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Weekly News (December 27, 2017)

1. Another New Apartment in Palisades Park, NJ?  Zoning board approved apartment development between Edsall Blvd and 14th St (Adjacent area for Palisades Park and Fort Lee) 14 stories / 121 units (Original plan: 17 stories, 154 units) There was a concern about Flood area → Approved based on the fact that it is 50 […]

Weekly News (December 20, 2017)

1. First Korean Policewoman in Fort Lee, NJ  Alice Jee (23) pledged as Fort Lee police as of 12/14/2017, grew up in Fort Lee, attending Elementary, Middle, High school in Fort Lee Graduated from Montclair University, major in Criminal Phycology She will serve as policewoman after 6 months in Police Academy from Jan, 2018 2. […]

Weekly News (December 13, 2017)

1. Leonia town decided to block non-resident’s cars to get in the town →Issue  Town decision: block non-resident’s car during commuting hours → fine for $200 For 60 roads in town during 6:00am-9:00am and 4:00pm ~ 9:00pm from 1/15/2018 US Automobile Association, NJ chapter says this decision violates driver’s right for public roads ↔ Town […]

Weekly News (December 6, 2017)

1. PATH will be extended to Newark Airport ? NY, NJ Port Authority reviews a proposal: PATH extension to Newark Airport Extension from Newark Pen Station to Airport: Total 2.4 miles Port Authority allocated $1.7 Billion to this extension project out of $32 Billion of 10 year capital plan Also Port Authority allocated $15 Million […]

Weekly News (November 29, 2017)

1. New Rental Complex in Cliffside Park, NJ starts moving-in  ‘The Centre Luxury Living’ at 705 Anderson Ave, Cliffside Park Lobby height → 3 story. Manhattan sky line view Studio (564~600 SF): starts from $2,025 / 1BR (834~875 SF) starts from $2,800 / 2BR (1194~1338 SF): starts from $3,200 Remote temperature control (Heating & Cooling) […]

Weekly News (November 22, 2017)

1. Mortgage interest deduction will be maintained    Congress financial committee released revised plan: Mortgage Interest deduction limit from $500,000 (House Representatives) revert back to $1 Million Corporation Tax 35% → 20% Plan will be delayed till 2019 Individual Tax : 7 levels (House Representatives: 4 levels) will be kept (Max 39.6% → 38.5%) Local […]

Weekly News (November 1, 2017)

1. NYC is difficult to be Amazon’s 2nd HQ 238 city’s proposals from 54 States Tough competition: NYC → Probability 14:1 (Manhattan Mid-town West, Lower Manhattan Financial District, Queens LIC, Brooklyn Triangle) Probability #1 → Atlanta, GA (3:1) Boston, MA / Austin, TX → 7:1 2. New Luxury Condo on 31st Street in Manhattan, NY […]

Weekly News (October 25, 2017)

1. A Fraud Case in Palisades Park, NJ  Mr. K (YoungSin GunKang) accused of taking about $1 Million out of ‘KYE’ in Korean + $500,000 (Loan from individual) and fleeing $3000 per account, Total 31 accounts / Each turn, each member will get $90,000 Mr. K’s store was vacated / He moved out form his […]

Weekly News (October 11, 2017)

1. Trump’s new tax reform might be negative impact to New Jersey residents  Reform will cancel exemption on certain property tax → increase tax pay Average exempted tax amount: Palisades Park → $15,907 / Fort Lee → $25,153 / Englewood Cliffs → $48,303 / Tenafly → $60,697 Example: Tenafly → $60,697 = 21.4% of AGI […]

Weekly News (October 4, 2017)

1. Amazon 2nd HQ → Possibly Queens Sunnyside Yard in NY, Edison in NJ  Direct investment of $5 Billion will create 50,000 jobs with earning more than $100,000 salary Any candidate must submit the proposal by 10/19/2017 Total more than 50 cities are in the race NY (Queens Sunnyside Yard): 180 Ac/ 5 miles form […]

Weekly News (September 27, 2017)

1. MoMA (Museum of Modern Art) → New Landmark  ‘MoMA Tower’ at 53 West 53rd St Architect, Jean Nouvel (72) designed. 1033 FT / Diagrid Method used. 1st ~5th FL → Museum / Up 82nd floor → Condo(1 ~5 Beds, full floor APT, duplex penthouse) Will completed in end of 2018 / move-in will be 2nd […]

