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 is to protect eviction by landlord Total debt to...

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 the 5th through 15th floor Hampton inn has 190...

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) → 8% up from last year Elementary schools:...

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 buyers are interested. Chinese sold total...

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 of new parking spaces at the public library 2. NJ DOT begins Lincoln tunnel repair...

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, including Korean populated...

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 Road Edgewater LLC) Hess oil site (19 ac parcel) plans to build 1863...

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)...

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 buyer → flipping and selling higher price 2. K Town in Manhattan (32nd St) is...

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 property tax increase, but opinion is...