Category Archives: Condos

Apartments, Carriage City Plaza, Condos, Downtown

101 units accounted for at Sky View

Leave a comment

More than 100 units are either rented (43) or sold (58) in Sky View at Carriage City Plaza, as of the end of last month. That would account for 101 of the 222 units in the 16-story complex. (Remember when half were under contract?)

City Administrator and Redevelopment Director Peter Pelissier told Redevelopment Agency commissioners during their meeting Wednesday night that another unit has closed and two more are under contract and may close soon. Pelissier said he was told by Carlos Silva of Carriage City Properties to expect a letter shortly regarding payment to the agency for the latest unit closing. It would be the first unit to close since early this year, with the most recent appearing in property transactions in April.

The agency’s settlement agreement with Carriage City Properties, however, remains unsigned. Pelissier told commissioners he would have more information at next month’s meeting and likely would require an executive session meeting to discuss “sensitive issues” and determine a course of action.

Carriage City began marketing rentals almost a year ago ($1,250 for a one-bedroom at the time, which has since increased to $1,350), in violation of their redevelopment agreement, which prompted discussions with the agency and ultimately a settlement.

_uacct = “UA-2976232-1”;
urchinTracker();

Condos

Riverview Manor taking shape

Leave a comment

Excuse the recent hiatus, there have been a few things going on, between a side project, computer issues and fighting crime. It’s officially summer too, so it’s been a little slow, but there should be some new posts this week — stay tuned.

Continue reading Riverview Manor taking shape →

Carriage City Plaza, Condos, Downtown

Carriage City declared in default of agreement

6 Comments

The Redevelopment Agency voted unanimously last night to declare Carriage City Properties in default of its redevelopment agreement. Carriage City has 30 days to rectify the situation or the matter could head to Superior Court, Redevelopment Director and City Administrator Peter Pelissier said.

Continue reading Carriage City declared in default of agreement →

Apartments, Carriage City Plaza, Condos, Downtown, Rahway

Developments go rental — not just in Rahway

Leave a comment

Informative story in Sunday’s New York Times about condo projects turning to rentals, namely the state law that says after 75 percent of units are sold, “management shifts control to a homeowners’ association.”

It’s definitely worth a read, and particularly timely and relevant in Rahway. Apparently, it’s not uncommon in this market to go from condo to rental:

Developers often decide to switch from condo to rental, or vice versa, depending on which way the market is turning. Mr. Stolar said that he was aware of several condo developers who were contemplating the switch at buildings where sales are going slowly — or are even stalled — right now. And he isn’t the only market watcher to see this as an issue for a number of builders.

Switching to rentals is “a way to create cash flow,” he said, “and the rental market is still strong” compared with the condominium market.

Not only have two projects originally planned as condos shifted to rentals this year, but I’ve been asked a few times whether Sky View at Carriage City Plaza is converting to rentals. Not likely. While individual unit owners can rent their apartments (and several units have been purchased by the same owner, by my count), Silcon Inc. would have to seek approval from the Redevelopment Agency to amend the redevelopment agreement. And I’ve heard nothing to even hint that such a move would be sought — much less gain approval.

With 209 units in Sky View, 75 percent of the building would be 157 units. By my count, almost three dozen units officially have sold and appeared in property transactions, but I’ve heard that as many as 65 percent of the units have closed.

Happy Thanksgiving!

_uacct = “UA-2976232-1”;
urchinTracker();

Condos, Downtown

The Savoy at a standstill

Leave a comment

Just a few months after steel began to rise at The Savoy, the developer that’s heading up several projects in the city has apparently run into unspecified “economic difficulties.”

Continue reading The Savoy at a standstill →

Carriage City Plaza, Condos

Two dozen units close at SkyView

Leave a comment

The Redevelopment Agency is expecting a payment of $202,000 in fees for the sale of units at Sky View at Carriage City Plaza, Redevelopment Director/City Administrator Peter Pelissier said at last night’s agency meeting. Based on the redevelopment agreement and a new deferred payment schedule, that would mean about 40 units have closed so far.

I’ve heard that as many as 60 units have closed but only about two dozen have appeared in property transactions so far. The average for the 23 units closed so far is about $288,272, with a low of $233,050 and a high of $444,000. There were three purchasers with the same last name who bought two units in the building, according to real estate transactions.

The redevelopment agreement with Elizabeth-based Silcon Inc. calls for the agency to receive $10,000 per unit upon closing of each unit. This past summer the agency agreed to defer half the payment until it reached the level of water connection fees paid in June ($331,194). At $5,000 per unit, that would mean about 40 units have closed, given the $202,000 payment.

_uacct = “UA-2976232-1”;
urchinTracker();

Carriage City Plaza, City Council, Condos, Downtown

Units begin to close at Sky View

37 Comments

There have been 34 temporary certificates of occupancy (TCO) issued for units at Sky View at Carriage City Plaza, according to City Administrator and Redevelopment Director Peter Pelissier. Elizabeth-based Silcon Construction, which built the hotel, has paid $649,000 in water connection and permit fees, Pelissier reported at last week’s City Council pre-conference meeting.

Continue reading Units begin to close at Sky View →

Condos, Downtown

Steel going up at The Savoy

19 Comments

Steel began to rise about two weeks ago at The Savoy after months of what appeared to be little tangible activity at the site. Steel for the project had been expected to arrive since February.

Occupancy at one point had been scheduled for June 2007 (according to this December 2006 release), but now is targeted for April 2009, according to Ralph Pascale, sales manager for Maplewood Homes, a division of Dornoch Holdings.

In addition to steel shortages in the construction industry, the project was slowed down by state regulations that require archaeological studies to be done in certain areas. Work is also being done to renovate the sales trailer across the street and remove a pile of dirt from the site, Pascale said.

The four-story project at 1551 Main St. will have 36 two-bedroom and two-bath condos ranging from 1,150 to 2,000 square feet, with street-level retail and underground parking. According to those red banners on fencing at the site (photo left), units will start at $315,000.

_uacct = “UA-2976232-1”;
urchinTracker();