Rahway was founded during colonial times, and is in the inner suburban ring around NY/Newark/Elizabeth. I would describe it as "depressed suburban" right now, but they have a lot of money from the incinerator and prison located in the town for urban redevelopment projects. They have built a new train station, town hall, recreation facility and bridges within the past five years, and it looks like the town is poised for gentrification. Merck Pharmacueticals is HQ'd in Rahway as well. For a long time Merck was a bad neighbor, but they have really cleaned up their act. It is just about the only place in Union County to get housing at reasonable prices.
Developers are salivating over Downtown Rahway. Everybody thinks it is going to be the Next Big Thing.