2,400 for a two-bedroom in Rahway? The vacancies in the Carriage City building will drive these prices down.
“This is like deja vu all over again”. – Y.B.
A few days ago, I read about the ice rink ? What happened to that ?
Check the rental listings on Realtor.com for 07065 and you’ll find many of the condo listings that quietly went away from the for sale section. I saw a 1-BR in Skyview listed for $1200 – not sure if the unit is by an individual owner or by the developer – in any event the rental market is turning into a race to the bottom.Happy Holidays to all! The best part about a Recession Christmas is that the malls are no more crowded than a typical Saturday in March, so good luck to all last minute shoppers out there.
I’m not surprised that prices in Skyview would be dropping. We looked there about 6 weeks ago – prices for 1BR’s were all about $1600 with comments like “negotiable” at that time. We were not impressed with the units we saw personally. While the building is impressive upon first glance the apartments we saw were the ones with very little closet space. Why anyone would pay that much for an apartment with no closet space astounds me. We opted for a cute 1BR above a store on Main Street for $1200, that is 1200 sf with a huge deck off the back, laundry room, huge walk-in closet, recently renovated kitchen and central heat/ac. We have no view but who cares? We have space and more important, closets and aren’t paying a fortune for the place either.
No doubt the Park Square rentals are in for a rent reduction from the rents posted on the website. But still, one would think that having completed 80% of the construction the owners would want to be taking in at least some rent instead of leaving it sit vacant and “almost finished” for a year now. Glad to hear it’s scheduled to open soon, but only time will tell if March 2009 is for real, or just another false deadline.Rahway needs these rentals to open up so that it can start generating some foot traffic downtown to help local businesses. I hope it works out.