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Weekly News (January 31, 2018)

1. New Jersey’s First Private medical school in 50 years will open this summer?? 

  • Seton Hall University and Hackensack Meridian Health are keeping pushing their plan to open this summer.
  • The school (The Seton Hall-Hackensack Meridian School of Medicine) will be on former Hoffman-La Roche campus in Nutley and Clifton
  • If accredited, they will accept 50 students first year, and grow into up to 500
  • Ceasing Roche operation in 2012, 8000~10,000 jobs were lost, and $5 Million tax loss for Clifton and $9 Million tax loss for Nutley
  • There might be a hotel and conference center on the strip fronting RT 3
  • New Jersey needs additional 1,116 physicians by 2030, primarily in lower end of pay scale, such as general practitioners
  • Current degree programs:
    Cooper Medical School of Rowen University in Camden, Rutgers New Jersey Medical School in Newark, Robert Wood Johnson Medical School in New Brunswick, Rowen University School of Osteopathic Medicine in Stratford

2. Pilgrim Church In Paramus, NJ may have to sell the church building 

  • The local church (Pilgrim) has given up the building and moved out due to separation agreement from the PCUSA : Main reason is disagreement on same sex marriage approval
  • Mortgage payment is about $30,000 per month
  • The church building committee has asked the bank to hold mortgage payment for 6 month, but the bank rejected → Will proceed with foreclosure procedure after lapse of 3 months payment.
  • Estimated worth is $12 Million / Current mortgage balance is $4.5 Million

3. ‘SamWon Garden’ in Korea comes to Manhattan, NY 

  • Former ShinLa restaurant place at 37 W 32nd
  • 240 seats on 1st and 2nd floor / Total 10,000 SF → will open a month later
  • Owner YoungSik Park (Retired Pro golfer JeeEun Park’s brother) graduated from New York University, in Hotel management major
  • Operating 3 restaurants in Korea and 2 restaurant in Jakarta, Indonesia ($65 Million revenue)

4. New Luxury Apartment in South East Manhattan, NY 

  • Inside the development complex (Essex Crossing – $1 Billion Cost), The Rollins Apt at 145 Clinton Street → 15 story, 210 units of 1,2,3 bedrooms
  • 104 units among 210 units are low income units → 94,000 applicants
  • The apartment is named after Sunny Rollins: Famous Jazz Saxophones Player who lived this area
  • Studio: $3150, 1BR: $4450, 2BR: $5800, 3BR: $8450 → High priced, but lots of inquiries
  • Essex Crossing project is on South Delancey Street, total of 9 buildings include about 1000 residential apartment units

5. Leonia, NJ, non-resident vehicle prohibition is getting loosen  

  • It was relatively successful → But it created inconvenience for customers coming into Leonia
  • Former council man Mr. Choi will suggest the town will lift the ban on afternoon

6. Fort Lee, NJ, George Washington Bridge bottleneck problem is #2 in US 

  • According to ATRI, entrance area to GWB is #2 in US (I-95 and RT 4 entrance)
  • Rush hour’s average speed → 9 miles / hour
  • Long Island Express Way (I-495) is #8 ( 25.8 miles / hour)
  • #1 in US is at Northern entrance of I-285 and I-85 in Atlanta, GA
  • #3 in US is intersection of I-290 and I-90 / I-94 in Chicago, IL

7. Palisades Park, NJ, a council man died → Paul Kim might be a candidate 

  • Town Council man Joseph Testa (88, Democratic) died on 29th
  • Paul Kim (Education Committee, Democratic) might be a successor → Have to be approved on 2/28 at the town council meeting
  • Currently 2 Korean council members (Jong Chul Lee, Chris Chung) → 3 Korean members if Paul Kim approved

8. NYC, Rent is soaring due to AirBnB 

  • According to McGill University report, Annual Average $380 went up in NYC (In Manhattan, rent went up by average $700)
  • 7000 ~ 13,500 rental apartment reduced and went to AirBnB, etc. (Short term rent facility)
  • Causing shortage of rental units
  • Still NY law prohibits rental within 30 days
  • 87 % of registered house with AirBnB rented whole house
  • AirBnB becomes new income model for landlord (Income for whole house rental becomes 75% to $490 Million annually) → Not so good situation for rental market

9. ’emart’ (Established in 1993 by ShinSeGae) in Korea come to LA??

  • First trial among big 3 Distribution Co (HyunDai, ShinSeGae, Lotte) by the brand name ‘PK Market’
  • Beverly center in LA might be a strong candidate (Possible joint efforts with US Taubman who has strong presence in LA, especially in Beverly center and Sunbelly shopping center)
  • Possible sharp competition with local Korean super markets
  • ’emart’ also will plan to move to London, Singapore, Paris, etc.

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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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