Weekly News (September 20, 2017)

1. Super size Water Park in Palisades Park, NJ will be constructed 102,000 SF around the current ‘King Sauna’ → will complete in May, 2019 Whole block between West Fair Street and West Central Blvd Those retailers on Commercial Blvd moved out in early this month New Water Park includes Children pool, Sliding pool, Aqua […]

Rent or Buy? FHB (First Home Buyer)

Rent or Buy? FHB (First Home Buyer)

For the past few years, housing market has been flat mainly because of credit loss of many potential home buyers being stuck with high monthly mortgage payment. Constrained to financial contraction and unable for new financing had many of household to become renter. Insurgency of many renter prompted demand of rental apartment building. Responses to […]

Weekly News (September 13, 2017)

1. ‘Restaurant Week’ in Fort Lee, NJ this week 9/14 (Thursday) ~ 9/17 (Sunday) 54 Restaurants will be participated (13 Korean owned Restaurant) Organized by Alliance of Fort Lee Up to 40% discount with coupon for lunch and dinner For coupons at www.bdaftlee.com/flrw 2. ‘New Millennium Bank’ opens at Palisades Park Branch office, NJ Opening […]

Weekly News (September 6, 2017)

1. ‘Flushing Commons’ in Flushing, NY completed 98% for 1st Phase Residential project (17 Stories) is completed almost at 138-35 39th Ave, Flushing At 16th floor, Penthouse (1,588 SF, 3BR,3Bath) will go for $1,998,000 Developers: F&C Group, Rockefeller Group, AECOM Capital 1st Phase consists of 17 story mixed building (14 floors: Residential) and 12 story […]

Weekly News (August 23, 2017)

1. War on Hess Property in Edgewater, NJ is heated up Between lot owner/developer 615 River Road Partners LLC and the town Fair Share Housing center is favoring for the developer proposal Director of NJ Sierra club is favoring town’s proposal (River Road is not moving now) The lot (18.7 Acre) was appropriated for $25 […]

Weekly News (August 30, 2017)

1. Manhattan Central Post Office building becomes Transportation hub James A. Farley Post Office building renovation faces the 2nd phase It will become Moynihan Train Hall 250,000 SF transportation hub / 700,00 SF restaurant, retail Central Post Office will be connected to Pen Station through under path for LIRR and AMTRACK (9 Platforms and 17 […]

Weekly News (August 16, 2017)

1. Palisades Park, NJ Town Hall will move to new location At 27 Fairview Street by Eminent Domain (Proposal made on 7/25) Eminent Domain decision will be made on 8/22 2.43 Acre Lot owned by 2 Korean → Purchased at auction at $3.94 Million in 2008 → valued at $6.5 Million 10 years ago → […]

Weekly News (August 9, 2017)

1. Former Hess terminal in Edgewater, NJ will become mixed use complex? Plan is to build 1872 unit residential and retail complex (8.7 ACRE on River Rd) ←→ Town wants to seize the property through eminent domain The developer (615 River Rd Partners) is ready to the Mayor (Michael McPartland) and other town officials Will […]

Weekly News (August 2, 2017)

1. Robbery in ‘Trio’ condo on 12th Street in Palisades Park, NJ  Around 11:20pm on 7/26 (Wed), Gunman followed Korean resident in the elevator Right after Korean woman left elevator at 3rd level, gunman asked the bag and fled Korean resident was concentrated on cell phone and did not noticed suspicious approach Trio condo is […]

Weekly News (July 26, 2017)

1. Palisades Park, NJ, illegal basement renting headache  Some tenants threaten owners without paying rent / run away over night without paying a few month rent Town prohibits altering basement and renting by law No practical solution from attorney → needs systematic approach to solve the situation Reality is Palisades Park is high rental demand area […]

Weekly News (July 19, 2017)

1. McDonald’s goes to new age marketing  McDonald’s at 1118 main St, River Edge, NJ is under total renovation Will open September this year with Touch-screens, table orders and sleek design Modern restaurant deco / digital self-order kiosk (Same owner in Bergenfield has changed the restaurant last year McDonald’s plans t change all US operation […]

Weekly News (July 12, 2017)

1. Palisades Park, NJ issued more ticket for BYOB violation  BYOB allows between noon and midnight → Not realistic for business Police checks around 3:00am and issues tickets ($1000 first offense → doubles for 2nd offense) Extension law was proposed, but it was not implemented by the influence of the late Michael Pollotta 2. New Luxury […]

