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Weekly News (August 7, 2018)

1. Edgewater residents are conflicting with two big development project

  • The lot at former golf range on River Road (vacant since July) → postponed the hearing due to conflict of interests → plan: to construct 3 buildings for total 670 apartments, each 200ft tall and 3 story parking deck, recreation center (developer is 575 River Road Edgewater LLC)
  • Hess oil site (19 ac parcel) plans to build 1863 apartments, shops, parks→ claims to generate $12M tax a year ←→ town is trying to condemn the lot→ the law suit filed (developer: Maxal Group and Enviro Fiancial Group)

2. H-Mart will open a store on Northern Blvd, NY

  • At 144-74 Northern Blvd, Flushing
  • New 7 story mixed use building under construction (former Berger King store)
  • Two anchor tenant: H-Mart, Berger King
  • Total 69,140sf (residential /19,980sf retail space/ 23,000sf community facilities)

3. An apartment building in Brooklyn Bedford-Stuyvesant sold at $15.2M

  • “Haddon Hall” at 957 Greene Avenue
  • Built in 1931. Total 54 units under rent control
  • Total 49,343sf → sold at $308/sf

4. Jericho (NY) School district is #1 in US

  • According to Niche institution, Jericho Union Free School district is #1 among US 100 schools
  • Jericho school district was #12 last year→  improved by jumping 11 levels
  • Total students: 2978, high ranking standard test: English→ 84%/ math→ 89%, SAT:1380, avg ACT:30
  • Great Neck→ 7th / Edgemont→16th / Scarsdale→ 20th
  • IN New Jersey, Millburn→ 14th / Princeton→ 26th / West Windsor→ 42nd / Summit→ 64th / Livingston→ 66th
  • Reported Ranking 100 out of US school districts: 10,758

5. Korean owned Developer purchases a ware house in Queens at $40M

  • According to Real Deal, Innovo Property Group (president: Andrew Chung) signed purchase agreement for 150,000sf (3 stories) at $40M
  • 58-30 Grand Ave, Maspeth (listed at $45M early this year)
  • 4 tenants will be vacated by 2022
  • Good location: close to I-495 and I-278→ increased property value
  • Also Innovo P. Group is trying to buy 28-90 Review Ave→ active development (potential development for 400,000sf commercial building)
  • Andrew Chung was a partner at Carlyle Group (Real Estate Fund) and established IPG in 2015 (graduated from Wharton School, U Penn)→ achieved $80B RE transactions

6. US Trade deficit increased by 7.3% under trade war

  • Especially deficit with China increased
  • In June, merchants and services deficit increased by $3.2B (7.3%) to $46.3B
  • This was bigger than Bloomberg forecast of $45.6B → biggest since Nov 2016 (19 months)

7. World wide RE market is cooling down?

  • House price in London, Sydney, Beijing started going down
  • Reasons: tax system changes for controlling demand/ tougher mortgage standards/ too high price vs. buying power
  • London: worries after Brexit, weaken demand due to too high price. More inventory with lower sales (center of London→ 18% down from 2014 peak point)
  • Beijing: government control to cool down RE market. (about 30 items to control) / 45,000 new houses will be provided with controlled upper limit of sales price
  • Sydney : too high price→ 2nd highest place comparing income→ limit buying power

8. NYC is making the law  — registration short term rent by on-line

  • Mayor Bill de Blasio signed the bill→ will be effective on Feb 2019
  • Owners using Airbnb, etc for less than 30 days (sharing residence biz) must register the biz and report the contents of it monthly to NYC, including 1br or whole house, etc.
  • Fine will be $1500/violation

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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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