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 […]
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 […]
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 […]
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 […]
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 […]
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: […]
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 […]
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 […]
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” […]
by Amy Lee 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 […]
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 […]
“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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
1. Opening Fort Lee Public Parking garage will delayed till Jan, 2019 Some issue with Elevator installation Originally opening was scheduled I the middle of Nov. 2018 342 spaces: inside garage /273 spaces :outside → total: 625 2. Manhattan “Morningside Heights” is booming for re-development Morningside Heights: West 110th st ←→ West 125th st /Hudson River ←→ Morningside ave (total […]
1. “Kimchi Mama” in Palisades Park Grand Opening Opened on 10/27 at 280 Broad Ave. (Former “Lune”) They had run a successful store in Fair Lawn for 3 years 2 story /total 150 seats and private room with 25- 60 seats Hours: 11am- 10pm. Korean dishes, BBQ, ice cream, home made cake, coffee served 2. […]
10/24/2018, during the CWM, there was a mini seminar by Mary Williams, a paralegal from Paul C. Kim’s office who is an agent at C Land as well as a lawyer. Mary Williams has been closing many of real estate transaction in NJ area. All the attendances could get valuable knowledge and insights from her […]
1. More Luxury Apartment Buildings in Brooklyn, Crown Heights Big riot due to conflicting between Jews and AA in 1991 For last 10 years, new RE development occurred In 2014, 341 Eastern Parkway, 8 story luxury apartment building initiated as a good signal In 2017, 120 unit/8 story “Dean” apartment completed In 2018, 12 story, […]
1. 42 Story rental complex will be built near U.N. Building Luxury rental apartment “Summit New York” : 2 blocks from U.N. building Total 429 units /studio, 1, 2 bedroom, and 3 bedroom penthouse Entire glass wall from floor to ceiling Rent: 1 bedroom → from $4,500 /2 bedroom → from $7,700 / 3 bedroom penthouse […]
1. Fort Lee, NJ did ground breaking for “Barrymore Film Center” In Memory of the place for birth place for US movies in 1900’s Name after actor John Barrymore /260 seats cinema Located in between Park avenue and Main street City council plans to solicit the bid in spring and award a contract in fall […]
1. Korean Restaurant “GumKangSan” filed bankruptcy again The restaurant (Owner: JiSung Yoo) filed chapter 11 on 7/12/2018 Frist chapter 11 filed in 2015 during wage dispute Debt is about $500K- $1M and Loaners are about 49, including fine by NYC fire department ($41,000) and Health department ($35,000) Real reason to file chapter 11 this time […]
1. Hilton Teaneck Glenpoint will be opened at Glenpointe complex in Teaneck Two hotels are connected in one building: The Hampton Inn & Suites Teaneck Glenpointe and the Homewood Suites by Hilton Teaneck Glenpointe 15 story buildings with lobby, fitness center, pool on the first floor, parking on 2nd, 3rd, 4th suites/ standard hotel rooms on […]
1. River Edge, NJ → popular to younger family No real down town established (property tax is rather high) Great School district – River Dell High Train station to go to Manhattan “Van Saun Park” with Zoo attracts more parent with children Most houses built in1950 → ranch Sold houses till 8/31 → 80 houses (Median price: $512,500) […]
1. Chinese Insurance Co, AnBang Group is selling Waldorf Astoria Hotel Chinese Investors are selling properties and leaving Manhattan. AnBang Group purchased Waldorf Astoria Hotel at $1.95B in 2014. China Government is controlling US Dollar and Investment in US after Trade war began. Package deal for 16 Hotels in US on the marketà Middle Eastern […]
1. New Public Parking garage in Fort Lee, NJ will be completed in Nov this year Capacity: 352 / 4 stories → Total 625 (outside parking: 273) Parking tickets in Fort Lee issued between 7/2017 – 6/2018 → 31,489 (8% Up from last year) Parking tickets in Palisades Park is down by 14% to 23,249 partially because […]
1. School districts joining plan might affect Northern Bergen County schools Tenafly operates elementary, middle, high schools Closter, Demarest, Old Tappan have only elementary and middle schools. High school go to NVRH Stephen Sweeney (President of NJ Senate) proposed the plan that those towns with elementary and middle will be joined/merged→ 600 schools become 278, […]
1. Edgewater residents are conflicting with two big development project The lot at former golf range on River Road (vacant since July) → postponed the hearing due to conflict of interests → plan: to construct 3 buildings for total 670 apartments, each 200ft tall and 3 story parking deck, recreation center (developer is 575 River […]
1. New Jersey is #2 for Public Education System in US According to WalletHub, NJ : 67.09 (out of 100) → #2 / MA: 74.1→ #1 NJ→ Education Quality: 3rd, Safety: 9th CT: 66.93→ #3 / NH: 65.11→#4 / VT: 63.18→#5 NY: 53.36 → #22 ( Quality:24th, Safety: 12nd) Criteria: Math, English, SAT score, Student and teacher […]
1. Korean RE agents got summons for short sale fraud Acc to The Korea Times (한국일보), about 10 agents for short sale fraud in EC, Palisades park, Fort Lee, etc Some agents pleaded guilty and in process of pre-bargain Agents secretly agreed to damage the property and lower the value à purchase it through dummy […]