Weekly News (June 28, 2017)

1. ‘Waterline Square’ condo in Westside, Manhattan is in final phase Total 1,132 units in 3 buildings/ Located between 59th~?61st street / Total cost: $2.3 Billion Will complete 2018 One Waterline: 37 stories / 56 unit condo, 216 rental units Two Waterline: 38 stories / 106 units condo, 486 rental units Three Waterline: 34 stories […]

Weekly News (June 21, 2017)

1. Michael Pollotta (Democrat Chairperson of Palisades Park, NJ) passed away 6/18/2017 Named as Godfather of Politics in Palisades Park 88 years old / Chairperson for 55 years ( 1961-2016) Recently there was tension between him and the present mayor James Rotundo Korean community in Palisades Park was influenced positively in many aspects 2. ‘The […]

Weekly News (June 14, 2017)

1. ‘GAYEON’: Luxury Korean Restaurant opened in Hudson Light, Fort lee, NJ Unveiled at 2020 Hudson St on 6/12/2017 as luxury family Korean restaurant image Total 8,000 SF / 250 seats / 2 Party rooms for 50~60 People / 2 party rooms for 13~14 Bar with about 100 wine collection Main Chef: SeungJae Choi (Experienced […]

Weekly News (June 7, 2017)

1. ‘One Park’ Condo in Cliffside Park, NJ to launch to preview sale Upscale condos impressive skyline views, developed by DMG Investment On site sales Gallery opens early June 2017, marketed by Halstead Property Devel Marketing (www.oneparkcondosnj.com, 201-633-7600) 14 story, 204 units / Shuttle bus to Port Imperial, Fully automated unitronics system garage, 32 foot-high grand […]

Weekly News (May 31, 2017)

1. Fort Lee, NJ, Public Parking Deck construction begins mid June, 2017 New Parking Deck at the current public parking on the Main St. Will complete June 2018 → 220 spaces increase (Total 632 spaces) During construction, alternative parking → Madonna Church parking, 2062 Lemoine Ave (near Hudson Lights) 2. Palisades Park, NJ elected new […]

Weekly News (May 24, 2017)

1. ADM (American Dream Meadowlands) project is too big to fail  On 5/19 (Fri) Triple Five announced closing of $1.6 Billion  construction loan and will open March 2019 (‘Xanadu’ project began in 2003) Triple Five’s vision is big: Indoor water park and amusement park, indoor ski slope, high-end shopping, etc. Too big not to complete, too […]

Weekly News (May 17, 2017)

1. Senior Housing in Palisades Park NJ faces tough competition to get into  Total 9 units( 4 Studios, 5 of 1 Bedroom) → 1,000 application on 1st day (5/13) At 83 Center Place. Rent between $378 ~ $711 depending on income and size of unit According to PAHC (Paramus Affordable Housing Corporation), Bergen, Passaic, Hudson, […]

Weekly News (May 10, 2017)

1. Edgewater, NJ also would ban short term rent  Town is in the process of proposing ordinance to ban short term rent including Airbnb Fine would be $1250 Currently Airbnb has about 20 listings in Edgewater, NJ ($40~$350/night) In Bergen County, Paramus, Palisades Park, Closter, East Rutherford, Fairview, etc. are banning short term rent 2. Kushner […]

Weekly News (May 3, 2017)

1. Englewood Cliffs, Tenafly, NJ raised property tax   Englewood Cliffs town passed Education department budget of $2.09 Million (14.7% Up) → Property tax: $201 increased for $1.29Million house Tenafly town passed $28.88 Million town budget → property tax: $79 increased for $790,000 house → Practically no increase 2. Key Yonkers Development Projects → Green […]

1031 Exchange Program

1031 Exchange Program

First, what is 1031 like-kind exchange program? When a property owner( or tax payer which I will use them interchangeably, in fact, this topic can be handled by tax accounts in much better way), anyway when he/she accumulated preferably large equity from an investment property and he/she is trying to sell the property, the owner […]

Weekly News (April 26, 2017)

1. ‘One Park’ condo → New Condo project in Cliffside Park, NJ  320 Adolphus Ave.  Unparalleled views of the Manhattan and Hudson River 14 stories, 200 units (1 ~ 4 Bedrooms) Developed by Manhattan based DMG Investments and designed by Architectura Floor-to-ceiling glass windows There was a plan before financial crises 2. Hudson-Bergen Light Rail […]

