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Weekly News (November 14, 2018)

1. Korean Police in Palisades Park is promoted to Lieutenant

  • Shawn Lee is promoted to Lieutenant from Sergeant (2015)
  • First time Korean policeman becomes to high ranking officer
  • He started police job in 2000 in Palisades Park
  • He is the president of KABLE

2. NJ, Edgewater Multiplex theater was closed down on 11/13/2018

  • Due to not enough income after 15 year operation
  • Bow Tie Cinemas in Tenafly was closed down last month
  • Condo (apartment) development will be on Edgewater Multiplex lot

3. Google will expand it’s Manhattan operation

  • 12,000 work force will be added (currently 8000)
  • Google purchased a building in Chelsea area at $2.4B this year
  • Google will lease space in St, John’s terminal → will complete in 2022
  • Amazon was looking for 2nd QT openly, but Google did confidentially

4. “Amazon” decided two HQ2

  • Washington DC Crystal City (Arlington, VA, National Landing) & Queens LIC, Anable Basin (waterfront: 4M SF, cost $2.5B)
  • Newark and New Jersey offered $7B in the form of tax break, but bypassed in bid
  • Analysts predicted Amazon will not pick a “fixer-upper”, but a location that was more of a sure thing, and more conventional choice → Queens LIC
  • Amazon has 29 individual data centers in Northern, VA (Loudoun Co claims that 70% of global Internet traffic flows through it)
  • Newark/ New Jersey may not be getting HQ2, but the proximity to Queens means we are going to benefit (HQ2 will bring 25,000 jobs each cities)
  • But, objection is also strong around LIC  → uncovered negotiation, rent will jump up, traffic issue (Sunway 7), RE inquiry: sharply increase  → enlarge gap between low income and high income earners

5. LA and Orange County, CA have lower home owner’s rate  → 47.3%

  • Lowest rate among 73 big cities → 3% in 3rd Qt ( 2nd QT: 48.8%)
  • Highest rate  → Allentown, PA : 74.3% /Detroit: 74.2% /Cape Coral, FA: 72.3%
  • California State → 2% /New York State → 50.5% /Washington DC → 40.9%
  • LA and Orange Co: Before financial crisis (2005-2009) → 8% /2010 – 2018  → average 49.1%
  • Very low inventory in this area  → people started moving to “Inland Empire”
  • Inland Empire area → 7%
  • 3rd QT US home owner’s rate → 4%

6. “Lowes” will close down 20 stores in US

  • Manhattan store in 68th street was closed on 11/4/2018
  • It announced 20 stores in US and 31 stores in Canada will be closed by Feb 2019
  • The decision is based on strategy to improve profitability

7. Mortgage interest rate high /mortgage loan application low 

  • Lowest mortgage application in 4 years
  • According to MBA, last week application was dropped by 4% from last year sale time
  • Lowest point since December 2014
  • Reason → mortgage IR is increased.
  • Accordingly, Big banks cut off mortgage work forces (Wells Fargo cut 600/Chase cut 400 last month)

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Stephen Lee

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