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Weekly News (December 4, 2019)

This week’s Interest Rate (47th Week)  30 Y Rate: 3.620%/ 15 Year Rate:3.125%/ 10 Y Treasury: 1.745%/  Prime Rate:4.75% Ref IR: 1.50- 1.75%   The highest  home priced Zip code area is 94027 (Atherton, CA) in US (The Korea Time  11/30) According to the Property Shark, the highest home priced zip code area is Atherton in […]

Weekly News (November 27, 2019)

This week’s Interest Rate (47th Week) 30 Y Rate: 3.620%/ 15 Year Rate:3.125%/ 10 Y Treasury: 1.745%/  Prime Rate:4.75% Ref IR: 1.50- 1.75%   Toys R Us is back in Northern New Jersey (The  Record  11/27) The beloved brand is opening first new US retail store since liquidation in Garden State Plaza on Wednesday(11/27), right before […]

Weekly News (November 20, 2019)

This week’s Interest Rate (45th Week) 30 Y Rate: 3.750%/ 15 Year Rate:3.150%/ 10 Y Treasury: 1.786%/  Prime Rate:4.75% Ref IR: 1.50- 1.75%   SamSung has opted to keep its North American HQ in Ridgefield Park (The  Costar  11/18) SamSung signed up with Landlord KABR Group for currently occupied 235,000 sf at 85 Challenger Rd, Ridgefield […]

Weekly News (November 13, 2019)

This week’s Interest Rate (45th week)  30 Y Rate: 3.750%/ 15 Year Rate:3.250%/ 10 Y Treasury: 1.917%/  Prime Rate:4.75% Ref IR: 1.50- 1.75%   Major redevelopment plan for school district was rejected in Palisades Park, NJ (The Korea Times  11/7) On 11/5/2019 residents vote revealed that residents in Palisades park do not want major redevelopment plan […]

Weekly News (November 6, 2019)

This week’s Interest Rate (44th Week) 30 Y Rate: 3.750%/ 15 Year Rate: 3.25%/ 10 Y Treasury: 1.864%/  Prime Rate: 4.75% Ref IR: 1.50- 1.75%   Edison, NJ introduced the program to convert own house to public rental house ( The Korea Times 11/4) Through M2A (Market to Affordable Rental Program), individually owned house can be […]

Weekly News (October 30, 2019)

This week’s Interest Rate (43rd Week)   30 Y Rate: 3.750%/ 15 Year Rate:3.375%/ 10 Y Treasury: 1.833%/  Prime Rate:5.00% Ref IR: 1.75- 2.00%   “Edge” observation deck in Hudson Yard will open 3/11/2020 ( The Korea Times 10/29) The height is 1131 ft and located at 100th floor of the building and it’s protruding feature out of […]

Weekly News (October 23, 2019)

This week’s Interest Rate (42nd Week) 30 Y Rate: 3.750%/ 15 Year Rate:3.375%/ 10 Y Treasury: 1.743%/  Prime Rate:5.00% Ref IR: 1.75- 2.00%   In Edgewater, NJ, apartment construction is under debate in town (The  Korea Daily  10/22) The developer, Daibes Enterprises is planning a 15 story apartment complex where there is the existing 2 story […]

Weekly News (October 16, 2019)

This week’s Interest Rate (41st week)  30 Y Rate: 3.750%/ 15 Year Rate: 3.375%/ 10 Y Treasury: 1.727%/  Prime Rate: 5.00% Ref IR: 1.75- 2.00%   Contaminated Earth (1000 C.Y.) in Edgewater will be removed from this week (The  Korea Daily 10/16) It will take 5 days to remove 1000 cubic yard contaminated earth and debris […]

Weekly News (October 9, 2019)

This week’s Interest Rate (40th Week) 30 Y Rate: 3.625%/ 15 Year Rate:3.125%/ 10 Y Treasury: 1.551%/  Prime Rate:5.00% Ref IR: 1.75- 2.00%   New Jersey 300 school districts might be re-structured (The  Korea Times  10/9) The Governor Murphy announced that $10 M budget will be used to lead the New Efficiency Achievement Program (LEAP).  A […]

Weekly News (October 2, 2019)

