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Weekly News (January 9, 2019)

  1. Korean owned building between Northern Blvd purchased by Chinese developer
  • 146-17 Northern Blvd. / closing is completed at $9.7M
  • Tenants: “Tong Tong Don Gass” / Cumon school
  • Developer will build 5 story mixed building for retail and condo → condo development expanded to Northern blvd commercial area from downtown area

 

  1. Manhattan NY Rent tipped off
  • According to Zumper, 1 bedroom median price: $2,870 (3.7% down, compared to last year) → biggest drop in 10 cities
  • 2 bedroom median price: $3,230 down (5.0% down) → biggest drop in 10 cities
  • 1 bedroom median price is higher than $3,000 → only 1 city: San Francisco (1 bedroom price:$3,400 → 5% up, 2 bedroom price: $4,380 → 2.9% up)
  • Rent high cities: San Francisco, NYC, San Jose, Washington DC. Los Angeles, Boston, Oakland (CA), Seattle, Miami, San Diego

 

  1. Manhattan, NY Avg Residential price  below $2M
  • 4th Qt, 2017 Average price → $1,897M (first time below $2M for 2 last 2 years)
  • According to Elliman Douglas (RE Brokering Co), 4th Qt # of sales dropped by 12% to 2014
  • Partially it is due to Tax Reform

 

  1. Most expensive Lease(Tenant) this year in NYC à HyunDai Genesis .
  • According to RealDeal.com, 40,000 sf in Solar Carve building in Meatpacking District (40 10th ave) → $11M /year ($916K /month) leased by Hyun Dai Genesis for office and retail space ( $275/sf)
  • Landlords: Aurora Capital Association and William Gottlieb Real Estate
  • Solar Carve Building near completion : basement → 2 floors /10 story building → total 139K sf
  • Genesis will take 27,700 sf at 1st floor space and basement retail space /13,700 sf at 1st and 2nd floor for office
  • In Meatpacking district, Genesis → 2nd / Tesla → 1st luxury brand tenant

 

  1. “Fancy Cleaners” in East Harlem, NY has to close down by eminent domain
  • Korean owned Dry Cleaners in East Harlem is facing eminent domain due to $300M local development
  • Local development includes Cancel center, low income apartment, community park
  • Fancy Cleaners: 6000 sf between 126th st and 3rd ave /operated since 2003 which was opened by owner Mr. Bae’s parents (building owner → parents /business owner: Mr. Bae)
  • In 2008, NYC issued eminent domain and purchased at $3.5M → Bae did not accepted → sued NYC to the court, but failed
  • Issues: 1) Compensation for building owners, but compensation for existing tenants  2) Big difference between owner’s compensation and current market price

 

  1. Ritz-Charlton Luxury Condo in Nassau County, NY is popular
  • In North Hill, new Ritz-Charlton condo is being sold fast
  • Completed last year /4 units left among 106 units
  • Prices: $1.5M – 6M (a buyer purchased 2 units and combined to one)
  • Ritz-Charlton will build 120 additional units by end of 2019

 

  1. In Cheon Airport might operate JFK Airport
  • Deal on the table: #1 terminal needs renovation & 30 year operation right
  • JFK Airport opened in 1948. Yearly passengers → about 60M
  • Total renovation: $10B ($3B for In Cheon Airport Co)

 

  1. SamSung New Laundry Factory completed in US
  • New Berry, SC Factory begins operation 1/12/2018
  • 504 employees /front load type first → top load yype later
  • By end of 2018, 1000 employees will be hired → through 2 shifts, 1M units production
  • Promised to invest $380M to US in June 2017
  • ITC’s recommendation: 50% tariff for over 1.2M units imported → moves the plan faster

 

  1. 2017, House value went up by total $2T in US
  • Total Value: $31.8 T → 3% up, compare to last year→ highest since 2013
  • Top 10 cities: $11.3 T → 36% of total (LA is most high value)
  • LA: 5.7% up → $2.7 T /NYC : 7.9% up → $2.6T
  • San Jose: 13.5% up /Seattle: 11.7% up
  • According to Zillow, 2018 Real Estate market → not so bright due to Tax Reform
  • According to NAR, high price area → will down by 5-10% in 2018 due to Tax Reform

 


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Stephen Lee

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