Weekly News (Februray 13, 2019)

  1. Palisades Park Korean Association is having hardship to re-open activity
  • The current problem is PP K Association has 2 year’s lapse of activity
  • The election committee specifies qualification of president which is not realistic and nobody can apply
  • “PP K Ass should be represented for all Palisades Park residents, not for specific group of people” “ First, PP K Ass should explain what happened for lost two years of activity”
  • Former president, David Lee responded to mention that he cannot accept some partial opinion and many others understand and encourage
  • Current by-law of the Ass specifies president a candidate qualification must 1) keep 2 year membership, 2) serve a position for Palisaeds Park Korean Association for more than 2 years
  • Andy Nam, election committee chair announced by-law amendment on election, considering special circumstances and unrealistic current by-law
  • Election committee will act as a board of directors until president and board of directors established


  1. “Kudo Society” in Palisades Park will open on 2/25/2019
  • It used to be “Eagle Diner” and then “Crown” before (soft opening on 2/7/2019)
  • New concept will show: combination of coffee, restaurant, lounge (café restaurant for breakfast, lunch, and dinner, and bar for evening)
  • Couple partners: Sherry Ryu and Jeff Ryu, and chef is Peter Englasrino (CIA graduate)


  1. 1 out of 10 foreclosure houses in Bergen Co owned by Korean
  • Bergen Co sheriff department reported 1035 foreclosure houses as of 2/6/2019
  • 107 houses are owned by Korean which is 10.33% while Korean population takes 7% in Bergen county
  • Among 107 houses,16 in Fort Lee(Total: 35), 10 in Palisades Park(Total: 18), 9 in Edgewater, 9 in Norwood, 7 in Leonia, 5 in Cliffside Park, 3 in Tenafly, 3 in Demarest, 3 in Old Tappan, 3 In Ridgefield


  1. The Plan for Amazon in LIC might be reviewed again?
  • WP reported that Amazon is reviewing the plan for LIC, NY
  • More politician opposes the plan, including Ocasio-Cortez (29:D)
  • The reason to oppose is 1) rent hiking and 2) burden on housing cost
  • Amazon did not purchase vicinity properties yet which makes easy to cancel the plan
  • WP says it is not clear that Amazon has the plan B and may use the review as negotiation tool to press NYC and alleviate public opinion
  • State Assemblyman Ron Kim (39:D) is also opposing the plan from the beginning, saying that Amazon is a business model of community exploitation and anti-labor union
  • More than a half of NY residents favor the plan, acc to a college opinion survey
  • 56% favor ( Latin: 81%, African American:70%, White:51%)
  • Newark, Chicago shows strong interests to send love call to Amazon
  • NJ has many Amazon warehouses, keeping 14,000 employees while NJ offers $7B tax benefit to Amazon


  1. Super luxury condo sales are active in the beginning of the year 2019
  • After Kenneth Griffin’s purchasing $238M worth penthouse, luxury condo sales follow
  • 9100 sf, 520 Park Ave Duplex penthouse unit sold at $64.3M while other unit in the same complex sold at $64.3M
  • Penthouse at 70 Vestry St in Tribeca sold at $40.7M and 33th floor unit at 220 Central Park South sold at $30.2M


  1. Co-living style is expanded while rent is soaring
  • NY channel 1 reported “Commons” (co-living company) receives more than 1000 inquiries a week
  • Commons has been in operation for 3 years and currently running 11 buildings in NYC. They will open up 10 more buildings in Manhattan, Queens, Brooklyn this year
  • They run membership registration and do credit/employment/background verification
  • People are looking for co-living through professional company rather than a just portal site such as Craig’s list
  • Current rent in Williamsburg is $2800 for Studio and $3000 for 1Br while commons client pays $1300-$2200 which includes membership fee and cleaning fee per week
  • Renters need to be cautious (ex: a renter found a tiny apartment at $1000 for 3 people living, but realized there is no heating later on, or some renters found no furniture though web site mentioned furnished apartment)


  1. NYC plans to impose additional tax on purchasing luxury condo
  • Luxury Pied-a-terre(foot on the ground) over $5M will be taxed
  • 5% additional tax a year over $5M /additional registration fee and tax over $6M
  • NYC will collect $660M tax a year
  • Republican opposed the law for 5 years, but it becomes feasible after democrats become major party of State Senate from the last election
  • According to NYC DOB, there are 75,000 Pied-a-Terre in NYC as of 2017


  1. IKEA will begin leasing furniture
  • According to CBS, IKEA will test the idea in Sweden from this month
  • First target will be office furniture. Offices will be able to lease furniture and change furniture after the lease is over
  • IKEA would re-furbish furniture to cost down for lease contract and also prepare parts sale business


  1. US Government avoid 2nd shut down
  • Congress agreed the modified budget plan
  • Border wall construction budget gets limited amount of $1.37B to build 55 limes wall instead of original $5.7B to build 200 miles
  • The proposal of limiting detention center capacity did not pass, but to reduce to 40,250 from the current 49,057
  • It will be finalized when the President sign off


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