This week’s Interest Rate (39th week) 30 Y Rate: 3.750%/ 15 Year Rate:3.375%/ 10 Y Treasury: 1.635%/  Prime Rate:5.00% Ref IR: 1.75- 2.00%   Pavement on 32nd street, Manhattan will be re-done  (The Korea Daily  9/30) K Town Chamber of Commerce and New York Korean Association had a meeting with Corey Johnson, speaker of NYC Council and […]

Weekly News (September 25, 2019)

This week’s Interest Rate 30 Y Rate: 3.750%/ 15 Year Rate:3.375%/ 10 Y Treasury: 1.652%/  Prime Rate:5.00% Ref IR: 1.75- 2.00%   FOMC meeting decided to lower FRR by 0.25% to 1.75%-2.00% on 18th (The  Korea Times   9/19) Powel, Chairperson at FOMC mentioned the lowering FRR this time was to buy a kind of insurance […]

Weekly News (September 18, 2019)

This week’s Interest Rate      30 Y Rate: 3.875%/  15 Year Rate:3.500%/ 10 Y Treasury: 1.808%/  Prime Rate:5.25% Ref IR: 2.00- 2.25%   Northern New Jersey towns got sharp property tax increase for last 10 years (The  Korea Times  9/18) According to APP, Englewood Cliffs tax is up by 56.3% for last 10 years.  2017 […]

Weekly News (September 11, 2019)

This week’s Interest Rate    30 Y Rate: 3.625%/  15 Year Rate:3.125%/ 10 Y Treasury: 1.628%/  Prime Rate:5.25% Ref IR: 2.00- 2.25%   6 new apartment buildings, total 1200 units, will be developed in Teaneck, NJ (The  Korea Times   9/7) According to the Record on 6th, 600 units apartment building will be constructed on State Street […]

Weekly News (September 4, 2019)

This week’s Interest Rate 30 Y Rate: 3.5%/  15 Year Rate:3.125%/ 10 Y Treasury: 1.462%/  Prime Rate:5.25% Ref IR: 2.00- 2.25%   Englewood Cliffs, NJ loses housing ruling at the court (The Records  9/4) Superior Court Judge Christine Farrington issued an order on 8/27/2019 saying the court has determined that the Borough has acted in […]

Weekly News (August 28, 2019)

This week’s Interest Rate 30 Y Rate: 3.625%/  15 Year Rate:3.250%/ 10 Y Treasury: 1.474%/  Prime Rate:5.25% Ref IR: 2.00- 2.25%   Ticketing using Smart Meter in Palisades Park will be prohibited soon      (The Korera Times  8/24) Governor Phil Murphy vetoed against the bill to do ticketing using smart meters by camera.  Consequently, Palisades […]

Weekly News (August 21, 2019)

This week’s Interest Rate 30 Y Rate: 3.625%/  15 Year Rate:3.250%/ 10 Y Treasury: 1.552%/  Prime Rate:5.25% Ref IR: 2.00- 2.25%   Palisades Park residents are questioning on major school renovation project (The Korean  Daily  8/20) Palisades Park residents are anticipating announcement of additional $60M budget for school renovation and it’s itemized detail and tax […]

Weekly News (August 14, 2019)

This week’s Interest Rate – 30 Y Rate: 3.625%/  15 Year Rate:3.250%/ 10 Y Treasury: 1.702%/  Prime Rate:5.25% Ref IR: 2.00- 2.25%   Drunken youth came out of Palisades Park NoRaeBang assaulted a passenger (The Korea Times  8/10) On 8/5, 13 drunken youths came out of NoRaeBang in Palisades Park attacked a street passenger.  It is […]

Weekly News (August 7, 2019)

This week’s Interest Rate      30 Y Rate: 3.500%/  15 Year Rate:3.150%/ 10 Y Treasury: 1.716%/  Prime Rate:5.25% Ref IR: 2.00- 2.25%   “Daiso” Japan opened its super store in Edgewater, NJ (The Korea Daily  8/6) Daiso store(7000sf) location is next door to Mitsuwa Market Place in Edgewater: 595 River Rd, Edgewater, NJ. 1st store opened […]

Weekly News (July 31, 2019)

