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 and 2018, and gained $21M income Some guests were...
by stephenlee 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 According to Zumper, 1...
by stephenlee 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 to Census report, age group of 55-64...
by stephenlee 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 2. Changing Food culture 3....
by stephenlee 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 US at $1.5M/ In 2015, 2nc contract at $4.5M with Korea Café Bene’s warranty...
by stephenlee 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 House and other residents objected the plan and filed the suit in the State...
by stephenlee 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 not enough income after 15 year operation Bow Tie Cinemas in...
by stephenlee 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...
by stephenlee 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. The builder, Fred Daibes (61) in Edgewater indicted by Federal Grand Jury He and CFO...
by stephenlee 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 experience....
by stephenlee