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Weekly News (September 6, 2017)

1. ‘Flushing Commons’ in Flushing, NY completed 98% for 1st Phase

  • Residential project (17 Stories) is completed almost at 138-35 39th Ave, Flushing
  • At 16th floor, Penthouse (1,588 SF, 3BR,3Bath) will go for $1,998,000
  • Developers: F&C Group, Rockefeller Group, AECOM Capital
  • 1st Phase consists of 17 story mixed building (14 floors: Residential) and 12 story Office Condo (38-08 Union St)
  • 2nd Phase consists of 600 units of restaurant, various shops in 1.8 Acre outside plaza, office, etc. 62,000 SF indoor swimming pool, basketball court, fitness center
  • 2nd Phase will be completed 2021

2. Mickel family house demolition triggers a battle between Fort Lee and Leonia 

  • Mickel Family house: 608 Fort Lee Rd, Leonia = 608 Main St, Fort Lee
  • Split by two towns: 0.086 Acre to Leonia / 0.072 Acre to Fort Lee
  • A Fort Lee developer has demolished the house a month ago → Leonia said it is illegal permit, claiming entire structure stood in Leonia and illegally encroaching into the borough by Leonia Mayor Judah Zeigler. Leonia was never notified or asked for permission
  • The developer: Border Development is partnership of Vincent Lupino, Russell Lupino, RVN Development LLC, and Lexington Edgewater LLC. (Paramus Mayor Richard LaBarbiera is a managing member of RVN/ Paul Kaufman, former mayor of Leonia, is a managing member of Lexington Edgewater LLC)
  • The plan to build a 6 story, 59 unit residential building

3. Wells Fargo accused of new consumer lawsuit

  • Claim: customers victimized by bank’s latest rip off: A system that gorged borrowers with improper fees to complete mortgage process → Intentional fee charges for extending Mortgage lock period
  • On top of a former charges: creating 3.5 Million false accounts
  • CFPB is investigating mortgage-fee charges of Wells Fargo

4. Experts forecast Ref IR raise this December 

  • Still income growth is slow pace, but they will raise Ref IR
  • UE rate: 4.3% → 4%
  • Income growth: 2.5% Up CMT a year ago, but no change from last month
  • Investors might be different opinion

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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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