This week’s Interest Rate      30 Y Rate: 3.750%/  15 Year Rate: 3.250%/ 10 Y Treasury: 2.065%/  Prime Rate: 5.5%   Mayor of Palisades Park, NJ requested suspension of police chief to town council (The Korea Times  7/30, The Record 7/31) It is found by outside consultant Hillard Heintze that there is no written policy […]

Weekly News (July 24, 2019)

This week’s Interest Rate      30 Y Rate: 3.750%/  15 Year Rate:3.250%/ 10 Y Treasury: 2.065%/  Prime Rate:5.5%   Lotte Market will be open in Edison on 7/26/2019.          (The Korea Daily 7/22) 50,000 sf Supermarket, “Lotte Plaza Market” (Chairman: SeungGil Lee, President: SangMin Lee) will be in Edison, NJ, opening on 7/26/2019. The store […]

Weekly News (July 17, 2019)

This week’s Interest Rate      30 Y Rate: 3.875%/  15 Year Rate:3.375%/ 10 Y Treasury: 2.106%/  Prime Rate:5.5%   Gap in Ridgewood, NJ will close down on 7/27/2019 (The Record  7/17) Gap on East Ridgewood Ave will sale for all items by 50-70% and even fixtures by 50%.  The company announced the plan of splitting […]

Weekly News (July 10, 2019)

This week’s Interest Rate      30 Y Rate: 3.750%/  15 Year Rate:3.250%/ 10 Y Treasury: 2.061%/  Prime Rate:5.5%   Town hall meeting with mayor in Palisades Park held on 7/9 for Korean commerce      (The Korea Times  7/10) At 10:00am, about 20 Korean had participated and debated openly and fervently.  The town is well known […]

Weekly News (July 3, 2019)

This week’s Interest Rate      30 Y Rate: 3.750%/  15 Year Rate:3.250%/ 10 Y Treasury: 1.976%/  Prime Rate:5.5%   800 ft office space above Macy’s building in Manhattan will be constructed (The Korea Daily  7/3) Macy’s building in Harold Square is 10 story building currently and they have a plan to build up 800 ft […]

Weekly News (June 26, 2019)

This week’s Interest Rate      30 Y Rate: 3.750%/  15 Year Rate:3.250%/ 10 Y Treasury: 1.988%/  Prime Rate:5.5%   ADM(American Dream Meadowland) will bring Coke as a partner (The Record  6/26) American Dream and Coke announced partnership: ten year deal includes an 800-person dinning center, social media storefront, green rooms, and more events to the […]

Weekly News (June 19, 2019)

This week’s Interest Rate      30 Y Rate: 3.875%/  15 Year Rate:3.375%/ 10 Y Treasury: 2.058%/  Prime Rate:5.5%   A house in Ridgefield burn down completely due to explosion by gas (The Korea Times  6/18) A House at 360 Abbot Ave. Ridgefield was burn down at around 11:30am on 6/17/2019.  Gas leaking ignited fire and […]

Weekly News (June 12, 2019)

This week’s Interest Rate      30 Y Rate: 3.875%/  15 Year Rate:3.375%/ 10 Y Treasury: 2.145%/  Prime Rate:5.5%   Constructing super high-rise buildings in Manhattan, NY is booming (The Korea Daily 6/7) According to New York Times, 16 super high-rise buildings over 1000 ft (304 m) are under construction or planning in Manhattan currently.  It […]

Weekly News (June 5, 2019)

This week’s Interest Rate      30 Y Rate: 3.875%/  15 Year Rate:3.375%/ 10 Y Treasury: 2.128%/  Prime Rate:5.5%   Two Bergen County Real Estate Brokers admitted their roles in short sale scheme (Dailyvoice.com 5/31, The Korea Times 6.1) Steve Young Kang (64, Ridgefield) and Young Jin Son (49, Norwood) told a federal judge in Newark […]

Weekly News (May 8, 2019)

This week’s Interest Rate      30 Y Rate: 4.000%/  15 Year Rate:3.625%/ 10 Y Treasury: 2.462%/  Prime Rate:5.5%   Structure built to contain Naphthalene fumes from Edgewater Superfund site (Grid Bits 5/4) Workers erect a large, temporary tent-like structure on hopes of containing naphthalene fumes when work resumes at the Quanta Superfund site in Edgewater, […]

