Real Estate Weekly News

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 Town also prohibits short term rent for...

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 by end of 2020 2. Challenges are ahead for Leonia,...

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 Condo will come to Korea town in Manhattan At the...

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 / 47 condo units, 167 rental units 20% of total units are...

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 Forge' in Long Island City in Queens, NY begins...

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 with Walker Hill Hotel, Myung Wall Kwan, Paris, Dubai, etc.) Desert Chef: SungKeum...

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 lobby (One drawback:...

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 Chairperson (15th) for Palisades Park Chamber of...

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 big to be successful, we don’t know Finishing and...

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, Sussex Co residents will get higher priority Income limit: Under $47,276...