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Weekly News (June 6, 2018)

1. ADM (American Dream Meadowlands) is ready for a boom 

  • Expecting tourism boost → Big money for area business
  • Hotels are repositioning to benefit from that boom, starting with Taylor Swift in concert this summer / WWE Wrestle mania XXXV in April, 2019 / Transplant Games in 2020 / The Army-Navy football game in 2021
  • Example: Super Bowl in 2014 →  8,500 rooms are occupied / $4.18 Million Revenue, $626,714 Tax
    The Mall of America in Minnesota attracts 40 Million visitors each year (20% entertainment) →  ADM has 55 % entertainment
  • Developer Triple Five has plan to build own American Dream Hotel ( Location is un-specified)
  • Trade show tourism : Big Convention events →  Easy New York access

2. Closter, NJ → Rich town with good school, large retail stores 

  • Population: 8650 (It was old town till a few year ago)
  • Big development projects initiated →  Whole Food Market, Target, Home goods, CMX Market Cinema and high quality restaurants
  • Attracts more professionals with children
  • Many new construction homes over $2 Million in East Hill section
  • According to NJMLS, Sold median price → $665,000 between 5/15/2017~5/15/2018
  • Total listed houses: 61 ($399,000 ~ $2.6 Million: 6 Bedroom house)
  • ‘Hillside’ elementary school (PK ~ 4th Grade), ‘Tenakill’ Middle school (5th ~ 8th Grade)
  • High school students go to NVRH in Demarest (SAT: 614 (Reading & Writting), 620 (Mathematics)) (NJ Average: 551, 552)
  • NJ Transit Bus: 42nd St Port Authority Bus Terminal in Manhattan in about 60~90 minutes (One way: $7, Monthly pass: $199) / No train →  A drawback

3. A mixed use building in Bronx sold at $2.45 Million 

  • 769 Melrose Ave ( 157th St and 158th St)
  • Total 2,415 SF / 1st Floor: Deli Grocery, 2~5 floor: 12 Apt Units (3 Bedroom: 8, 2 Bedroom: 4) → 11 units are under Rent Control
  • Buyer: Melrose RE Group

4. The plan for keeping Manhattan Garment district is available from NYC

  • Building owners who provide low rent for long period will get tax reduction benefit
    Condition: $35 / SF including utilities for 15 year lease → Building owner gets $1~$4 / SF
    Tax benefit a year for 25,000 SF ~ 100,000 SF
  • NYC’s target is to secure minimum of 300,000 SF (Current rent is about $50 / SF)
  • Public and Private partnership will secure exclusive Garment manufacturing buildings by injecting $20 Million
  • Re-zoning Plan: When re-construct / Remodel in 5th ~ 9th Ave and 34th St ~ 42nd St, certain portion should be allocated to Garment business
  • Currently 80% business disappeared → Only 400 businesses remain
  • NYC also announced the plan for new Garment district allocation in Brooklyn Sunset park area (Former Army Terminal) and Bush Terminal ( to ‘Made in New York Campus’)
  • Criticized for jeopardizing the current Manhattan Garment district

5. New Luxury Apartment (‘Clark’) will be constructed in Prospect Park, Brooklyn, NY 

  • This area was run-down place before → Changing its shape because of Brooklyn re-development move
  • Prospect Park area is still low price relatively
  • ‘Clark’ (2 buildings) is located at border between Prospect Park and East Flatbush
  • 1st building at 310 Clarkson Ave → 8 story, total 170 units (Studio ~ 3 Bedroom)
  • Pre-lease starts next month (Studio: $1,900, 1 Bedroom: $2,300)
  • 2nd building: 8 story, total 250 units → Will be completed in 2020

6. New York State advanced Electric Car development and distribution 

  • ‘Evolve NY’ Initiative by NYPA → Receives $250 Million for 7 years
  • 10,000 charge stations (Level 1) will be installed till 2021
  • First, 200 fast charge station on major Highways (10 minutes charge runs 200 miles)
  • Second, fast charge stations will be installed at JFK and LaGuardia Airports → Attracts residents within 200 miles distance from Airports to drive to Airports
  • 400 charge stations (Level 2) will be installed at airports, train stations, public parking lots
  • Further development: Electric bus will be used by cooperating with MTA, Con-Edison
  • State’s goal → To reduce exhaust gas by 40% by 2030, and 80% by 2050

7. Lord & Taylor will close Flagship store on 5th Ave, Manhattan in early 2019 

  • It will sell the building to ‘We-Work’ (Office sharing company)
  • Hudson Bay said it will close 10 of its nearly 50 stores through 2019
  • Lord & Taylor is working with Walmart and launching a dedicated site for discount retailer market, featuring 125 brands

8. Economists worry about possible recession developing by 2020 

  • A group of top business economists believe the major tax cuts by Trump will boost economic growth this year and next
  • But they worry that the country could be entering a new recession by 2020
  • Three-fourths of NABE panel believes that current trade policies will have a negative impact on the economy

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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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