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NJ Real Estate News : September 21st 2016

Posted by J Park on September 21, 2016
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Pal Park Mayor said he will sue “Mayor recall committee”

  • For false accusation
  • Recall committee still said they have enough evidence
  • Mayor salary: $76124+$5100(mayor expense)+$35,000(school supervisor) -> $116,224
  • Wife: $73,984 (Building dept part time)
  • #1 Son: $73,984 (Swimming pool manager, teacher)
  • #2 Son: $124,494 (Town policeman)…

1st “Restaurant Week” in Fort Lee : 22nd – 25th

  • About 45 restaurants participated /organized by Business District Alliance
  • DC price: $15 – $50 full course menu
  • Celebrity chef: David Burke lived in town since 2001.
  • Korean cuisine were mentioned in food magazine Savuer: “For the best Korean food in New York, you gotta leave the city for a quiet town across the GWB”

In Boston, Condo Boom

  • As economy in Boston recovers, new condo permits increase.
  • New construction permits -> 4000 as of end of August -> Most of them are Condo
  • For last a few years, most new permits are multifamily (rental apartment) 
  • It indicates rent demand hit the peak, and buying demand increases
  • So far, most new construction located at the down town area, this year it moves to city skirt area

North West Queens(Most Korean populated) -> still high rent

  • NW Queens median rent -> $2895 ( 5.3% Up CMT last year, 4.6% Up CMT 4.6%)
  • 3 Br median rent -> $4886 (62.9% Up CMT last month($3000) (Manhattan, median rent ->$4950)
  • So far, 3 br was lower than average -> now it becomes normal.
  • Rent ranking: Manhattan, Brooklyn, Queens -> Manhattan, Queens, Brooklyn

Large mixed use building will be built in Flushing                       

  • “Flushing Point Plaza” between Van Wyck Exp and 40 Rd.
  • Lot: 440,000 sf. / Plan submitted to DOB
  • 2 residential buildings and 1 hotel connected/ 19 stories
  • 326 apt units (avg 845sf) / 278,365 sf commercial space and hotel
  • 390 + 112 parking

P.A. Bus terminal will stay in Manhattan

  • NJ/NY representatives agree to stay on Manhattan’s West Side.
  • 230,000 passengers each weekday -> will be 330,000 in 2040.
  • Current terminal : 66 years old  

Bergen towns are top N.J. housing markets acc to Smartasset.com

  • Healthiest town for pedestrian-friendly shopping, rail service
  • Glen Rock(5th), Ridgewood (6th), Westwood (9th) among 152 towns
  • 1st: Hoboken
  • Also Smeatasset.com found underwater house -> 16% ( 20.8 % in 2015)

Tech News:

  • US Transportation dept will announce guidelines for self driving car on 9/20 After 60 days, final guidelines will be fixed.
  • Google will announce own cell phone on 10/2 ($649)

 


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