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Weekly News (May 24, 2017)

1. ADM (American Dream Meadowlands) project is too big to fail 

  • On 5/19 (Fri) Triple Five announced closing of $1.6 Billion  construction loan and will open March 2019 (‘Xanadu’ project began in 2003)
  • Triple Five’s vision is big: Indoor water park and amusement park, indoor ski slope, high-end shopping, etc.
  • Too big not to complete, too big to be successful, we don’t know
  • Finishing and opening ADM is the best option for the region after 14 years

2. NYC is booming construction projects 

  • According to NYBC (New York Building Congress), Construction expenses → $42.4 Billion: highest in history → Ripple effect to economy: $66.3 Billion (Architect, Engineering, Law, etc.)
  • Non-residential (Office / Shopping mall) sector → $17.1 Billion: Highest / Government project sector → $12.7 Billion / Residential sector → $12.6 Billion
  • Construction expense: $1 → Ripple effect: $0.56

3. LIC (Long Islands City, NY) built highest number of Apartment units in US

  • Between 2010 ~ 2016 LIC built 12,533 units in 41 buildings
  • LIC was suburban area about 10 years ago → Merit of location was re-focused after financial crises
  • 2nd is Los Angeles, CA → 7,551 units in 35 buildings / 5th is Williamsburg in Brooklyn →5,269 units in 29 buildings / 8th is Downtown in Brooklyn → 3,851 in 13 buildings

4. Most popular condo in New York City is in Queens ( 1st QT 2017)

  • ‘The Grand at Sky View Parc’  near 7 Subway station (131-06 40th Rd)
  • Total 750 units mixed building → Total 95 units sold in 1QT:  Median price: $722,691
  • 785,000 SF shopping center
  • 7 Acre Roof top park holds Pool, Basket ball court, Tennis court, Spa & health club (‘Grand Club’)

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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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