Weekly News (May 1, 2019)

This week’s Interest Rate      30 Y Rate: 4.125%/  15 Year Rate:3.750%/ 10 Y Treasury: 2.533%/ Prime Rate:5.5%   Westfield Garden State Plaza mall becomes downtown of Paramus, NJ (The Record  5/1) The owners of the mall will a brand-new downtown, equipped with luxury, mixed-use residential development where mall-lovers can live a stone’s throw from […]

Weekly News (April 24, 2019)

This week’s Interest Rate      30 Y Rate: 4.125%/  15 Year Rate:3.750%/ 10 Y Treasury: 2.533%/ Prime Rate:5.5%   Valley Hospital moved forward to open it’s Paramus facility by $50M donation (The Record  4/24) Valley Hospital announced in January 2018 that it would build a new hospital on a 40 acre campus off Winters Avenue […]

Weekly News ( April 17, 2019)

This week’s Interest Rate      30 Y Rate: 4.125%/  15 Year Rate:3.625%/ 10 Y Treasury: 2.59%/ Prime Rate:5.5%   “The Palisade Church” in Old Tappan, NJ  Chapter 11 file has been declined The court has declined the chapter 11 file in response to PCUSA’s filing for declining the bankruptcy. The court mentioned that the church […]

Weekly News ( April 10, 2019)

This week’s Interest Rate      30 Y Rate: 4.000%/  15 Year Rate:3.625%/ 10 Y Treasury: 2.499%/ Prime Rate:5.5%   “The Palisade Church” in Old Tappan, NJ filed Chapter 11 on 3/18/2019 The church is located at 236 Old Tappan Rd, Old Tappan, NJ. Presbyterian Church of the Palisades Non Profit’s debt is $2.4M and they […]

Weekly News (April 3, 2019)

This week’s Interest Rate 30 Y Rate: 4.000%/  15 Year Rate:3.625%/ 10 Y Treasury: 2.472%/ Prime Rate:5.5%   Edgewater contaminated site “Quanta Superfund site” fumes were harmful (The Record) When Edgewater residents complained last year about noxious fumes coming from cleanup work at the Quanta Superfund site, EPA officials said there was no health risk […]

Weekly News (March 27, 2019)

This week’s Interest Rate 30 Y Rate: 4.000%/ 15 Year Rate:3.620%/ 10 Y Treasury: 2.395%/ Prime Rate:5.5% Ridgefield neighbors object Thermal Power Plant construction in Meadowland “North Bergen Liberty Power Plant” will be built in Meadowland swamp area across Ridgefield, which can produce 1,200 MW power and costs $1.5B.  The power generated will be transferred […]

Weekly News (March 20, 2019)

Over 110,000 New Yorkers use illegal basement for living 114,000 New York residents are living in altered basement without permits. Mostly they live in basement because they cannot afford high NY rent. FDNY concerns poor ventilation and lack of fire alarm system, and exposure to CO gas. NYC Council initiated program to modify basement and […]

Weekly News (March 13, 2019)

Ridgefield moves forward to move on new municipal hall Current municipal building is getting old and requires serious repairs due to aging. The borough council approved to issue $850,000 bonds for initial environmental studies, engineering and design work. The new site will be on Slocum Ave next to Borough Community Center and across from Ridgefield […]

Weekly News (March 6, 2019)

Palisades Park Police chief might face to resigning City council had a closed meeting for discussing about police chief Mark Jackson They discussed his incompetence and responsibility for many undesirable cases in police force for last 2 years since he was appointed by former mayor for the police chief He is blamed for many charges: […]

Weekly News (February 27, 2019)

Fighting to save homes in Leonia against condemnation The town Leonia initiated re-development study to be conducted along Fort Lee road, Grand Ave and Schor Avenue and sent out the letter to residents Light rail station in Leonia might be connected to this study, which a part of long-awaited Bergen-Hudson Light Rail extension No time […]

Weekly News (Februray 20, 2019)

  A Co-op apartment on 3008 Edwin Ave in Fort Lee got fire at 4pm on 2/14/2019 Total 90 households and 45 units burn down. 300 people evacuated (about 13 – 15 Korean family) They will be homeless for several months. Near building (3001 Edwin Ave) got damaged by smokes and some residents are evacuated […]

