Real Estate Weekly News

1. ADM (American Dream Meadowlands) is ready for a boom  Expecting tourism boost → Big money for area business Hotels are repositioning to benefit from that boom, starting with Taylor Swift in concert this summer / WWE Wrestle mania XXXV in April, 2019 / Transplant Games in 2020 / The Army-Navy football game in 2021 Example: Super Bowl in 2014 →  8,500 rooms are occupied / $4.18 Million...

1. Korean population increased in Northern NJ Towns with denser Korean population increased Korean population continually since 2010 Palisades Park: Estimated to 20,988 (0.8% Up compared to 2016, 7% Up from 2010) Fort Lee: Estimated to 37,907 (7.1% Up from 2010) Ridgefield: Estimated to 11,435 (3.7% from 2010) Leonia: Estimated to 9,262 (3.6% Up from 2010) Edgewater: Estimated to 12,368 (7.4%...

1. Palisades Park Administrator, Lorenzo might be involved with embezzlement  Jesse Wolosky (Sparta resident, Civil activities) reviewed reimbursement doc released from Palisades Park town according to OPRA $67,783 reimbursement for legal fee paid to Lorenzo on 12/20/2017 Wolosky pointed 1. Request twice for the same item 2. Two law firms request payment for the same case Lorenzo denied as false...

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...