Real Estate Weekly News

1. Michael Pollotta (Democrat Chairperson of Palisades Park, NJ) passed away 6/18/2017 Named as Godfather of Politics in Palisades Park 88 years old / Chairperson for 55 years ( 1961-2016) Recently there was tension between him and the present mayor James Rotundo Korean community in Palisades Park was influenced positively in many aspects 2. 'The Forge' in Long Island City in Queens, NY begins...

1. 'GAYEON': Luxury Korean Restaurant opened in Hudson Light, Fort lee, NJ Unveiled at 2020 Hudson St on 6/12/2017 as luxury family Korean restaurant image Total 8,000 SF / 250 seats / 2 Party rooms for 50~60 People / 2 party rooms for 13~14 Bar with about 100 wine collection Main Chef: SeungJae Choi (Experienced with Walker Hill Hotel, Myung Wall Kwan, Paris, Dubai, etc.) Desert Chef: SungKeum...

1. 'One Park' Condo in Cliffside Park, NJ to launch to preview sale Upscale condos impressive skyline views, developed by DMG Investment On site sales Gallery opens early June 2017, marketed by Halstead Property Devel Marketing (www.oneparkcondosnj.com, 201-633-7600) 14 story, 204 units / Shuttle bus to Port Imperial, Fully automated unitronics system garage, 32 foot-high grand lobby (One drawback:...

1. Fort Lee, NJ, Public Parking Deck construction begins mid June, 2017 New Parking Deck at the current public parking on the Main St. Will complete June 2018 → 220 spaces increase (Total 632 spaces) During construction, alternative parking → Madonna Church parking, 2062 Lemoine Ave (near Hudson Lights) 2. Palisades Park, NJ elected new Chairperson (15th) for Palisades Park Chamber of...

1. ADM (American Dream Meadowlands) project is too big to fail  On 5/19 (Fri) Triple Five announced closing of $1.6 Billion  construction loan and will open March 2019 ('Xanadu' project began in 2003) Triple Five’s vision is big: Indoor water park and amusement park, indoor ski slope, high-end shopping, etc. Too big not to complete, too big to be successful, we don’t know Finishing and...

1. Senior Housing in Palisades Park NJ faces tough competition to get into  Total 9 units( 4 Studios, 5 of 1 Bedroom) → 1,000 application on 1st day (5/13) At 83 Center Place. Rent between $378 ~ $711 depending on income and size of unit According to PAHC (Paramus Affordable Housing Corporation), Bergen, Passaic, Hudson, Sussex Co residents will get higher priority Income limit: Under $47,276...

1. Edgewater, NJ also would ban short term rent  Town is in the process of proposing ordinance to ban short term rent including Airbnb Fine would be $1250 Currently Airbnb has about 20 listings in Edgewater, NJ ($40~$350/night) In Bergen County, Paramus, Palisades Park, Closter, East Rutherford, Fairview, etc. are banning short term rent 2. Kushner companies actively seeking Chinese investors...

1. Englewood Cliffs, Tenafly, NJ raised property tax   Englewood Cliffs town passed Education department budget of $2.09 Million (14.7% Up) → Property tax: $201 increased for $1.29Million house Tenafly town passed $28.88 Million town budget → property tax: $79 increased for $790,000 house → Practically no increase 2. Key Yonkers Development Projects → Green Lights  YIDA granted approved...

1. 'One Park' condo → New Condo project in Cliffside Park, NJ  320 Adolphus Ave.  Unparalleled views of the Manhattan and Hudson River 14 stories, 200 units (1 ~ 4 Bedrooms) Developed by Manhattan based DMG Investments and designed by Architectura Floor-to-ceiling glass windows There was a plan before financial crises 2. Hudson-Bergen Light Rail project hearing on 4/24 in Englewood ...

1. Building Boom : NJ becomes an apartment heaven   20 Years ago → Single home in growth sector Now national phenomenon → Multi-family housing 5 Key residential construction projects: Hackensack - Main Sat (382 units), Franklin Lakes - Ewing Ave (275 units) Park Ridge - Kinderkamack Rd (240 units), Wayne - Route 23 South (223 units) Fort Lee - Park Ave (450 units) Millennials are rental...