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Weekly News (September 26, 2018)

1. Hilton Teaneck Glenpoint will be opened at Glenpointe complex in Teaneck

  • Two hotels are connected in one building: The Hampton Inn & Suites Teaneck Glenpointe and the Homewood Suites by Hilton Teaneck Glenpointe
  • 15 story buildings with lobby, fitness center, pool on the first floor, parking on 2nd, 3rd, 4th suites/ standard hotel rooms on the 5th through 15th floor
  • Hampton inn has 190 rooms, 40 suites
  • Hoomwood Suites has 160 rooms
  • Adjacent bus stop takes hotel guests directly to and from the Port Authority terminal
  • Town will get $1.2M tax annually

2. Mayor Rotundo in Palisades Park troubled again with son’s promotion

  • His son is the town policeman
  • Town meeting on 9/25 will promote 3 policemen (mayor’s son will become lieutenant, One of his relatives will become captain) → suspicious nepotism
  • According to Jesse Wolosky, Rotundo’s family and relative → 16 in town government and total salary is about $800K annually→ possible reason of his loosing mayor pre-election in democrat
  • According to multiple sources in town government, Rotundo’s son is under investigation for 2 charges

3. New Condo → Pre-sale in Manhattan this month

  • East 85th street and park Ave) → part of Park avenue Christian Church building
  • “1010 Park Ave” condo: 11 unit /16 story
  • Developer extell planned 20 story, 17 units → NYC Landmark preserve Committee altered the plan
  • Price: $4000/sf → 40% higher then other condo around area
  • Extell forecasted easy selling due to the fact that other buildings are co-ops →11 units will be sold for 6 months
  • Renowned architects : Beyer Blinder Belle team

4. Korean restaurant “The Woo”(Former WooRaeOk) opens at SOHO, Manhattan 

  • Opens on 9/21 at 206 Spring st (WooRaeOk closed 7 years ago) after 1 year interior work
  • 7500 sf/ 250 seats /open kitchen style/15 year lease
  • New owner : Mrs. Choi’s (WooRaeOk owner) daughter (Juile Choi) and son-in-law
  • Julie Choi graduated Le Cordon Bleu London Culinary school and Swiss Rosen Hotel School
  • WooRaeOk opened in Mid-town in 1974→ moved to SOHO in 1999

5. Korean Investors started buying properties in London

  • Korean stock companies’ purchasing London office buildings hit the record
  • It will exceed Chinese investment soon
  • Total Korean investment will reach to $3.9B in London→ biggest foreign investor
  • The 3rd largest public fund in the world: Korean National Pension funds (국민연금) did biggest transaction in London in 2018à purchased Goldman Sacks HQ building at $1.52B
  • MiRae Asset DaeWoo ($446M, $324M), Korean Investment & Security ($262M)

6. Avgerage Credit Score (FICO) is improving to 704 in US

  • April 2017: 700 → improved by 4 points (October, 2009: 686)
  • Default rate for credit card and loan is dropped
  • In 1 QT 2018, $40B credit card debt was paid because of improving employment
  • FICO system: 300 ~ 850 (Excellent: over 800 /good:740-799 /fair:660-739)
  • 5 Criteria: 1.payemnt record:35%  2. credit utilization:30%  3.credit period: 15%  4. new credit account: 10%  5.creidt structure: 10%

7. Home prices rise, but at slow pace

  • Higher mortgage rates cool off potential buyers
  • S&P Core-Logic Case-Shiller index of 20 big city → increased by 5.9 in July from last year→ down from last month (6.4)
  • Sales of existing homes → 5% down in last 12 months
  • 30 year mortgage rate: 4.65% → 83% Up from last year

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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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