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Weekly News (March 6, 2019)

Palisades Park Police chief might face to resigning

  • City council had a closed meeting for discussing about police chief Mark Jackson
  • They discussed his incompetence and responsibility for many undesirable cases in police force for last 2 years since he was appointed by former mayor for the police chief
  • He is blamed for many charges: 1) unprofessional procedure of hiring school safety guards/hiring the brother of current council member who had criminal records/no finger print process/only 5 gun licenses acquired out of 9 guards. 2) On going discrimination suit 3) 2 policemen arrested for drug handling and theft
  • The town is considering to hire police consultant company to run police department for management of hiring, HR, Promotions, facilities, equipment and weapons

Englewood Cliffs Apartment Project might be blocked

  • Mayor Mario Kranjac will hire attorney sue the developer Normandy to stop the apartment project at the former Unilever site
  • He claims that the site is commercial zone and the city council with Democrats majority changed without proper procedure and they by-passed the Mayor while deciding the matter
  • The development plan says it will have about 600 units with 20% low income housing and new High school will be built, which will school budget of $35M per year
  • This will cause the tax will be almost double and Real Estate value go down
  • Former Unilever site is about 20 ac at 800 Sylvan ave.

“AvalonBay” Communities is being built at former Nabi Museum in Teaneck, NJ

  • The apartment complex is at 1775 Windsor rd. Teaneck with total of 248 units
  • 25 low income unit will be available ( 5 x 1 br units, 15 x 2 br units, 5 x 3 br units)
  • Low income unit qualification is that income should under $21,805.  Rent will be $328.00 – $839.00
  • More info:

Manhattan, NY Super Luxury condo sales is active in Febraury

  • 12th floor unit at 70 Vestry st. sold at $39.30M (4,331 sf / $16,000 Maintenance fee/M)
  • 35th floor unit at 220 Central park South(58th and 59th st) sold at $33.50M (4,184 sf/ $18,000 Maintenance fee/M) and also 39th floor unit sold at $22.8M (3,114 sf)
  • 59th floor penthouse unit at 520 Park Ave sold at $30.1M(4,322 sf/ 3br,3.5bath)
  • 95th floor penthouse unit at 432 Park Ave sold at $30.7M (3,952 sf)

Apartment building with 36 units sold at $15.5M in Manhattan

  • 331 Keap St (between South 4th and 5th streets)
  • 15 unit rent-stabilized and 21 unit market rate
  • Sold at 5 times rent roll (GIM) which is 4.6% cap rate
  • Buyer is Soonbin Kim by 1031 exchange (sold 45-47 W. 8th st in West village)

NY politicians and business owners are asking Amazon to re-consider it’s HQ2 plan for LIC

  • 40 politician s and businessmen wrote a public letter to Amazon on NY times
  • They said that New Yorkers do not want to loose 25,000 jobs/11,000 union construction jobs/ $28B tax income, and majority of New Yorkers want to this project
  • Mayor de Blasio promised he will get the approval from the State congress
  • 40 people include NY State University canceller, Teacher union president, Morgan Stanley chair/CEO, etc
  • So far, Amazon did not show any response

New York this year becomes buyer market?

  • Higher inventory and lower price in New York
  • Median price in NY is $438,300 while US median price is $225,300
  • DOM in NY is 132 which is longest in big 35 cities
  • According to Elliman, median price in Manhattan is decreased by 5.8% and sales decreased by 3.3%
  • NE Queens median price decreased by 0.2% while this area was leading real estate booming. Sales decreased by 22.8%
  • It can be good buyer’s market with lower interest rates

13th Real Estate Expo will be held on 4th of May 2019

  • The expo is sponsored by Korean American Real Estate association (President: Dong Hyung Lee)
  • The theme of the event is “Knowing real estate is your power”
  • The topics of seminars will be  1) condo/co-op purchasing procedure  2) first time buyer program for a specific area  3) things to know for young generation and senor buyers
  • Ask Preparation Committee (Micky Yoo) 917 459 3244 / 917 622 6303 for any questions or support

Real Estate market is coming to spring

  • January housing Index is 103.4 increased by 4.6% which was caused by mortgage IR dropped to 4.35% from 5% in Nov 2018, according to NAR
  • January index increasing shows positive sign to this year’s RE market
  • Also mortgage application increased by 5.3% from last week
  • It seems buyers started responding for lower mortgage IR, according to MBA chief economist
  • Generally conventional and FHA loans are increased and especially VA loan is increased by 14%

NY Korean Association has new president

  • Charles Yoon has been elected as 36th
  • His term is 5/1/2019 – 4/30/2021
  • Columbia graduate (1989)/ 31st Vice-president/ 35th Chair of Board

January house price went up by 4.4%

  • House price increased by 4.4% in January from last year.(6.6% Up in April/ 4.7% Up in Dec)
  • Lowest increase for 6 year 6 months since August 2012
  • According to Core-Logic, Increasing slop is lowered, but house price seems to up this year
  • New home sales increased by 3.7%, to annually adjusted rate of 621,000, because of low mortgage IR while all of 2018 rose by 1.8%

Tech News : Tesla moves to all its sale on line, which will reduce retail foot print Nationwide (currently NJ has 5 retail stores) – any car can returned within 7 days or less than 1,000 miles.


Stephen Lee

He has been in Real Estate industry in about 20 years and has been Broker of Record for 9 years. His experience includes residential, commercial, and property management. Prior to involving with Real Estate business, he has been involved in the digital communication equipment industry utilizing his engineering background and education, including running own company. He has established C Land Realty in 2011 which has grown to staffing over 100 Real Estate agents and the annual transaction amount of over $110,000,000 today.

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