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Weekly News (September 13, 2017)

1. ‘Restaurant Week’ in Fort Lee, NJ this week

  • 9/14 (Thursday) ~ 9/17 (Sunday)
  • 54 Restaurants will be participated (13 Korean owned Restaurant)
  • Organized by Alliance of Fort Lee
  • Up to 40% discount with coupon for lunch and dinner
  • For coupons at www.bdaftlee.com/flrw

2. ‘New Millennium Bank’ opens at Palisades Park Branch office, NJ

  • Opening ceremony on 9/12 at 136 Broad Ave, Palisades Park, NJ (Former Hana Bank)
  • Branch Manger: Soon Yi Lee

3. High credited teachers concentrated to Tenafly, NJ

  • Highest level teachers: 18.4% in Leonia / 74.4% in Tenafly / 20.2% in Palisades Park
    27.3% in Ridgefield / 59.4% in Closter  / 75 % in Englewood Cliffs
    61.5% in Northern Valley Regional High School
  • 4 levels: Highest, Good, Standard, Poor (Most teachers are Highest and Good)
  • Fort Lee: 17.7% in 2015 → 2% in 2016
  • NJ State: 23.4 % in 2014 → 33% in 2015 → 38% in 2016 : Improving

4. Hotel Pierre in Manhattan, Triplex Penthouse co-op Unit sold at $44 Million 

  • 2 E 61st Street, Manhattan The unit takes up 41st ~ 43rd 16 rooms / 5 bedrooms / 7 bath / Living room was used a ball room for the hotel before
  • At 42nd St floor has outside terrace provides view for Central Park, Hudson River, East River
  • Monthly maintenance fee: $51,840
  • Martin Zweig purchased at $21.5 Million in 1999/ He died in 2013 → His wife listed at $125 Million
  • A few time price dropped: $63 Million in 2015 → dropped to $57 Million → Sold at $44 Million by cash ( the co-op allows only cash deal)

5. ‘Gateway’ Project is getting momentum 

  • Trump had a meeting with NY, NJ mayors on 9/7
  • Hudson River Tunnel is 107 years old /Sandy (2012) has damaged
  • $20 Billion cost is a dilemma (After Trump elected, the project was in slow mode)
  • Plan: Begin construction in 2019 and complete in 2026

6. Unlimited Development vs NIMBY: Right Urban Planning Policy?

  • Houston, TX : Disaster due to ‘Harvey’ VS San Francisco, CA: Not In My Back Yard
  • Houston: More damage due to Toxic materials from chemical factory underwater, water over the paved roads cannot find outlets: too easy development
  • San Francisco: NIMBY Phenomena / No new construction permits even though Silicon Valley booming → High housing price / High rent
  • Realtors should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of the ownership (quoted form Preamble of Code of Ethics)

7. Investment institution own more residential rental complex 

  • According to Harvard Joint Residential Research Center, Investment institution own 52.5% of total residential rental complex
  • Investment companies include Investment Co (LLC), Partnership, Real Estate Trust Co, Non-Profit Organization
  • Traditionally Mom and Pop investors own less than 4 units complex → More investment institution owners
  • For more than 25 units, dominantly investment institution owner
  • 25-49 units complex: Investment Institution owns 66% in 2001 → 81% in 2015.
  • Over 50 units complex: Investment Institution owners : 87% in 2001 → 92% in 2015
  • They purchase many default properties after financial crises → Good contribution, but some become bad landlord (too many evictions, for example)

8. ‘Equifax’ hacking leads to another fraud scheme

  • 140 Million customer credit / ID (DOB, SS#, Driver License #, Credit card)혻 info exposed by hacking
  • New fraud scheme developed → to verify customer’s info is stolen or not by phone calls
  • Verifying by yourself: equifaxsecurity2017.com → Need last name, last 6 digits of SS#

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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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