Weekly News (April 19, 2017)

1. Building Boom : NJ becomes an apartment heaven   20 Years ago → Single home in growth sector Now national phenomenon → Multi-family housing 5 Key residential construction projects: Hackensack – Main Sat (382 units), Franklin Lakes – Ewing Ave (275 units) Park Ridge – Kinderkamack Rd (240 units), Wayne – Route 23 South (223 units) Fort Lee – […]

Weekly News (April 12, 2017)

1. Tenafly, Spencer Smith elementary school → Asian’s Highest score for PARCC   Partnership for Assessment of Readiness for College and Careers Every year test for English and Math for 3 ~ 11th grade Spencer Smith, Tenafly → English 95%, Mathematics 97% /  Merit Memorial, Cresskill → E 93%, M 95% Roosevelt, River Edge → E […]

Weekly News (April 5, 2017)

1. Let’s keep Hudson-Bergen Light Rail project in right track   17 years ago, this light rail began to operate in Jersey City NJ Transit’s light rail system → One of most successful in the nation (50,000 daily passengers at 24 stations) Expectation: 24,740 passengers will board at 7 new stations → NJ is corridor […]

Weekly News (March 29, 2017)

1. Palisades Park town appoints new police women, Natalia Kim  ‘Natalia Kim’ graduated from Rutgers with Criminal Justice major Speaks 3 languages (Korean, English & Spanish) Will work as a traffic police 2. Samsung 837 becomes Landmark for NY (At 837 Washington Street) Samsung Marketing Center at Meatpacking District → ‘Digital Playground’ Marketing Center → Digital […]

Weekly News (March 22, 2017)

1. Leonia opens up liquor license  Town is used to be dry town / Only BYOB → making new ordinances for liquor license Currently only 1 license exists, but not used. If new ordinance passed in May, restaurants can get licenses by from auction 2. Hudson-Bergen Light Rail system: one step further   Public hearing for […]

Weekly News (March 15, 2017)

1. Closter, NJ looks to ban short term rentals   The Borough Council introduced an ordinances on 3/8/2017 that would ban short term rent under 30 Days → will vote on 3/22 ( A violation penalty is $1,250) Currently, Airbnb has 11 listings in the town on their website If the ordinances passed, neighbors can […]

Landlord and Tenant – Landlord’s Responsibility 2

Landlord and Tenant – Landlord’s Responsibility 2

The old who are close to their retirement face financial decision about the real estate asset they own. That is as important as they facing investment decision. In order to be eligible for government benefit, the retiree can choose not to own real estate asset at all. Often the retiree weighs the benefit of not having […]

Weekly News (March 8, 2017)

1. Former ‘Syms’ site will be used for Used Card dealer ‘CarMax’ Route 17 North bound in Paramus: 65,000 SF SYMS closed in 2012 One of largest and longest-standing retail vacancies in Paramus Founded 1958, profitable till 2000→facing new competition: T.J. Maxx 2. Leonia, NJ declares ‘Welcoming City’ resolution instead of Sanctuary city Originally proposed Sanctuary […]

Landlord and Tenant – Landlord’s Responsibility 1

Landlord and Tenant – Landlord’s Responsibility 1

The U.S. homeownership rate fell to 63.4 percent in the second quarter of 2015, according to the U.S. Census. That is down from 63.7 percent in the first quarter and from 64.7 percent in the same quarter of 2014. It marks the lowest homeownership rate since 1967. Household formation, however, is rising. The number of […]

Stephen Lee

Stephen Lee

C 랜드 부동산 대표, 스티븐 리. 지난 2013년과 2014년에는 전년 매출의 2배 이상을 올리며 급성장. 뉴저지 한인 부동산 가운데 최근 눈에 띄게 급성장하는 부동산업체를 꼽으라면 단연 C랜드 부동산이다.

Outlook – 2017 Real Estate Market

Outlook – 2017 Real Estate Market

According to national realtor association interest rate for mortgage can be as high as 4.5% for this year. The anticipation of further increase is based on Fed rate hike of 0.75% in December 2016.Mortgage rates tend to move with the government’s 10-year Treasury note, which serves as a benchmark for mortgages. Interest rates on the notes […]