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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 […]

Weekly News (November 7, 2018)

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 […]

Weekly News (October 31, 2018)

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. […]

Weekly News (October 24, 2018)

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, […]

Weekly News (October 17, 2018)

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 […]

Weekly News (October 10, 2018)

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 […]

Weekly News (October 3, 2018)

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 […]

Weekly News (September 26, 2018)

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 […]

Weekly News (September 19, 2018)

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) […]

Weekly News (August 29, 2018)

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 […]

Weekly News (August 22, 2018)

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 […]

Weekly News (August 15, 2018)

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, […]

Weekly News (August 7, 2018)

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 […]

Weekly News (August 1, 2018)

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 […]

Weekly News (July 25, 2018)

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 […]

Weekly News (July 18, 2018)

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 […]

Weekly News (July 11, 2018)

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 […]

Weekly News (June 27, 2018)

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 […]

Weekly News (June 20, 2018)

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 […]

Weekly News (June 13, 2018)

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 […]

Weekly News (June 6, 2018)

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: […]

Weekly News (May 30, 2018)

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 […]

Weekly News (May 23, 2018)

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 […]

Weekly News (May 16, 2018)

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 […]

Weekly News (May 2, 2018)

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 […]

Weekly News (April 18, 2018)

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 […]

Weekly News (April 11, 2018)

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 […]

Weekly News (April 4, 2018)

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, […]

Weekly News (March 28, 2018)

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 […]

Weekly News (March 21, 2018)

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 […]

Weekly News (March 14, 2018)

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 […]

Weekly News (February 28, 2018)

1. Palisades Park, NJ faces suit over approval for high-rise  Kibel Cos. (Manhattan based. Owns “Carriage House” in Fort Lee) filed a suit against 14-story high-rise known as the Aquaterra Apartments in the Long Swamp section between Fort Lee and Palisades Park (East Edsall Blvd. and 14th St) Palisades Park town approved this apartment in […]

Weekly News (February 21, 2018)

1. Leonia, NJ, traffic ban for non-residents → Leads to Protest  The mayor said town will change the sign contents → Residents and Customers may enter… About 80 Business owners protested and demonstrated on the street, requesting that the ban should be lifted The policy to ban detour traffics has created bigger problem → Critical […]

Weekly News (February 14, 2018)

1. Palisades Park, NJ crime rate went down while Fort Lee rate went Up  Palisades Park rate Down by 31.7% to 125 (Theft went Down by 13.5% to 64) Englewood Cliffs rate Down by 22.9% to 34 (Car theft went Up from 2% to 4) Fort Lee rate went Up by 7% to 442 (Theft […]

Weekly News (February 7, 2018)

1. A penthouse condo in Manhattan, NY sold at $60 Million → Highest price this year  432 Park Ave. between 56th St and 57th St:  2 units at 91th floor Each unit listed at $40 Million (91A, 91B) → finally sold 2 unit together at $60,083,577 Together 8000 sf. Each unit includes 3 Bedrooms, 3.5 Bathrooms […]

Weekly News (January 31, 2018)

1. New Jersey’s First Private medical school in 50 years will open this summer??  Seton Hall University and Hackensack Meridian Health are keeping pushing their plan to open this summer. The school (The Seton Hall-Hackensack Meridian School of Medicine) will be on former Hoffman-La Roche campus in Nutley and Clifton If accredited, they will accept […]

Weekly News (January 24, 2018)

1. Poonglim Restaurant, Fort Lee, NJ closed down  Owner Ms. Ha filed bankruptcy Chapter 7 on 18th She owns Poonglim and Catering Business Debtor includes Bank of Hope, Flushing Bank, Noah Bank, New Millennium Bank and a few individuals Creditor meeting will be held on 2/13/2018 2. Leonia, NJ, non-resident vehicle prohibited during rush hours […]

Weekly News (January 17, 2018)

1. Christopher Chung (Democratic) will run for Palisades Park, NJ Mayor  On the council since 2004 and intention to file June primary Current Mayor James Rotundo (55, Since 2004) has not decided to rum primary → Would be last term till 2022 Chung (A father of two) works as a property manager → Time to […]