Weekly News (Februray 13, 2019)

Palisades Park Korean Association is having hardship to re-open activity The current problem is PP K Association has 2 year’s lapse of activity The election committee specifies qualification of president which is not realistic and nobody can apply “PP K Ass should be represented for all Palisades Park residents, not for specific group of people” […]

Weekly News (Februray 6, 2019)

Suicide in “Malcolm Towers” in Fort Lee, NJ on 1/30/2019 at around 1:45pm 475 Main St, Fort Lee. Korean female(63) jumped from the window at 10th floor Last week another suicide (Russian: 81) at 14th floor in the same apartment building Korean woman lived with her mother(86) and she moved in recently The motives are unknown […]

Weekly News (January 30, 2019)

Ridgefield, NJ town government encourages residents to perform Radon test Town provides free test kits Radon is colorless, smell less carcinogen which is the 2nd biggest reason for lung cancer NJ EPA reported that 7% of total resident in Ridgefield has higher level than allowed level Water line burst on Hamilton Ave in Ridgefield, NJ caused […]

Weekly News (January 23, 2019)

“Bayfront” Mixed Use complex development in Jersey City is expected to come 100 Ac former chromium-polluted brownfield, cleaned up by Honeywell Southwest section in Greenville area The city is buying the property and develop mixed use complex. The council approved to go and get the money (the city will issue $400M bond) 8,100 apartments, 600,000 […]

Weekly News (January 16, 2019)

NYC charged $21M to a RE brokerage company for illegal house sharing biz Metropolitan Property Group conducted Airbnb biz with 34 buildings in Kips bay Manhattan, etc. They used 18 different names to Airbnb, and used 130 apartment as hotel room According to NYC summon, the company rented 13,691 illegally /received 75,000 guests between 2015 […]

Weekly News (January 9, 2019)

Korean owned building between Northern Blvd purchased by Chinese developer 146-17 Northern Blvd. / closing is completed at $9.7M Tenants: “Tong Tong Don Gass” / Cumon school Developer will build 5 story mixed building for retail and condo → condo development expanded to Northern blvd commercial area from downtown area   Manhattan NY Rent tipped off […]

Weekly News (December 26, 2018)

Sold: 2 apartment buildings sold at $25.5M ($559/sf) 992-996, 998 Amsterdam Ave. on 109th St Built in 1920. Mixed use building under Rent Control Total 45,576 sf with elevator – 49 units between Studio and 4 bedroom units 1st floor: bar, restaurant, barber shop,etc. ( 7 retails)   Senior population increased in Nassau Co in NYC According […]

Weekly News (December 19, 2018)

1. Korean restaurants are moving out of 32nd St in Manhattan, NY “Modern Korean Food” movement are spreading out to East Village, SOHO, West Village, Lower Eastside “JeJu Noodle Bar” in West Village/ ”SooGil” in East Village/ ”Bang Bar” in Columbus Circle/ “Reception Bar” in Lower Eastside/ ”The Woo” in SOHO The Reasons: 1. High rent […]

Weekly News (November 28, 2018)

1. Korean IT company (아이노스) in Palisades Park sued Café Bene Korean franchise Café Bene, one time called Korean Starbucks, got sued by IT company in Palisades Park , NJ for $6M ($1.5M contract in 2013 and $4.5M in 2015) In 2013, IT company contracted to develop software systems to bundle 50 franchise stores in […]

Weekly News (November 21, 2018)

1. The plan for 14 story High-rise apartment in Palisades Park is cancelled The location was between Edsell Blvd and 14th St at the border of Fort Lee and Palisades Park Palisades Park town board approved the plan once, but the State court decided to nullify the plan because there was no rationale and arbitrarily Carriage […]

Weekly News (November 14, 2018)

1. Korean Police in Palisades Park is promoted to Lieutenant Shawn Lee is promoted to Lieutenant from Sergeant (2015) First time Korean policeman becomes to high ranking officer He started police job in 2000 in Palisades Park He is the president of KABLE 2. NJ, Edgewater Multiplex theater was closed down on 11/13/2018 Due to […]