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Weekly News (July 19, 2017)

1. McDonald’s goes to new age marketing 

  • McDonald’s at 1118 main St, River Edge, NJ is under total renovation
  • Will open September this year with Touch-screens, table orders and sleek design
  • Modern restaurant deco / digital self-order kiosk (Same owner in Bergenfield has changed the restaurant last year
  • McDonald’s plans t change all US operation by end of 2020

2. Challenges are ahead for Leonia, NJ 

  • Facing major projects for new administrator, including Hudson Bergen Light Rail project
  • Willow Tree Rd / Fort Lee Rd / Grand Ave corridors for rail extension to become more attractive to commuters → In advance plan to fit to the extension project
  • HB Light Rail extends 10 miles and 7 stations in 5 towns
  • It becomes a priority this year again because of the deal to replenish the state Transportation Trust Fund
  • Infrastructure updates – Road paving for entire borough / build Borough Hall
  • Concern: Thomas Rowe serves as police chief and Part-time administrator
    (Jack Terhune was retired last month: 15 years admin, 47 years police officer, county sheriff, commissioner of correction)

3. 7 story mixed use building at former Berger King on Northern Blvd and 144th St

  • Construction began at 144-74 Northern Blvd, Flushing
  • 68,824 sf residential and 18,000 sf commercial, 16,816 sf community facilities space
  • Bergen King ceased operation in Feb 2017

4. Casio Hotel by ‘Resort World Casino New York City’ ground breaking

  • First Casino hotel in New York City – Mega entertainment complex
  • $ 400 Million development cost / 3000 workers
  • At Aqueduct Horse Race Track in South Ozone Park, NY
  • 400 rooms, 4 star Hotel / 20,000 SF Spa Resort/ 140,00 SF Convention center / 1000 slot machine
  • Will create $200 Million economic effect

5. Flushing, Bayside (North East Queens) house price soars, compared to year ago

  • Median price to $670,635 → 6.5% Up, CMT last year
  • Average price to $671,763 → 7.8%, CMT last year
  • # of Transaction in NE Queens → 988: 48.6% Up (Last year: 665)
  • Queens in general: Median price to $510,000: 9.7% Up, CMT last year ($465,000)

6. In Manhattan NY, Landlord can be classified/leveled by web site

  • ‘Rentlogic’: Rental listing start-up company opens landlord classification feature
  • 4 levels: A,B,C,F
  • Criteria: 1.Complaint to DOB , Tel# 311, etc. and correction level
    2.Bed bug, smell, mold, heating / cooling, water line
  • Critics: Only records for 7 last years → previous owner or current owner
    Time/Period for correction is not updated

7. Korean owned Dry Cleaners business is downward 

  • Majority Korean owned Dry Cleaners (about 1,200) were reduced by a half in NY, compared to 6 years ago (about 2,400)
  • Other nationality (Chinese, Indian) people aggressively are taking over (Still 80% Korean owned)
  • Difficult to carry on by next generation: Revenue reduced, expensive machine upgrading, high rent

8. NJ State House will jump-start Gateway project by pouring $900 Million 

  • President Trump proposed Amtrack cuts, the State will start funding
  • Project: replacing 106 year old Portal Bridge in the Meadowlands and digging new rail tunnels under the Hudson River
  • Total cost: $27B and construction will be for more than 10 years
  • NJ and NY pledged to cover a half / balance will come from Amtrack or US Department of Transportation

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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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