The City Council will consider changes tonight that would stop the broadcast of council meetings just before the meeting’s public comment session.
Continue reading Change would nix broadcast of public comment
Foreclosed Riverwalk units will become rentals
The 19 Riverwalk townhouses that went into foreclosure will be turned into rental units before the end of the year.
Englewood-based Real Estate Equities Group acquired the 19 townhouses for $111,842 each, according to property records, which works out to a total of roughly $2,124,998.
Greg Van Cleef of Real Estate Equities Group said renovations to the existing townhouses should be completed by Dec. 15. One unit was completed prior to acquisition but others only had rough work done, with plywood floors and Sheetrock. Renovations will include granite counter tops and other amenities.
Rents will range from $2,250 to $3,000, according to Van Cleef. The 19 units are two-bedrooms with a den but some have garages while others have lofts. The foreclosed units range from 1,350 to 1,745 square feet. Tax assessments range from $151,000 (one unit) to $179,300 (three units), with property taxes from a low of $9,131 to highs of $10,842. The 19 units have a total tax assessment of $3.2 million, with an average assessment of $168,437, yielding an average property tax bill of $10,186. Eight are located on Genovese Lane, another five on Hancock Street, and three each on Danchetz Court and Barnhardt Lane.
Real Estate Equities Group specializes in apartment rentals and this is their first property in Rahway, attracted by the proximity to downtown and the train station, according to Van Cleef.
More than half of the owner-occupied Riverwalk units have successfully appealed their tax assessments in recent years (about 24 in 2011 and eight in 2012). Collectively, the 86 Riverwalk units had a tax assessment of $14.4 million, yielding almost $825,000 in property taxes before appeals. The overall assessments have since dropped by 5 percent, to a total $13.6 million. About 30 units that sold have not appealed their tax assessments.
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The average sale price for the 68 Riverwalk units sold by the original developer was about $444,000, an aggregate sum of nearly $32 million, according to my calculations. Fewer than 10 units sold a second time, and many at significantly lower prices.
Bank Of America foreclosed on remaining unsold Riverwalk units in late 2009. Now-defunct Diversified Communities constructed a total of 86 townhomes as part of the Essex Street-area development, with many selling for $400,000 and $500,000 during the housing boom around 2006 and 2007, but 19 went unsold before the developer skipped town. The $5.255-million Sheriff’s Sale on the 19 unsold units took place Aug. 15, 2012 and was acquired by VFC Properties in Waco, Texas, a part of FirstCity Financial Corporation, which is dedicated primarily to “distressed asset acquisitions and special situations investments.” This was the first sale after the foreclosure.
New city administrator to be appointed
The City Council is scheduled to approve the appointment of a new city administrator at a special meeting on Wednesday at 6:45 p.m., before its pre-meeting conference at 7 p.m.
Continue reading New city administrator to be appointed
Poll: What’s your favorite restaurant in Rahway?
It’s hard to believe that our last “Favorite Restaurant” poll took place more than three years ago, so why not try it again. The poll includes BYO restaurants as well as restaurants with bars, so it’s a mix of both — really anywhere there is sit-down service for more than a few tables. Base your vote on what you think is best, period, whatever that might mean to you, whether it’s food, service, etc. Feel free to share your thoughts as to why in the comments section.
You’ll have about two weeks to cast your vote so get to it. We’ll post results when they’re completed and this time we’re trying a new format for voting. Have fun!
Click here to take the survey or scoll down.
Create your free online surveys with SurveyMonkey , the world’s leading questionnaire tool.
Tax judgement results in 2-percent break
A judgement by the state Tax Court resulted in a 2-percent reduction for one of the city’s largest taxpayers in the 2010 tax year, but no change in the property’s overall assessment.
The City Council approved resolution AR-230 at its Oct. 15 meeting, authorizing a $7,001 credit for the overpayment of taxes to Renaissance at Rahway, LLC, which does business as Meridia Grand. The building was constructed in 2010 by Capodagli Property Company, which sold it in 2011 for $19 million.
The 88-unit Meridia Grand on Monroe Street and East Grand Avenue is assessed at $5.362 million, for a property tax bill of about $324,420 last year. A $7,001 reduction is about 2.16 percent. The size and nature of a tax appeal can determine what venue it’s decided in and larger tax appeals can take longer to resolve.
The number of tax appeals filed doubled in 2010, and it was the same year that Merck initiated a massive tax appeal on its property, which resulted in a settlement and multi-year reduction. Renaissance at Rahway/Meridia Grand was among the top 10 property taxpayers in the city that year.
The City Council also approved refunds for 2013 tax appeals, which will be detailed in an upcoming post.
‘Zero tolerance’ for parking under railroad tracks
In an effort to improve traffic safety as well as security around the train station, the Police Department has startd installing lane barriers along Milton Avenue, beneath the train trestle.
Illegal parking under the railroad has been an issue for some time. “This is something we have put a lot of thought into, and we have tried enforcement with negligible results,” Police Chief John Rodger said. “When we issue summons or chase cars out they come back pretty quickly and we just don’t have the ability to be there every moment.”
A layout was tested two weeks ago and the east side of the street was installed on Monday, with the other side pending weather and manpower, the chief said.
It’s always been illegal to park under the bridge and with the alert system in place post-9/11 the area was specifically designated a problem, Rodger said. Police also get a lot of complaints that motorists trying to turn left from Broad Street onto Milton Avenue can’t see and have to pull out into the intersection.
“We are hopeful that this solution will deter parking in that area, and eliminate the mid-block pedestrian crossings to get to vehicles previously parked under the bridge, while at the same time providing line of sight for vehicles trying to enter the intersection,” he said.
Once both sides of the street are completed, Rodger said there will be zero tolerance for vehicles parked in the bus stop or taxi stand on West Milton Avenue.
City Council awards design contract for upgrades
City Council last month awarded a $572,000 design services contract associated with a planned multimillion-dollar upgrade of the city’s water treatment plant on Westfield Avenue.
Continue reading City Council awards design contract for upgrades
Water’s Edge to begin leasing by December
Meridia Water’s Edge, a 108-unit rental complex that broke ground last year behind the library and Center Circle facility, is expected to be completed in the coming weeks.