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Weekly News (October 17, 2018)

1. 42 Story rental complex will be built near U.N. Building

  • Luxury rental apartment “Summit New York” : 2 blocks from U.N. building
  • Total 429 units /studio, 1, 2 bedroom, and 3 bedroom penthouse
  • Entire glass wall from floor to ceiling
  • Rent: 1 bedroom → from $4,500 /2 bedroom → from $7,700 / 3 bedroom penthouse → $30,000
  • Marketed by Elliman. (1st month rent is free)

2. 7 Story medical building will be built in Flushing, Queens

  • 130-10 Avery Ave, Flushing /80 feet, 7 story
  • Near Flushing Meadows Corona Park & 10 blocks away from Main Street station of 7 subway
  • Total 64,500 sf (40,400 st above ground /13,000 sf under ground: retail spaces)
  • Developed by Avery Group /designed by Michael Kang (Korean)
  • Currently vacant lot

3. “Central Park Tower” in Manhattan starts pre-sale

  • 217 West 57th developed by Extell, one month after launching “Billionaire’s row at 111 West 57th
  • Total 179 units /1,550 ft high /cost: $4B → tallest residential building in NY
  • Price: cheapest unit: $1.542M for 569 sf studio ~ $95M for 4bedroom (8000 sf with 2000 sf terrace) unit /penthouse (16,000 sf) is not listed – no price information available (comparable: 11,000 sf unit at 220 Central Park south is rumored to ask $250M)
  • Over 26 units in the condo will ask over $9000/sf (average price → $7,106/sf)
  • Marketed by Extell’s in-house marketing team

4. “Cyber Security Center” will be opened in Manhattan,  NY

  • According to NYCEDC, it will open the center at 17th St and 7th avenue in SOHO
  • The global security center will provide space for related start-up biz, seminars, events
  • The purpose is to re-enforce global cyber security → might create about 10,000 jobs
  • Sources for center establishment → tax money:$30M, organization /individual investment:$70M → total $100M cost
  • In 2017, 3.8B internet users got cyber-attack world wide → one attack every 40 seconds

5. House price went down in Scarsdale & Edgemont, NY

  • In Scarsdale, average income is $220,000 to buy average price house → 6 ranking in US
  • Scarsdale: not too much change in number of sales (in 3rd quater, listing 87 → 92), but price went down ($1.6M → $1.4M: 11.88% down) listing period:16% longer
  • Edgemont: listing 32 → 42/ sales: 46 → 66 / price: $990K → $890K (11.88% down). listing period: 16% longer
  • So, 3rd quater: listing period → longer /price → down /sales → increased because of good school district

6.US Economy is going through inflection point

  • Bob Prince, CIO of hedge fund, “Bridge Water” interviewed with Financial Times
  • Optimism for future improvement of corporation performance → stocks booming
  • Now US economy reaches at the inflection point: hot season → normal
  • In this year, higher interest rates à impact stock market negatively / frequent interests rate increase → slowing economy growth
  • Fed Reserve will increase Ref IR one more time in Dec this year

7. Mortgage interest rate is highest point since 2011, for last 7 years

  • According to Freddie Mac, 30 Year fixed → 9%
  • Last week, 0.19% jumped up from 4.71% → biggest jump during last 2 years
  • Except those with high credit scores, home buyers already pay higher than 5%
  • Average $240,000 house → pays $150 /month more than 1 year ago
  • Reason: 10 Year US treasury bond rate → 15% (possibly it will be over 4%)

8. Newark, NJ still has a chance to be Amazon’s 2nd HQ

  • Chicago, Miami, W. DC and Newark could be winner among Amazon’s final list of final 20 cities (original contenders: 238 cities)
  • Newark’s strong points: proximity to Manhattan, transportation hub at lower cost, internationl air port, major sea port, advanced fiber optic network, colleges in NJ and NY
  • Investing society → Newark is underdog → boost corporation’s social responsibility ranking  could be wining advantage
  • Summed up with 5 D’s: Data infrastructure, Destination, Diversity, Development opportunity, Destiny

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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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