Tag Archives: Riverwalk

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.

(File photo)

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.

 

Plan is to demolish tower at Kings Inn

The not-so-iconic tower at the Kings Inn motel on Routes 1&9 will have to live on via the Internet — its claim to fame found in this video for a once-popular 1990s hip hop song — because its days are numbered.

Continue reading Plan is to demolish tower at Kings Inn

Polls results: Most appealing new development

OK, so it wasn’t a huge majority or a overwhelming mandate. In fact, it was one of the weakest showings in our history of polls — a scant nine votes. Even so, Park Square came out on top among the handful of people who put their two cents in:

Of the new construction in recent years, which residential development is most appealing?
Park Square, 55 percent (5/9 votes)
Sky View at Carriage City Plaza, 33 percent (3/9)
Riverwalk, 11 percent (1/9)
Brookside at Rahway
Meridia Grand
River Place
Riverview Manor

A couple of readers made good points: Colin was familiar with some new construction but didn’t know these by name. And Sivyaleah offered her take on each complex.

As I mentioned in the earlier post, “most appealing” could mean different things to different people. Some comments over on our Facebook page took issue with  the amount of development in recent years, as well as the high-rise complex. Others just weren’t comfortable voting without knowing much about the buildings other than their exteriors.

We’ll make sure to get back to what people are comfortable with in the next poll. Thanks – and stay tuned!

Poll: What new development is most appealing?

There have been nearly 1,0000 new residential units constructed over the last decade in Rahway. There are more to come but that doesn’t stop the occasional inquiry about what are the best buildings in Rahway. Of course, there are other, older developments too (Rahway Plaza Apartments and Hamilton Apartments, among others).

With the exception of 86 units at Riverwalk townhouses, about 60 of the 200 condos at Sky View at Carriage City Plaza and the 13-unit Riverview Manor, all other developments have been rental apartments, including some age-restricted, such as Rosegate and Park Terrace. Meridia Grand started out in the planning stages as condos until the housing market collapsed, and it shifted to rentals.

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This time next year, there may have a new entrant or two in this poll, but for now, while I work on a few other posts, to get some discussion going:

Of the new construction in recent years, which residential development is most appealing?
Brookside at Rahway
Meridia Grand
Park Square
River Place
Riverview Manor
Riverwalk
Sky View at Carriage City Plaza

“Most appealing” could mean different things to different people. Rahway residents who don’t live in any of the new developments might aim for what looks best on the exterior. Of course, people who actually live in the buildings might have their own considerations, and experience to share. Feel free to use the comments section to share your thoughts about why you voted for one or another.

2012 tax appeals cost city half-million dollars

Successful tax appeals this year will cost the city a half-million dollars in refunds to more than 350 properties, dropping the city’s assessed value by $8 million. City Council at its November meeting approved the refunding of taxes due to tax appeal judgments by the county Board of Taxation.

Continue reading 2012 tax appeals cost city half-million dollars

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.

Continue reading Sheriff’s sale of Riverwalk this week

Marketing agency to tout redevelopment

The Redevelopment Agency awarded a professional services contract of $135,500 to The DavidHenry Agency for advertising and marketing consulting services that will include brochures, video, a website and app touting the city’s redevelopment efforts over the past decade and a half.

Continue reading Marketing agency to tout redevelopment