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Weekly News (September 27, 2017)

1. MoMA (Museum of Modern Art) → New Landmark 

  • ‘MoMA Tower’ at 53 West 53rd St
  • Architect, Jean Nouvel (72) designed. 1033 FT / Diagrid Method used.
  • 1st ~5th FL → Museum / Up 82nd floor → Condo(1 ~5 Beds, full floor APT, duplex penthouse)
  • Will completed in end of 2018 / move-in will be 2nd half of 2019

2. Cornell University Tech Center opens at Roosevelt Islands in NYC on 9/13/2017 

  • At South of the islands : 2 Million SF / Cost: $2 Billion (Began construction in 2011)
  • 1400 Solar panels & Geothermal electricity
  • The project was approved in Bloomberg era
  • 2800 science / Engineering Graduate students and facilities capacity

3. Korea Town (32nd St) in Manhattan is being changed

  • Since 1980’s, 1st Retail stores are major business district (Foot traffic) for 30 years
  • F&B business (Food and Beverage) is looking into 2nd
  • According to PD Properties, 2nd floor stores are 15 stores on 32nd St between Broad Way and 5th Ave. Among them, 7 are F&B stores (1st / 2nd floor stores are 22 / 12 stores are F&B)
  • 2nd Floor Retail business → Unique situation in 32nd St
  • 1st floor rent → $120 ~ $150 / FT (Center location: $250 / SF → Doubled since 7 years ago) If lease premium calculated, $250 ~ $300 / SF
  • Gamiok moved to 2nd Floor in 2015 → Survived
  • WooChon(2011), NewYork GomTang(2013), GumKangSan(2015), KangSuhHoiKwang(2017) closed down

4. Korean population: 2.492 Million in US

  • As of 12/31/2016, total Korean population → $250 Million
  • Citizens: 58.4% / Temp residence: 21.9% / Permanent residence: 16.7% / Foreign Student: 2.9%
  • If illegal immigrants included → Total 2.7 Million
  • Korean population:b1.1% Up for last 2 years
  • NY State: 209,981 / NJ State: 147,646 / PA: 66,354 / CT: 19,104 / Delaware: 4,108
  • In NY, Asian increased in Long Islands: 21% Up for last 6 years (Spanish: 16% Up) (White: 84.1% in 1990 → 64.7% in 2016)

5. Housing starts fall for second month

  • Home builder slowed their pace of construction by 0.8% in August, the 2nd straight monthly decline
  • Steep drop in multifamily construction ←→ Slight gain in single family
  • Builder faces two issues: 1. Lack skilled workers, 2. Rising land cost
  • ‘Harvey’ and ‘Irma’ hit the area representing 13% of US home construction → will affect on the coming months
  • 8% drop in August for groundbreaking for multifamily (APT) → Builder expect that more people shift out of apartment to single family homes (Millennial generation begins to have children)
  • Existing home for sale dropped by 9% to 1.92 Million for last 12 months → Low inventory
  • So far this year home construction rose only 2.7% year to date, down from 5.6% gain for all 2016

6. US Middle class had highest average income level

  • In 2016, Median Income $59,039 → broke the record in 1999 ($58,655)
  • Poverty level: 12.7% (Lowest since 2007)
  • People without health insurance for a whole year→ 8.8%: lowest in history
  • Income increase between 2014 ~ 2016 is bigger than any 2 years’ increase since 1960 → Obama era’s policy really worked, according to Financial Insight

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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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