The Mint at 81 Monroe St. in Rahway — Courtesy: BlueGate Partners LLC
By Joshua Burd
The owner of two new luxury apartment buildings in downtown Rahway is seeking a buyer for the 225-unit property, in a newly announced offering by BlueGate Partners LLC.
Known as The Mint, the development includes a 116-unit building at 81 Monroe St. that opened in 2020 and is currently 95 percent occupied. The second building, located across the street, is under construction and slated to be delivered late this year, boasting a location one block from NJ Transit’s Rahway station.
The collection of studio, one-bedroom and two-bedroom homes is projected to draw offers in the high $90 million to $100 million range, according to BlueGate. Monthly rents at the property average $2,339 or $2.98 per square foot, the brokerage team said, noting that the property also has a “very favorable” 30-year payment in lieu of taxes agreement with the city.
BlueGate’s Mark A. Delillo, Lee Spiegelman, Marc B. Schulder and Felipe Marin are marketing the site.
“Located in Rahway’s revitalized downtown Arts District, The Mint is surrounded by fine dining, an eclectic retail community, art galleries, entertainment venues and a strong essence of community,” BlueGate wrote in its offering materials. “In addition to the rail transportation, the property benefits from excellent access to New Jersey’s highway systems, including the New Jersey Turnpike (I-95), the Garden State Parkway, Routes 1 & 9 and (Interstate) 287.”
Developed by a joint venture of Fields Grade and The Slokker Group, The Mint welcomed its first residents in early 2020. Amenities at the property, designed by Minno & Wasko Architects and Planners, include a resort-style pool, an amenity terrace and a lounge with co-working space, along with a fitness center with Fitness On Demand programs.
The site also includes 5,757 square feet ground-floor commercial space.
Developers unveil luxury apartments in Rahway, eye second phase
