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NJ Real Estate News : September 7th 2016

Posted by J Park on September 7, 2016
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Northern NJ school district town gets more Student

  • Pal Park: 1659 ( 148 students increased form 1511 in 2011)
  • Similar increase shows in Fort Lee, Leonia, Ridgefield, Edgewater, etc
  • Fort Lee: 3602 ->3724 (+122), Leonia: 1738 ->1846(+108), Ridgefield: 1437 ->1699(+262), Edgewater: 615 ->917(+302), Closter: 1120 ->1119( -1), Norwood: 619 ->579(-40), HP:692 ->633(-59), Cresskill: 1726 ->1789(+63)
  • State total remain same level.(1,373,181) in 2013
  • Increasing Reason: Proximity to Manhattan

1 WPC(Freedom Tower) might be on sale?

  • Port Authority owns it , but thinking of selling (might list at $5B -> Highest in US)
  • Last year net income was $13M -> Return rate :0.35%
  • Total 3M sf, but 1/3 are vacant
  • 1792 ft toll : Tallest in Western Hemisphere and 6th tallest in the world.  

Pal Park. Still new meter machine gives headache?                       

  • Rule: 2 hr limit one time, but can extend another 2 hr by paying more.
  • But, meter operation changed to max 2 hr, no more extend
  • Town officials did not know about the change.
  • Some shoppers/customers need more than 2 hr. (Nail/hair…)

15 of 35 tallest building in Manhattan were built after 9/11

  • Art of capitalism -> Manhattan skyline
  • (See circulated page in the meeting, also visit northjersey.com/skyline)
  • 1 WTC(1776ft) on Fulton St, One57(1005ft) on 57th St, 432 Park Ave(1396ft) on Park Ave, Goldman Sachs HQ(749ft) on West St….

Lead contamination issue does not go away

  • NYC ordered to inspect all the school for lead level in the water supply
  • In 1986, Safe Drinking Water Act prohibit the use of lead contained water pipes.
  • Public water main lines were replaced already, but local lines to your house are concerned. (Some are still lead contained pipes)
  • Safety level: 15 lead molecules out of 1T water molecules

Palisade Park provides simultaneous interpretation service(Korean) voluntarily

  • 30 receiver set prepared
  • In response, town mayor promised that they will ire interpreter sooner (town passed regulation that town prohibit short term rent less than 30 days)

Tech News:

  • Amazon starts its car game: auto parts -> Starts thinking Amazon when consumer is thinking of buying and repairing cars

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