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Weekly News (August 23, 2017)

1. War on Hess Property in Edgewater, NJ is heated up

  • Between lot owner/developer 615 River Road Partners LLC and the town
  • Fair Share Housing center is favoring for the developer proposal
  • Director of NJ Sierra club is favoring town’s proposal (River Road is not moving now)
  • The lot (18.7 Acre) was appropriated for $25 Million for eminent domain→ Developer said it is well below the market price because they cleaned up the pollution
  • Development proposal → 1,873 units of mixed use complex (Five 18~25 foot towers and 60,000 SF of retail)
  • Developer projects $12.3 Million tax revenue and 375 affordable housing  (3,719 residents and 149 students will be added if built)
  • Town is ready to go to court if necessary

2. America Dream Meadowland project will hire 3000 workers toward late 2018 

  • Currently 600 workers per day → 3,000 per day in late 2008
  • Total 2.3 Million SF, a decade old structure
  • Much of increase workers for Park complex which is 639,000 SF (partnered with Nickelodeon and Dream Works)
  • The closing on complex $2.8 Billion construction financing package marked a turning point for the long-delayed project
  • Estimated 16,000 construction jobs will be created for next a few years / 23,000 permanent jobs will be added

3. Paterson, NJ is struggling with Mayor’s ‘Board Off’ project

  • Still could not find 193 locations (Developers submitted renovation plan for 22 locations / assessed values range from $99,300 to $225,500)
  • The mayor Joey Torres’s 2014 election campaign platform → Revitalization of abandoned houses
  • Board Off projects contains 63 for ‘Spot Blight’ (Negotiation for 14 days) and 130 for ‘Receivership’ (Ownership after they fixed/repaired)

4. Bus Terminal under Jacob Javits center in Manhattan?

  • RPA (Regional Plan Association) proposed a small bus terminal near Port Authority Terminal under Jacob Javits center(10th Ave)
  • Original New terminal project plan costs $10 Billion → Slow move
  • NY/NJ Port Authority approved $32 Billion for infra investment for the next 10 years → Among them, only $3.5 Billion was designated for new bus terminal project
  • A small terminal under Jacob Javits center → will take 20~30% of passengers
  • Currently P.A. Terminal, built in 1950’s, takes over 200,000 passengers daily → over saturated

5. Woodbury Common Outlet Mall, NY violating consumer right?

  • Tenant has to sign the lease condition: non-competing store within 60 miles
  • Since 1985 when former owner (Chelsea group) started the mall → Simon group purchased in 2004
  • NY Prosecution Department ordered to reduce to ‘Within 39 miles’

6. Fort Lee is #1 for DWI (Driving while Intoxicated) among Bergen Co. NJ

  • 163 tickets for July 2016 ~ June 2017 → #1 among about 70 towns
  • 22% Reduced CMT the previous year
  • Ridgefield: 53 tickets / Leonia: 37 tickets / Palisades Park: 32 tickets → Reduced generally CMT the previous year
  • In contrast, Edgewater (35 tickets: 59% Up), Englewood (81 tickets: 81% Up) → Increased sharply
  • Offense:
    Alcohol level: 0.08-0.1% → 3 month license suspension with $250~$400 Fine + Surcharge $1000 per year for 3 years
    Alcohol level: Over 0.10% → 7~12 month license suspension

7. NYC economy is growing steadily

  • 2 QT growth rate → 3.3% (33,400 New jobs added / UE rate: 4.3% )
  • 2 QT last year → 1.5% (1 Qt 2017: 2.6%)
  • New jobs: 2.5% Up (Nation wide Average: 1.5%)
  • UE Rate: 4.3% (Queens / Manhattan: 3.7%, Bronx:5.7%)
  • Employee pay rate: $35.10 / HR → 4.8% Up CMT last year (Nation wide Average $26.21 / HR: 2.5% Up CMT last year)
  • Venture Capital Investment : $2.78 Billion (66.5% Up CMT $1.67 Billion last year) (Nation wide Venture Capital investment: $18.4 Billion →8.6% Down (reducing for last 7 years continually)
  • Next 6 month will be better

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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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