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Weekly News (November 27, 2019)

This week’s Interest Rate (47th Week)

30 Y Rate: 3.620%/ 15 Year Rate:3.125%/ 10 Y Treasury: 1.745%/  Prime Rate:4.75%
Ref IR: 1.50- 1.75%

 

Toys R Us is back in Northern New Jersey

(The  Record  11/27)

  • The beloved brand is opening first new US retail store since liquidation in Garden State Plaza on Wednesday(11/27), right before Thanksgiving Day.
  • The new store, a highly experiential small-format retail store is located on the second level of the mall next to the AMC movie theater.
  • Another store will be opened at Simon Property Group’s The Galleria in Houston this month.
  • The new company announced in July that is partnered with b8ta, a software-powered experiential retailer to launch a new kind of Toys R Us store by this year holiday season.

 

Asian were treated unfairly by Real Estate Agents in Long Island, NY

(The Korea Daily/Time  11/22)

  • Accordingly Newsday, 19% of home buyers were treated unfairly by local real estate agents. Further, 39% of Hispanic and 49% of African American were treated with discrimination. The Newsday has used 25 minority “tester” buyers toward 93 real estate agents.
  • Those issues include limited presenting listings & showing for some ethnic group, different comments of certain area depending on race.
  • The Governor Cuomo has acknowledged there are discriminatory acts of real estate agents and has ordered a big scale of investigation for discriminatory behavior.  Also the state government has initiated social campaign against discrimination for real estate market and prepared Hot Line (844 862 8703) for reporting discriminatory acts.

 

Facebook will move into Hudson Yard, Manhattan

(The  Korea Times  11/25)

  • According to Property Shark, 1.5M sf Facebook office will be opened in Hudson Yard in 2022.  3 different locations: 1.2M sf at 50 Hudson Yard, 265,000 sf at 30 Hudson Yard, 57,000 sf at 55 Hudson Yard respectively.
  • 7 Train will have the final terminal at Hudson Yard.

 

Real Estate sales were very active in Scarsdale in Westchester county, NY

(The  Korea Times 11/26)

  • According to town website, sold houses were 207 in 3rd Qt in 2019 while it was 177 same time a year ago.  Average house price has been lowered by 8.2% : 2018 average house price was $1,525,000 and this year average house price is $1,400,000.
  • Young and able buyers who were concerned on high tax are moving into as house price lowered and the area becomes popular for more younger generation with substantial incomes.

 

New Garment District is established in Brooklyn, NY

(The  Korea Daily 11/22)

  • NYCEDC has announced rendering sketchy and plan of “MiNY Campus” ( Made In NY) in Sunset Valley, Brooklyn, which is new garment district.
  • NYCEDC is trying to re-vitalize garment industry transferred from Manhattan to Brooklyn by modernizing factory process and support them financially.
  • The complex has a total of 40,000 sf and the rent will be $16-25/sf for 5 to 10 years. It is used to Amy terminal, and they will open on Spring in 2021.

 

NYCEDC will make new Sea Port Terminal in Hunts Point, Bronx 

(The Korea Daily  11/22)

  • The corporation will spend $25M to construction a sea port terminal in order to make possible for container barge to unload cargo.
  • Hunts Point is 400,000 sf complex and is a major hub for transportation and distribution for produce, fruits, fish, meats, and imported goods from 50 different countries world wide.

 

Lash L’Amour get $65/sf lease at 32nd St, K Town for 800 sf space

(The NYT  11/27)

  • A custom eyelash extension company signed a lease for an 800 sf space in K Town at 39 W 32nd St, Manhattan.  They will use the space at 3rd floor as their office.  Other tenants in the building, 16 story, built in 1912, include a hair salon, a jewelry store.

 

M Generation is tough to prepare down payment for own home

     (The  Korea Times 11/25)

  • According to Aparetmentstreet.com, 79% of M Gen are not prepared financially for the down payment to purchase own home.  42% of wanna be home owners could not even start the saving for their homes.  21% of M Gen have burden with education loan and credit cards and they could do saving of that much if they do not have those burden.
  • Mainly two reasons:  1. High price of homes Low inventory in the market.
  • 14% of M Gen does not want to buy homes and want rent home permanently.
  • Forbes magazine mentioned that rent market for investors continues to be strong.

 

US Home price rise 2.1% from year ago in September

( The  Record  11/27)

  • US Home price increased modestly by 2.1% in September from a year ago, as roughly seven years of rising home values have hurt affordability.  It was up by 0.1% from last month while it was 2% in August.
  • Prices have so outpaced wage growth that the market is now constrained as home values have tumbled 0.7% in San Francisco and increased just about 0.8% in New York and 1.7% in Seattle.
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Stephen Lee

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