Real Estate Weekly News

1. Christopher Chung (Democratic) will run for Palisades Park, NJ Mayor  On the council since 2004 and intention to file June primary Current Mayor James Rotundo (55, Since 2004) has not decided to rum primary → Would be last term till 2022 Chung (A father of two) works as a property manager → Time to run: More than a half are Korean heritage among 19,622 population according to 2010 Census...

1. Korean owned building between Northern Blvd purchased by Chinese developer  146-17 Northern Blvd / Closing is completed at $9.7 Million 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 2. Manhattan NY Rent tipped off  According to Zumper, 1 Bedroom...

1. Another New Apartment in Palisades Park, NJ?  Zoning board approved apartment development between Edsall Blvd and 14th St (Adjacent area for Palisades Park and Fort Lee) 14 stories / 121 units (Original plan: 17 stories, 154 units) There was a concern about Flood area → Approved based on the fact that it is 50 FT apart from 'Long Swamp' area 2. Manhattan, East Harlem is economically...

1. First Korean Policewoman in Fort Lee, NJ  Alice Jee (23) pledged as Fort Lee police as of 12/14/2017, grew up in Fort Lee, attending Elementary, Middle, High school in Fort Lee Graduated from Montclair University, major in Criminal Phycology She will serve as policewoman after 6 months in Police Academy from Jan, 2018 2. New Tunnel project under Hudson River → Green light NY / NJ states...

1. Leonia town decided to block non-resident’s cars to get in the town →Issue  Town decision: block non-resident’s car during commuting hours → fine for $200 For 60 roads in town during 6:00am-9:00am and 4:00pm ~ 9:00pm from 1/15/2018 US Automobile Association, NJ chapter says this decision violates driver’s right for public roads ↔ Town officials says about 15,000 cars merges into...

1. PATH will be extended to Newark Airport ? NY, NJ Port Authority reviews a proposal: PATH extension to Newark Airport Extension from Newark Pen Station to Airport: Total 2.4 miles Port Authority allocated $1.7 Billion to this extension project out of $32 Billion of 10 year capital plan Also Port Authority allocated $15 Million to this project out of 2018 budget →  Will complete in 2026 2....

1. New Rental Complex in Cliffside Park, NJ starts moving-in  'The Centre Luxury Living' at 705 Anderson Ave, Cliffside Park Lobby height → 3 story. Manhattan sky line view Studio (564~600 SF): starts from $2,025 / 1BR (834~875 SF) starts from $2,800 / 2BR (1194~1338 SF): starts from $3,200 Remote temperature control (Heating & Cooling) / Caesar Stone Counter top / Laundry units and Drying...

1. Mortgage interest deduction will be maintained    Congress financial committee released revised plan: Mortgage Interest deduction limit from $500,000 (House Representatives) revert back to $1 Million Corporation Tax 35% → 20% Plan will be delayed till 2019 Individual Tax : 7 levels (House Representatives: 4 levels) will be kept (Max 39.6% → 38.5%) Local property tax / Income tax...

1. NYC is difficult to be Amazon's 2nd HQ 238 city's proposals from 54 States Tough competition: NYC → Probability 14:1 (Manhattan Mid-town West, Lower Manhattan Financial District, Queens LIC, Brooklyn Triangle) Probability #1 → Atlanta, GA (3:1) Boston, MA / Austin, TX → 7:1 2. New Luxury Condo on 31st Street in Manhattan, NY 30 East 31st Street between Madison and Park Ave: 40 story...

1. A Fraud Case in Palisades Park, NJ  Mr. K (YoungSin GunKang) accused of taking about $1 Million out of 'KYE' in Korean + $500,000 (Loan from individual) and fleeing $3000 per account, Total 31 accounts / Each turn, each member will get $90,000 Mr. K's store was vacated / He moved out form his house in Palisades Park as well Victims are getting together to determine the possible legal action...