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Weekly News (April 26, 2017)

1. ‘One Park’ condo New Condo project in Cliffside Park, NJ 

  • 320 Adolphus Ave.  Unparalleled views of the Manhattan and Hudson River
  • 14 stories, 200 units (1 ~ 4 Bedrooms)
  • Developed by Manhattan based DMG Investments and designed by Architectura
  • Floor-to-ceiling glass windows
  • There was a plan before financial crises

2. Hudson-Bergen Light Rail project hearing on 4/24 in Englewood 

  • More than 100 residents and elected officials spoke out
  • Most of elected officials supported Boon for Englewood / City and suburbs are threatened by the lack of access to New York
  • One Councilman (Eugene Skurnick) opposed the plan rail road blocks major city roadways
  • The proposal will extend 10 miles, adding 7 stations

3. Tenafly, NJ also declares ‘Welcoming’ city

  • Council meeting passed the resolution unanimously
  • Tenafly Ed committee passed the resolution that school becomes protected area for undocumented students before this resolution passed

4. NYC, Tribeca is most expensive area  

  • RE site, ‘Property Shark’ announced most expensive top 50 areas in 1st QT
  • Hunters point in Queens 28th (10% Up CMT last year)
  • Brooklyn (Dumbo, Brooklyn Heights, Boerum Hill, Manhattan Beach) is highest in 5 Boroughs Brooklyn Heights Up by 127%
  • Manhattan ‘Tribeca’ is #1 highest area (Up by 55%): Same as 4th QT in 2016

5. Astoria, ‘Halletts Point’ Project re-addressed

  • With ‘Affordable New York’ (421-a program) revival, the project reinitiated
  • 1st Phase buildings includes 81 low income units among 405 units completed in 2018
  • 2nd Phase buildings(1st St and 26-27 Ave) will start June, 2017
  • 3rd Phase buildings(2nd – 3rd  St and 27th Ave) will start Nov, 2017
  • Total 7 buildings (11 – 17 stories)  along river side of Astoria  (Total 2400 units : 483 units Low income units)
  • Developed by Lincoln Equity group and Dust Organization. Total cost $1.5 Billion

6. Luxury Bunker Apartment built 14 m(42 feet) under ground

  • Near Savannah, GA / Used to military training facility Private RE company, Bastion Holdings purchased in 2012 (VIP Bunker)
  • Resistant to Nuclear war (20 kiloton nuclear blast), Natural disaster, Uncertain Terror
  • 32 Acre lot / Wall thickness 3 feet / 2 story building above ground. 4 sections under ground / Special shower room to clean Nuclear contamination. Kitchen, Game room, Conference room, lecture room, auditorium, Home theater, Medical   Equivalent to 5 star hotel
  • Sales began in 2015. One unit listed at $17.5 Million

7. Tax reforming by Trump à lowering Corporate/Personal Tax 

  • Proposal: Corporate Tax: 35% 15%  / Personal Tax- Max:39.6% 33%
  • Personal Tax – 7 levels: 10, 15, 25, 28, 33, 35, 39.6% 3 levels: 12, 25, 33%
  • Example: Single up to $25,000 (Couple: $50,000) No Tax
    Single up to $50,000 (Couple: $100,000) 12%
    Single up to $150,000 (Couple: $300,000) 25%
    Above  $150,000 33%
  • Standard deduction: $25000 for Single / $50,000 for Couple
  • Itemization (Including mortgage interests) will be limited by income level

8. Amazon’s new warehouse opens in Edison, NJ

  • Also, opens warehouse in Cranberry, NJ (900,000 SF) and Logan, NJ (1 Million SF)
  • Recently opened in Carteret, NJ Biggest hub in NJ
  • Logan warehouse : Out door furniture, Sports items, Music instruments (Packing and shipping)
  • Edison warehouse : Books, Toys, Kitchen items (Smaller size items)
  • Some of employees OSHA problems

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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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