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Weekly News (May 16, 2018)

1. KMS Capital purchased ‘River Drive Center II’ in Elmwood Park, NJ 

  • Korean RE investment company KMS Capital → CEO: Monica Kang
  • Purchased 669 River Drive, Elmwood Park, NJ at $8.1 Million (4 story / 83,620 SF)
  • Very well maintained office building → High valued building → Will be managed by Accordia Realty Ventures)
  • Monica Kang mentioned the value in this high-end office building is the location at rich northern Bergen County, easy access to major high way, well organized office building
  • kmscap.com

2. Palisades park town got sued gain 

  • Jesse Wolosky (Sparta resident) sued PP town and Clerk, Jina Kim for OPRA (Open Public Records Act)
  • Wolosky requested to release the closed meeting minutes on 1/26/2016 and 2/23, 4/26
  • The minutes were about police officer, Mark Messing charge who deposited $1000 to his own personal account and former police chief, Benjamin Lamos → Town’s position is that they cannot release the minutes because these cases are under trials
  • Wolosky also sued for not opening the record that David Lorenzo received re-imbursement checks ($67,783.50) from the town for legal fees

3. US Economy growth will end in 2020??

  • According to WSJ survey from 60 economists, 59% say that economy growth will end in 2020 and economy will shrink after that (22% say growth will end in 2021 / 7.8% say growth will end in 2019)
  • Only 11% say growth will continue beyond 2020
  • If growth will extend to 2020à record as longest economy growth in history
  • 1st:10 year growth in 1990 period because of Information tech
  • 2nd: 106 months in 1960 period
  • Current: 107th month from mid-2009
  • Main reason for stopping growth is due to Fed’s constriction policy (Move up Ref IR / Asset reduction) and Trump’s Trade control
  • Survey says 2.9% growth in 4th QT, 2018 will be the peak
  • UE rate: 3.7% at the end go 2018 / 3.6% in the middle of 2019

4. Manhattan Average Rent → $4,416 : Highest in US 

  • According to RentCafe, among 30 cities in US, Manhattan is #1 as of March 2018
  • 3 Bedroom: $8,163 / 2 Bedroom: $5,911 / 1 Bedroom: $4,000 / Studio: $3,179
  • In Brooklyn, Average rent: $3,285 → 4th in US (3 Bedroom: $5,728 / Studio: $2,630)
  • Manhattan → San Francisco → Boston → Brooklyn → Los Angeles → San Jose → Washington DC → Chicago → San Diego

5. Morningside Heights, NY is the best place for college grads 

  • According to StreetEasy, Morningside Heights near Columbia University is the best place to live
  • Brooklyn Bedford Stuyvesant → Lower Manhattan Financial District → Brooklyn Bush Wick → Queens Astoria
  • In Morningside Heights, 75% of Apt 2 Bedroom →$3,000 level, 3 Bedroom →$4,500 level
    30 Min to Union Square, 59 Min to Time Square, 30 Min to Lexington 59th St
  • Financial District : high living cost, but convenient for everything
  • Queens Astoria : Great public transportation, East access to Manhattan, Quiet, Food district

6. Oil price moves Up → Shale Oil production moves Up 

  • Oil price breaks $70 / Barrel barrier (WTC price: $70.96 as of 5/14)
  • Under $50 / Barrel → Shale oil is not attractive/ Not profitable
  • According to Bloomberg, US Shale oil daily production → 8.02 Million barrel (48,590 barrels increased, compared to last month)
  • # of US Shale drilling: 844 → Biggest since March, 2015 → Move to North out of Texas
  • Issues: Lack of labor and equipment, Lack of water and sand supply for fracking, Possible environmental issue due to chemicals used

7. ‘Amazon Go’ will be expanded 

  • No man in the store: You need have the Application, Entrance will recognize the Application, Store is equipped with numerous sensors, cameras, and AI
  • It was in Seattle: Opened in December, 2016 → Now they will expand to Chicago and San Francisco: Not known the time to open
  • The current board members of Amazon are all white: 10 (3 women)
  • Amazon Board is criticized for lack of diversity

8. Mortgage Interest deduction becomes not easy 

  • 1QT was transient period
  • Deduction loan limit → $750,000 ($1,000,000 will apply till before 4/1)
  • $750,000 limit will apply to single (2 buyers who are not married → $1,500,000)
  • Existing loan: $650,000 and new equity loan: $100,000 → Deduction allowed
  • Existing loan: $800,000 and new equity loan: $100,000 → Interest for $800,000 will be allowed (Limit was $1 Million) but interest for $100,000 will not
  • Re-Finance: new loan should not be over the existing balance in order to deduct interests
    Exiting loan balance: $300,000 and need $100,000 more ($400,000 Re-Finance) → Only interest for $300,000 will be allowed

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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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