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 by end of 2020

2. Challenges are ahead for Leonia, NJ 

  • Facing major projects for new administrator, including Hudson Bergen Light Rail project
  • Willow Tree Rd / Fort Lee Rd / Grand Ave corridors for rail extension to become more attractive to commuters → In advance plan to fit to the extension project
  • HB Light Rail extends 10 miles and 7 stations in 5 towns
  • It becomes a priority this year again because of the deal to replenish the state Transportation Trust Fund
  • Infrastructure updates – Road paving for entire borough / build Borough Hall
  • Concern: Thomas Rowe serves as police chief and Part-time administrator
    (Jack Terhune was retired last month: 15 years admin, 47 years police officer, county sheriff, commissioner of correction)

3. 7 story mixed use building at former Berger King on Northern Blvd and 144th St

  • Construction began at 144-74 Northern Blvd, Flushing
  • 68,824 sf residential and 18,000 sf commercial, 16,816 sf community facilities space
  • Bergen King ceased operation in Feb 2017

4. Casio Hotel by ‘Resort World Casino New York City’ ground breaking

  • First Casino hotel in New York City – Mega entertainment complex
  • $ 400 Million development cost / 3000 workers
  • At Aqueduct Horse Race Track in South Ozone Park, NY
  • 400 rooms, 4 star Hotel / 20,000 SF Spa Resort/ 140,00 SF Convention center / 1000 slot machine
  • Will create $200 Million economic effect

5. Flushing, Bayside (North East Queens) house price soars, compared to year ago

  • Median price to $670,635 → 6.5% Up, CMT last year
  • Average price to $671,763 → 7.8%, CMT last year
  • # of Transaction in NE Queens → 988: 48.6% Up (Last year: 665)
  • Queens in general: Median price to $510,000: 9.7% Up, CMT last year ($465,000)

6. In Manhattan NY, Landlord can be classified/leveled by web site

  • ‘Rentlogic’: Rental listing start-up company opens landlord classification feature
  • 4 levels: A,B,C,F
  • Criteria: 1.Complaint to DOB , Tel# 311, etc. and correction level
    2.Bed bug, smell, mold, heating / cooling, water line
  • Critics: Only records for 7 last years → previous owner or current owner
    Time/Period for correction is not updated

7. Korean owned Dry Cleaners business is downward 

  • Majority Korean owned Dry Cleaners (about 1,200) were reduced by a half in NY, compared to 6 years ago (about 2,400)
  • Other nationality (Chinese, Indian) people aggressively are taking over (Still 80% Korean owned)
  • Difficult to carry on by next generation: Revenue reduced, expensive machine upgrading, high rent

8. NJ State House will jump-start Gateway project by pouring $900 Million 

  • President Trump proposed Amtrack cuts, the State will start funding
  • Project: replacing 106 year old Portal Bridge in the Meadowlands and digging new rail tunnels under the Hudson River
  • Total cost: $27B and construction will be for more than 10 years
  • NJ and NY pledged to cover a half / balance will come from Amtrack or US Department of Transportation

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