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Weekly News (August 2, 2017)

1. Robbery in ‘Trio’ condo on 12th Street in Palisades Park, NJ 

  • Around 11:20pm on 7/26 (Wed), Gunman followed Korean resident in the elevator
  • Right after Korean woman left elevator at 3rd level, gunman asked the bag and fled
  • Korean resident was concentrated on cell phone and did not noticed suspicious approach
  • Trio condo is with 24 HR doorman

2. Super Spa/Sauna in K-town, Manhattan

  • ‘K-town Sauna’: 3 ~ 4th Floor inside City Bank Building at 32nd
  • 15,000 SF, 300 customer capacity. 24 hour operation / Cost: $7.5 Million
  • ‘Aqua Bar’ at 4th Floor for swimming suit / Pool party (30 customer capacity)
  • Entrance fee: $50 ($10 addition for overnight)
  • Owner: JongDuk Jung – experienced with Spa / Sauna business for 30 years)

3. NYC City Council and Zoning Board approved zoning variance in Midtown 

  • Midtown in Manhattan about 6000 SF (78 blocks) will be good for new high rise buildings
  • East 39th Street ~ 57th Street / 2nd Ave ~ 5th Ave
  • Approval requested since Mayor Bloomberg era → Approved 5 years later
  • Currently at least 16 development projects on going
  • 6.5 Million SF office space / 28,000 permanent job and 23,000 construction worker job will be created

4. Super Mixed Use building in Hunters Point in Long Island City

  • 5 Ac / $925 Million – developed by TF Cornerstone
  • 2 Places : 1) 5-40 44th Drive 2) 4-99 44th Drive
  • 1000 rental units (25% →Low income units. Median rent: $2,814) / 40,000 SF Office spaces / 19,000 SF retail spaces / 80,000 SF Elementary school, 10,000 SF Industrial spaces
  • 2 Buildings will be up : 50 story and 60 story
  • Will be completed in 2022

5. Tappan Zee Bridge becomes ‘Mario Cuomo’ bridge

  • Newly named Mario Cuomo bridge opens partially from 8/25
  • New bridge → 96 FT wide / Total cost: $39 Million
  • Tappan Zee bridge was built in 1955

6. Foreign Buyers increased sharply

  • According to NAR, residential RE purchasing by foreigners between 4/2016  ~ 3/2017 is $153 Billion → 49% Up CMT to year ago
  • Mainly, in FL, CA, TX → 46% of US
  • In NJ, Foreign buyers → 4%
  • Chines buyers → #1 ( $31.7 Billion) / Canadian buyers → $19 Billion ($8.9 Billion last year)

7. US Economy growth speeds up

  • 2nd QT GDP growth → 2.6% (Almost double of 1QT growth: 1.4%).
  • Trump admin forecasted 4%
  • Consumer spending (70% of GDP total) Growth Contribution is #1 → 8% Growth
  • Investment → 5.2% Growth, Export increase due to weak dollar

8. NJ State will try to use ‘Textalyzer’ after NY State

  • Developed by Israel company/ Used like Breath Analyzer for drunken driver test
  • Plucked into driver’s cell phone for 1 minute right after accident → analyze text, email, internet use, etc. were used right before accident
  • According to NJ Police, 87,821 tickets issued for cell phone use in 2014 → 1668 accident related cell phone use

9. Marijuana farm in Secaucus, NJ 

  • NJ State approved Harmony Foundation to grow Marijuana for medical use
  • 10,000 SF in Secaucus – Meadowland Parkway → Capable of 4000 patients / mom use
  • NJ passed the law in 2009 → Currently 13,200 patients in NJ
  • Price: $500 / Oz → Most expensive in US
  • Tax income to the State → $300 Million annually

10. NJ State got #2 in Public School system in US

  • According to WalletHub, use 17 criteria to analyze nationwide public system →
    MA #1(Quality #1, Safety #1 → Score 78.16)
    NJ: #2 (Quality #2, Safety: #15 → Score: 69.92)
    NY: #26 (Quality #20, Safety #32 → Score:52.52)
  • NH: #3, Wisconsin #4, Vermont #5
  • Louisiana : Lowest

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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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