Korean community owns piece of NJ

The Korea Daily News, 31 August, 2011.

Korean-Americans own six of the 10 commercial buildings on Broad Avenue in Palisades Park, and 57 percent of all the buildings on the street between Route 46 E. Edsall Blvd.

All told, according to information from the New Jersey Multiple Listing Service, as of August 31, Korean-American individuals or companies owned 76 of the 126 buildings on Broad Ave. If buildings that are partly owned by Korean-Americans were counted, the number would go even higher.

This finding follows recently-released 2010 US Census data, which show that more than half of the borough’s residents, 51.5%, identify themselves as being of Korean ancestry. Considering that Broad Avenue is the heart of the town, it has becomes clear that Palisades Park is a de facto “Korea Town.”

Based on the MLS data, Rodeo Plaza (225 Broad Avenue) has the highest assessed value of real estate computed for tax purposes, at $7,363,200 for the total area of 18,870 square feet. It is followed by Tamla Plaza (232 Broad Avenue) with $5,024,600 for 15,002 square feet. Twin Plaza (124 Broad Avenue) comes in third with $4,152,300.

Among the Korean-owned buildings, 52 properties, or 72 percent of the total, have been purchased since 2000,

“The number of Korean-owned buildings has increased dramatically over the past 10 years,” Jae Duk Lee, president of Cosmo Realty, said. “I expect it to keep growing.”

Grand Avenue, another area densely populated with Koreans, has 26 Korean-owned properties–35.6 percent of the total of 73 buildings. On Commercial Avenue, 15 of the 43 buildings–34.9 percent–are under Korean names.

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