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Weekly News (April 29, 2020)

This week’s Interest Rate (18th Week)

(Fairway Asset Corp.)

 30 Y Rate: 3.375%/ 15 Year Rate:2.99%/ 10 Y Treasury: 0.549%/  FHA:3.490%
 Prime Rate:3.0% / Ref IR: 0.00- 0.25%

Conventional rates are getting better, but Government loans(FHA,VA, USDA) still have difficulties.

 

Investigation started on Unfair PPP Approval

(The Korea Times  4/28, 4/29)

  • The Democrats initiated SBA to begin the investigation on wrongly distributed PPP funds to rich and big corporation who are not qualified, and Treasury Department ordered to return the fund by 5/7.
  • Also they requested to SBA to come up with the detail and fair guidelines for small and medium companies who got real impact by the Pandemic by 5/8.
  • The secretary of Treasury, Steven Mnuchin announced that companies who received over $2M will be investigated and it will be criminally charged if false documentation is found.

 

New Jersey is planning reopening with multiple step

(The  Korea Daily 4/28)

  • The Governor Phil Murphy announced NJ reopening will begin if  1. Positives and Hospital admission reduced for 14 consecutive days  2. Daily tests doubles  3. Manpower to trace positive’s contact points  4. Securing positives isolation facilities  5. Restart and Recovery Commission’s detailed plan and strategy.
  • NJ Positives are 113,856 and death toll is 6,442.

 

Security Deposit can be used for rent in NJ

( The Korea  Times   4/27)

  • The Governor Phil Murphy announced his executive order that security deposit can be allowed to use as rent under the Pandemic situation if tenant request.
  • However, the governor did not allow free rent payment while some people are urging the order.

 

In New Jersey, Tax payment can be delayed till 6/1

( The Korea Times  4/29)

  • The NJ Governor Phil Murphy issued the executive order that each town is allowed to delay 5/1 tax payment due till 6/1.
  • Before this order, towns such as Fort Lee, Palisades Park, Ridgefield has started the delay payment.  The Governor was not aggressive on this issue.

 

CVS, Walgreen in NJ are expanding  free Coronavirus tests

( The  Record  4/29)

  • CVS Health announced on Monday (4/27) that starting in May, it will offer self-swab tests to individual meeting CDC and Prevention criteria. The move comes in additional to large–scale testing the company has been offering at some locations in five states since March.
  • Patients will schedule tests inline and will be tested in CVS parking lots or drive-thru windows.
  • Walgreens already has 18 drive-thru testing sites in 11 states and said it would focus its efforts on improving access to testing in undeserved communities.

 

Real Estate Execs will help Cuomo reopen New York

(Jason Shim  from TRD  4/28)

  • Scott Rechler of RXR Realty, James Whelan of REBNY, Bill Rudin of Rudin Management, Rob Speyer of Tishman Speyer and Jonathan Gray of Blackstone are joined New York Forward Re-opening Advisory Board with Cuomo.
  • The REBNY, whose members include the city’s foremost owners of office buildings, is already working with Cuomo on a plan to reopen NYC.  The lobby group is working with Cuomo to determine what percentage of the workforce will initially be allowed to return to work and what levels density are appropriate in buildings.

 

Vacant building at Bronx sold at $23.7M ($601/sf) 

(The NYT  4/29)

  • This vacant 39,426 sf building at 1407-2413 3rd Ave, Bronx between 134th St and the Harlem River in Mott Haven was built in 1931.  A five story building, it last changed hands in 2016.  The buyer, RXR Realty plans to build 25-story residential building on the property.

 

Simon Property Group with 49 Shopping Malls plans to re-open in 10 states

(The NYT  4/29)

  • They are re-opening their 49 shopping malls on Friday (5/1).  Security officers and employees will actively remind and encourage shoppers to maintain a proper distance from others and restrain from shopping in group.
  • Food court seating will be spaced to encourage social distance, and reusable trays will be banished.  Play area and drinking fountains will be temporally closed, mall-provided strollers won’t be available and, in restrooms, every other sink and urinal will be taped off. Regular audio announcement will be made to remind shoppers of their part in maintaining  a safe environment for everyone.

 

Full Economic Recovery in NY State will take 3 years 

( The Korea Daily  4/28)

  • NY is the worst state for the damage by the Coronavirus Pandemic and the full recovery of the state economy will take 3 years which is 1st Qt of 2023, according to Boston Consulting Company.  The company projected March and April was the worst and May and June will be inflection period, and it enters to recovery cycle from July.
  • In this report, the coronavirus will create GDP decrease of 14% while 9/11 and 2008 financial crises created 2% and 10% GDP decrease respectively.
  • The Governor planed the 2020-2021 budget of $177B, but he will face the shortage of $10B- $13B if there is np support from federal government.
  • Especially NYC will have to cut school budget by about 20% if there is no support from the state.

 


 

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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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