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Weekly News (April 4, 2018)

1. Ridgefield Park, NJ will make large scale of Downtown district 

  • Total budget: $1Billion / They planned to start this Spring, but will start in August
  • ‘Skymark Development Project’ – 53 Acre
  • 271,900 SF complex (Retail complex and 1500 units of residential), 10 Acre of wild animal habitat
  • If the project will be completed successfully, it will be biggest mix-use complex in Bergen County

2. 83 Years Old Korean male fell from Winston Tower, Cliffside Park, NJ and died 

  • Fall from 19th floor on 4/1/2018 (Security Guard: Danny Frodo)
  • Might be suicide, but not verified yet. He lived alone and was kind, calm. He used to go to Senior center during day time and return home around 5:00 PM routinely
  • Total 697 units, 2700 residents in Winston Tower. Among them, 35% are Korean

3. Palisades Park, NJ Mayor candidates becomes 3 for Democrat party 

  • ChaSoo Park (Former president of Chamber of Commerce in Palisades Park) added to two candidates (Current Mayor, James Rotundo & Christopher Chung)
  • ChaSoo Park has lived in the town since 1989, and claims he knows the town better than anyone (He changed his membership to Democrat from Republican a few years ago)
  • Pre-election in the party will held in June → Votes might be separated among Korean

4. 3 Luxury high-priced Apartment sold in Manhattan in 1st Quarter 

  • Over $30 Million, 3 residential units are sold
  • Highest price  $39 Million at 15 East 69th St in Upper Eastside in March (J & J’s heir used to own before she died): In 2016, listed at $55 Million → Dropped to $39 Million → Sold at $33 Million
    Buyer: Chinese Investor
  • 81th St Co-op sold at $35 Million (Entire 18th Floor / 8,400 SF): Owner was Joseph Plumeri, Vice Chair of First Data / purchased at $21 Million in 2010)
  • Penthouse between 57th St and 5th Ave at 432 Park Ave sold at $32.4 Million (94th floor) (Harvey Weinstien sold his townhouse in West Village / Former CEO of GE, Jeffrey Immelt sold his apt in Upper Eastside)

5. Queens, ‘Sunnyside Yard’ redevelopment megaproject becomes visible

  • Vishaan Chakrabarti’s PAU has been selected
  • 180 Acre, adjacent lot in Sunnyside, Astoria, Long Island City
  • Plan includes 24,000 residential
  • Hindrances: MTA owns the lot / Some of its air right owned by NYC
    Total cost: $19 Billion / Massive existing rail roads

6. Two Korean owned Dry Cleaners in Somerville got sued for soil contamination

  • Soup Opera cleaners, etc.
  • 5 Contractor companies are developing large scale of downtown mixed use complex
  • Contractors sued 2 cleaners due to soil contamination by CERCLA (Comprehensive Environmental Response, Compensation and Liability Act: 1980) and NJ Spill Act
  • PCE and TCE detected (After removal of contaminated soil, still level was not enough to develop underground water system)
  • Owner purchased the lot in September, 1985 and began Cleaners business from early 1900 till now

7. McDonald Building on Northern Blvd & 203rd St in Queens, NY owned by Korean 

  • Korean Owner, Jun & Yun Realty Corp purchase Building at 203-15 Northern Blvd
  • Closed at about $12 Million / Lot: 19,200 SF / Building: 5,900 SF (McDonald is under operation)
  • 10 year lease left with McDonald / After that period, 2 story commercial building might be constructed
  • Broker: Brian Seo at Summit Camp Realty mentioned that Korean presence in Bayside commercial district will be expanded more

8. Chinese Corporations move into US Stock Market 

  • Recently 8 IPOs for 3 months → 20% of total IPO amount ($3.3 Billion)
  • iQIYI (Chinese version Neplex): $2.3 Billion IPO Amount
  • Many companies in China want to US stock market because it has good side benefits – All good education related companies did IPO in US stock market
  • Under potential G2 Trade War, still Chinese companies deem more benefit than harm, according to CNBC

9. House hunting is still hot even though mortgage interest rate increase 

  • According to MBA, Mortgage application increased by 4.8%, compared to last week
  • Overall it is same level as a year ago, but buying is much more, considering low level of Re-Finance (Re-Finance increased by 7.3% last week, but 10% down, compared to last year)
  • Mortgage application increased by 3.1% last week (3 week continuous increase) → 2% increased, compared to last year
  • Last week, Average mortgage rate (Sold) for 30 year fix is 4.69% (Last week: 4.68%)
  • For last 30 years, average mortgage rate was 8% (During 1980’s the peak was 18%)
  • According to Redfin, in February Inventory reduced by 11.4%, compared to last year → Continuous reduced for 29 months →Biggest impact to Big cities’ RE market

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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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