Units at the luxury complex, located on the opposite side of Palmer Square from campus, range from 1,400 to 4,200 square feet, with prices for homes starting at about $1 million, said David Newton, vice president of Palmer Square Management. Rental properties will start at roughly $3,000 a month.
Planning for the project took nearly 20 years, though Jay Goldberg, managing partner for the real estate firm Stasse & Company, which had no involvement in the Palmer Square project, said he did not find that unusual.
“In New Jersey, every new home development takes a decent amount of time to be approved, and when you’re building ... right in the middle of town, it’s even a little bit more complicated, and therefore it might take a little longer,” he explained.
Ten of the 100 units will be affordable housing, only half of the Borough’s request of 20 affordable units during the final approvals for development. “The developer disagreed that the new rule should be put in effect for a project that had been approved for some time,” Goldberg explained.
Newton said he hopes “that people affiliated with the University will buy or rent a number of units,” though the company will not target University affiliates in its advertisement and marketing.
Caroline Clancy, director of real estate finance for tenured faculty, said she predicts that given the current state of the economy, not many faculty members will move into the complex, though she has already received one inquiry about the luxury homes.
“I don’t think it really means anything for our people to the degree that someone would want to buy a luxury home like that,” Clancy said. Due to the immediate area’s high tax rate, faculty tend to live in more distant areas such as Lawrenceville and even Pennsylvania, Clancy noted.
Clancy described the majority of the faculty as “more neighborhood people,” adding that, “It’s very difficult if you have young children to live someplace like that.” Other faculty, such as visiting professors, may already own apartments in New York City or other areas, so they “tend to rent something small here,” she explained.
Clancy said that the timing of the opening is not ideal, since “properties from [$900,000] down are moving much better than stuff over a million.”
Paloma Moscardo-Valles, a Spanish professor with a 4-year-old-son, said that while the location of the development is appealing, she prefers her own home because “we have a small backyard.”
“It’s not an option — it’s too expensive,” she added. “I think it’s awful because the prices are too expensive.”
Correction: Due to an editing error, Paloma Moscardo-Valles was referred to with an inaccurate pronoun.
Read More
Students weigh in on changes to hours at Murray-Dodge Café
Eojin ParkMurray-Dodge’s hours have been cut nearly in half. Previously, Murray-Dodge was open from 3 p.m. to midnight every day. Amid other closures of campus cafes, its hours have been reduced to 4:30 p.m. to 9:30 p.m. daily.
Murray-Dodge’s hours have been cut nearly in half. Previously, Murray-Dodge was open from 3 p.m. to midnight every day. Amid other closures of campus cafes, its hours have been reduced to 4:30 p.m. to 9:30 p.m. daily.
Justice Ketanji Brown Jackson reflects on path to the Supreme Court in campus lecture
Isaac Bernstein and Justus WilhoitAt Princeton’s Harlan Lecture, Justice Ketanji Brown Jackson discussed her journey to the Supreme Court, the power of dissenting opinions, and the importance of inspiring future generations.
At Princeton’s Harlan Lecture, Justice Ketanji Brown Jackson discussed her journey to the Supreme Court, the power of dissenting opinions, and the importance of inspiring future generations.
Student employment in flux as University navigates budget cuts
Kian PetlinThe future of student employment remains uncertain amid budget cuts, with impacts ranging from reduced hours to staffing shortages.
The future of student employment remains uncertain amid budget cuts, with impacts ranging from reduced hours to staffing shortages.