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Weekly News (January 10, 2018)

1. Korean owned building between Northern Blvd purchased by Chinese developer 

  • 146-17 Northern Blvd / Closing is completed at $9.7 Million
  • Tenants: ‘Tong Tong Don Gass’ / Cumon school
  • Developer will build 5 story mixed building for retail and condo → Condo development expanded to Northern Blvd commercial area from Downtown area

2. Manhattan NY Rent tipped off 

  • According to Zumper, 1 Bedroom median price: $2,870 (3.7% Down, compared to last year) → Biggest drop in 10 cities
  • 2 Bedroom median price: $3,230 Down (5.0% Down) → Biggest Drop in 10 cities
  • 1 Bedroom median price is higher than $3000 → Only 1 city (San Francisco: 1 Bedroom price: $3,400 → 1.5% Up, 2 Bedroom price: $4,380 → 2.9% Up)
  • Rent high cities: San Francisco, New York City, San Jose, Washington DC., Los Angeles, Boston, Oakland, Seattle, Miami, San Diego

3. Manhattan, NY Average Residential price → below $2 Million 

  • 4th QT, 2017 Average price → $1.897 Million (First time below $2 Million for last 2 years)
  • According to Elliman Douglas (RE Brokering Co), 4th QT # of sales dropped by 12% to 2514
  • Partially it is due to Tax Reform

4. Most expensive Lease (Tenant) this year in NYC →  Hyundai  Genesis 

  • According to ‘RealDeal.com’, 40,000 SF in Solar Carve building in Meatpacking District (40 Tenth Ave) → $11 Million / Year ($916,000 / M) leased by Hyundai Genesis for office and retail space ($275 / SF)
  • Landlords: Aurora Capital Association and William Gottlieb Real Estate
  • Solar Carve Building near completion : Basement → 2 floors/ 10 story building → Total 139,000 SF
  • Genesis will take 27,700 SF at 1st floor space and basement retail space / 13,700 SF at 1st and 2nd floor for office
  • In Meatpacking district, Genesis → 2nd / Tesla → 1st luxury brand tenant

5. Fancy Cleaners’ in East Harlem, NY has to close down by eminent domain 

  • Korean owned Dry Cleaners in East Harlem is facing eminent domain due to $300 Million local development
  • Local development includes Cancel center, low income apartment, community park
  • Fancy Cleaners: 6,000 SF between 126th St and 3rd Ave / operated since 2003 which was opened by owner Mr. Bae’s parents (Building owner: Parents / Business owner: Mr. Bae)
  • In 2008, NYC issued eminent domain and purchased at $3.5 Million → Bae did not accepted → sued NYC to the court, but failed
  • Issues: 1. Compensation for building owners, but compensation for existing tenants
    2.Big difference between owner’s compensation and current market price

6. Ritz-Charlton Luxury Condo in Nassau County, NY is popular 

  • In North Hill, new Ritz-Charlton condo is being sold fast
  • Completed last year / 4 units left among 106 units
  • Prices: $1.5 Million ~ 6 Million (A buyer purchased 2 units and combined to one)
  • Ritz-Charlton will build 120 additional units by end of 2019

7. Incheon Airport might operate JFK Airport 

  • Deal on the table: #1 Terminal needs renovation & 30 year operation right
  • JFK Airport opened in 1948, Yearly passengers → About 60 Million
  • Total renovation: $10 Billion ($3 Billion for Incheon Airport Co)

8. Samsung New Laundry Factory completed in US 

  • New Berry, South Carolina Factory begins operation 1/12/2018
  • 504 Employees / Front Load type first → Top Load Type later
  • By end of 2018, 1000 employees will be hired → through 2 shifts, 1 Million units production
  • Promised to invest $380 Million to US in June 2017
  • ITC’s recommendation: 50% tariff for over 1.2 Million units imported → moves the plan faster

9. 2017, House value went up by total $2 Trillion in US 

  • Total Value: $31.8 Trillion → 6.3% Up, compare to last year → Highest since 2013
  • Top 10 cities: $11.3 Trillion → 36% of total (LA is most high value)
  • LA: 5.7% Up → $2.7 Trillion / NYC: 7.9% Up → $2.6 Trillion
  • San Jose: 13.5% Up / Seattle: 11.7% Up
  • According to Zillow, 2018 Real Estate market → not so bright due to Tax Reform
  • According to NAR, High price area will down by 5~10% in 2018 due to Tax Reform

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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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