Real Estate Weekly News

1. 'Flushing Commons' in Flushing, NY completed 98% for 1st Phase Residential project (17 Stories) is completed almost at 138-35 39th Ave, Flushing At 16th floor, Penthouse (1,588 SF, 3BR,3Bath) will go for $1,998,000 Developers: F&C Group, Rockefeller Group, AECOM Capital 1st Phase consists of 17 story mixed building (14 floors: Residential) and 12 story Office Condo (38-08 Union St) 2nd...

1. War on Hess Property in Edgewater, NJ is heated up Between lot owner/developer 615 River Road Partners LLC and the town Fair Share Housing center is favoring for the developer proposal Director of NJ Sierra club is favoring town's proposal (River Road is not moving now) The lot (18.7 Acre) was appropriated for $25 Million for eminent domain→ Developer said it is well below the market price...

1. Manhattan Central Post Office building becomes Transportation hub James A. Farley Post Office building renovation faces the 2nd phase It will become Moynihan Train Hall 250,000 SF transportation hub / 700,00 SF restaurant, retail Central Post Office will be connected to Pen Station through under path for LIRR and AMTRACK (9 Platforms and 17 rail roads) Total cost: $1.6 Billion → 2500 full...

1. Palisades Park, NJ Town Hall will move to new location At 27 Fairview Street by Eminent Domain (Proposal made on 7/25) Eminent Domain decision will be made on 8/22 2.43 Acre Lot owned by 2 Korean → Purchased at auction at $3.94 Million in 2008 → valued at $6.5 Million 10 years ago → Town is in the process of appraisal New town hall → Admin, Police station, Fire Department, Gym, etc....

1. Former Hess terminal in Edgewater, NJ will become mixed use complex? Plan is to build 1872 unit residential and retail complex (8.7 ACRE on River Rd) ←→ Town wants to seize the property through eminent domain The developer (615 River Rd Partners) is ready to the Mayor (Michael McPartland) and other town officials Will appear before the board on 9/12 to request multiple variances (height,...

1. Robbery in 'Trio' condo on 12th Street in Palisades Park, NJ  Around 11:20pm on 7/26 (Wed), Gunman followed Korean resident in the elevator Right after Korean woman left elevator at 3rd level, gunman asked the bag and fled Korean resident was concentrated on cell phone and did not noticed suspicious approach Trio condo is with 24 HR doorman 2. Super Spa/Sauna in K-town, Manhattan 'K-town...

1. Palisades Park, NJ, illegal basement renting headache  Some tenants threaten owners without paying rent / run away over night without paying a few month rent Town prohibits altering basement and renting by law No practical solution from attorney → needs systematic approach to solve the situation Reality is Palisades Park is high rental demand area Town also prohibits short term rent for...

1. McDonald's goes to new age marketing  McDonald's at 1118 main St, River Edge, NJ is under total renovation Will open September this year with Touch-screens, table orders and sleek design Modern restaurant deco / digital self-order kiosk (Same owner in Bergenfield has changed the restaurant last year McDonald's plans t change all US operation by end of 2020 2. Challenges are ahead for Leonia,...

1. Palisades Park, NJ issued more ticket for BYOB violation  BYOB allows between noon and midnight → Not realistic for business Police checks around 3:00am and issues tickets ($1000 first offense → doubles for 2nd offense) Extension law was proposed, but it was not implemented by the influence of the late Michael Pollotta 2. New Luxury Condo will come to Korea town in Manhattan At the...

1. 'Waterline Square' condo in Westside, Manhattan is in final phase Total 1,132 units in 3 buildings/ Located between 59th~?61st street / Total cost: $2.3 Billion Will complete 2018 One Waterline: 37 stories / 56 unit condo, 216 rental units Two Waterline: 38 stories / 106 units condo, 486 rental units Three Waterline: 34 stories / 47 condo units, 167 rental units 20% of total units are...