X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RAHWAY, NJ-This city’s redevelopment agency, formed earlier this year, is negotiating with the unnamed New York-based owner to buy the shuttered Hamilton Laundry here. According to a published report, the parties are about $500,000 apart, with the city offering $1.5 million and the owner asking $2 million. City officials say they are optimistic that the property will be in their hands by the end of November.

The facility, which operated as industrial laundry until bankruptcy closed it back in 2000, sits on adjoining parcels totaling just over 7.6 acres. What the city has in mind for the site is to redevelop it as an entertainment complex. While planning is still in the very early stages pending the sale of the property, according to officials, it would at least include a live theater with up to 300 seats and a movie theater with seating for about 100.

While plans are still far from finalized, the redevelopment agency has announced that it has hired Whitestone Associates of Watchung, NJ to do an asbestos study on the site’s main building, which was constructed back in the late 19th century.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.