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Weekly News (October 31, 2018)

1. “Kimchi Mama” in Palisades Park Grand Opening

  • Opened on 10/27 at 280 Broad Ave. (Former “Lune”)
  • They had run a successful store in Fair Lawn for 3 years
  • 2 story /total 150 seats and private room with 25- 60 seats
  • Hours: 11am- 10pm. Korean dishes, BBQ,  ice cream,  home made cake, coffee served

2. The builder, Fred Daibes (61) in Edgewater indicted by Federal Grand Jury

  • He and CFO of Daibes Enterprises were charged for conspiracy of circumvent lending limits set by Mariner’s bank
  • He was a founder of the Mariner’s bank/ Daibes Enterprises built several large development including St. Moritz (100 Daibes Court) which was sold at $120M in 2014 and 3 months later he was beaten and robbed in his apartment in the building
  • They issued a false certification describing profitability of 2 gas stations and pledged as collateral after purchasing gas stations from Daibes
  • Other charges to misapply bank funds
  • If convicted, they will be facing 5 year in prison and $250K fine for conspiracy and false entries. Also they will be facing 30 year I prison and $1M fine for misapplying bank funds and making false entries to deceive a financial institution and FDIC

3. Korean owner purchased a building (TGIF) in Time Square, Manhattan

  • According to Real Deal, “The Montague-Lee Limited Partnership” (Owner, E.K Lee) purchased the building in Time Square at $22.5M
  • 147-149 West 46th st. /total 10,900sf /tenants: TGIF, Michiko Rehearsal Studio, Music instrument store
  • He owns other buildings: Citibank building (22 W 32nd st), Manhattan H mart building (38 W 32nd st), former Seoul Garden building (34 W 32nd St)

4. Chinese investor purchased an apartment building with warehouse at $10.25M 

  • 28-08, 28-10 38th Ave. LIC
  • 2 x 3 story apartment buildings (35,000sf) and warehouse (13,000sf)
  • Purchase price is $500K higher than listing price
  • Buyer is iCross Fund

5. Flatbush, Brooklyn is troubled with bedbugs problem

  • 18 complaints reported out of 1000 household for 5 years
  • 17 complaints in East Harlem (Morrisaina, Tremont, Wakefield in Bronx → same level)
  • NYC issued 2,033 bedbugs tickets till 8/31 2018 (2,938 tickets in 2016)

6. 71 year historical Liquor store in Queens owned by Korean

  • Biggest Liquor store in Queens,”Leiser’s Wine & Liquor” ( 41-30 162nd st.)
  • Buyer: 162 Sanford LLC (Korean owned developer)
  • Building and store (business) at $12M. (lot size: 10,000sf: basement and 1st floor, parking)
  • Liquor store opened in 1947 → running by 3 generations/ holds 4500 kinds of liquor items

7. RE Market in Dallas, TX next year looks bright

  • According to “Real Deal”, PWC and ULI (Urban Land Institute) reported Dallas is ranked #1 as Hot RE market of the year (Dallas was ranked #5 last year)
  • Dallas is good for younger population influx (140,000 last year), new high-tech start-ups
  • Ranking #2 is Brooklyn →  price went up already, but still space for growth
  • #3: Raleigh /Durham NC, #4: Orlando, FL
  • #32: Manhattan, NY. #27: Queens/Bronx/Staten Island
  • Chicago is ranked #49 (7 level dropped from last year, 30 level dropped from 2 year ago)
  • In general, NE and South look good, Mid-North and West look not good
  • The report has been for 40 years (2400 professionals interviewed for 79 areas)

8. Korean Foreign Students grew to 96,000 in 2017

  • According to SEVIS, Korean students increased by 17% from last year ago (71,206) to 95,701
  • Korean students showed visible decrease for last 3 years (70,000 level in 2016)
  • #1 → Chines students: 481,106 / #2 → India: 249,763 / #3 → Korean students
  • 9th-12th graders : Chinese → 45,573 / Korean → 6,842.
  • STEM area OPT: India → 50,507 / Chinese → 21,705 / Korean → 1,670
  • Companies for STEM OPT students: Amazon (2,393), Google (1,143), Intel (1,139)
  • Total foreign student (F-1 visa) in US → 1,591,070

9. Why truly is house inventory low?

  • During 10 years of recovery, for first 5 years, RE market for most of area were recovered ← many investors purchased and turned to rental houses from 2013
  • According to Redfin, new listing s reduced by 30% in 2013 ← REO properties reduced sharply. Biggest drop in San Jose, Denver, Phoenix, etc
  • Investors purchased and made them to rental housesà 46% inventory reduction in major 23 cities (reason is high rent income for investors)
  • If rent starts going down, large numbers of house can be on the market
  • RE market recovery from 2012 is not because of US economy recovery and natural increased demand, but because of price increase due to imbalance of supply and demand

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Stephen Lee

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