1. State Government will boost support to local towns River Edge will get 157% increase to $1.93M / Ridgewood will get 41.7% increase Closter→7% / Tenafly→36.6% / Palisades Park will get only 3.1% increase Ridgefield→2% decrease / Leonia→1.2% decrease Overall, State will increase 4.3% support to $8.5B for 577 school districts Intension is to reduce […]
1. Edgewater rent is highest in Bergen county, NJ Based on ACS data between 2012 – 2016 of town of which Renter ratio is over 60%. Edgewater Median Rent:$2174 (68.7%)→#1 Hoboken: $2001 (61.9%)→#2 Palisades Park: $1401 (67.4%)→#5 East Rutherford:$1386 (62.3%)→#6, Weehawken:$1382 (66.6%)→#7 Hackensack:$1318 (64.7%). New Jersey median rent: $1213→#5 in US 2. Korean Massage worker died by […]
1. Trulia reported Top 10 in New York area for highest house price increase #1: Brooklyn Bushwick (90th in 2018←189th in 2008): Median price→$788,700 Queens Ridgewood (99th: $737,100←194th), Jackson Height (147th: $548,000←236th), Elmhurst (146th: $550,300←232nd), Corona (159th: $530,200←237th), Pomonok (128th: $600,300←202nd) According to New York University professor Mitchell Moss, Over flowing in East Village→Moved to […]
1. PP Mayor Rotundo accepts defeat without challenge of the eight-vote victory by Chung Chung got 1113 votes and Rotundo got 1105 votes in this primary Rotundo is looking toward to the future: he was reelected to the post of municipal chairman by the Palisades Park Democratic Committee Online attack by Rotundo’s mother against the […]
1. In Palisades Park, NJ, Mayor candidate for Democratic party becomes C Chung Current Mayor James Rotundo defeated by 8 votes for his 5th term He cancelled Press Interview on 12th (He might ask re-count, but circumstances are not positive including his mother’s discriminatory remarks on SNS) The candidate C Chung received a congrats msg […]
1. ADM (American Dream Meadowlands) is ready for a boom Expecting tourism boost → Big money for area business Hotels are repositioning to benefit from that boom, starting with Taylor Swift in concert this summer / WWE Wrestle mania XXXV in April, 2019 / Transplant Games in 2020 / The Army-Navy football game in 2021 Example: […]
1. Korean population increased in Northern NJ Towns with denser Korean population increased Korean population continually since 2010 Palisades Park: Estimated to 20,988 (0.8% Up compared to 2016, 7% Up from 2010) Fort Lee: Estimated to 37,907 (7.1% Up from 2010) Ridgefield: Estimated to 11,435 (3.7% from 2010) Leonia: Estimated to 9,262 (3.6% Up from […]
1. Palisades Park Administrator, Lorenzo might be involved with embezzlement Jesse Wolosky (Sparta resident, Civil activities) reviewed reimbursement doc released from Palisades Park town according to OPRA $67,783 reimbursement for legal fee paid to Lorenzo on 12/20/2017 Wolosky pointed 1. Request twice for the same item 2. Two law firms request payment for the same […]
1. KMS Capital purchased ‘River Drive Center II’ in Elmwood Park, NJ Korean RE investment company KMS Capital → CEO: Monica Kang Purchased 669 River Drive, Elmwood Park, NJ at $8.1 Million (4 story / 83,620 SF) Very well maintained office building → High valued building → Will be managed by Accordia Realty Ventures) Monica […]
1. Palisades Park Public High School Security Guard project might be halt Town selected 9 guards by Henry Lou’s (Council member) personal contact, but no objective data to prove their fitness and qualification Among 9 guards selected, Mayor Rotundo’s cousin and Henry Lou’s brother included ‘Nepotism’ should not be allowed, according to Mr. Woo (Education […]
1. NJ ‘Jersey City’ is becoming popular as alternative of Manhattan According to CNBC, Housing price is moving up sharply in Jersey City because M Gen prefers to Jersey City over Manhattan The price in Jersey City is about half of Manhattan price Average Price in Jersey City is $391,000 (Average Rent: $1500) Median Price […]
1. Palisades Park started fixing/repairing town’s infrastructure From April, 2018, Palisades Park starts renovating town’s gas piping, water and sewer systems, and electric wires Every week Monday through Friday between 7:00am ~ 5:00pm → Will take a whole year 2. NJ EPA initiated investigation for bad smell in Edgewater Edgewater Residents filed a complaint about bad […]
1. Ridgefield Park, NJ will make large scale of Downtown district Total budget: $1Billion / They planned to start this Spring, but will start in August ‘Skymark Development Project’ – 53 Acre 271,900 SF complex (Retail complex and 1500 units of residential), 10 Acre of wild animal habitat If the project will be completed successfully, […]
1. Jaguar HQ will stay in Mahwah, NJ Jaguar Land Rover North America celebrated new HQ in Mahwah off RT 17 – 144,000 SF (Former Sharp location) $30 Million investment: Show room plus 30,000 SF for research center, training and development center – 360 employees One time, moving out considered → decided to stay with […]
1. Best Seller market in Flushing, NY According to StreetEasy, Flushing is best Seller market among 10 seller market in NY Flushing → Wood heaven → Kew Gardens → Prospect Heights → Flatbush →Glendale… 65 days to close (Flushing area: 52 days to close) Definition of seller market: Sold at full listing price and low […]
1. NJ Affordable Apartment will be increased Judge Mary Jacobson sentenced to build more affordable apartment in Princeton (753 units) and West Windsor (1500 units) in NJ by 2025 Two towns were receiving funds for affordable housing, but not many affordable units built → Two towns must submit their construction proposal by 7/24/2018 to the […]
