Real Estate Weekly News

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 Kang mentioned the value in this high-end office building is the...

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 Committee member) Tow general Admin...

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 in Manhattan is $1.3 Million (Median Rent: $3400) 2. Palisades Park, NJ,...

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 odor →...

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, it will be biggest mix-use complex in Bergen County 2. 83...

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 offer for 10 year, $28 Million tax break in 2015 They were located in...

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 inventory Median price went up to $822,500 from 742,000 last year...

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 court FSHC (Fair Share Housing Center) mentioned that it...

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 October 2017 Defendants are Palisades Park Zoning Board...

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 damages on business 2. Palisades Park, NJ → Good signal...