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Weekly News (October 23, 2019)

This week’s Interest Rate (42nd Week)

30 Y Rate: 3.750%/ 15 Year Rate:3.375%/ 10 Y Treasury: 1.743%/  Prime Rate:5.00%
Ref IR: 1.75- 2.00%

 

In Edgewater, NJ, apartment construction is under debate in town

(The  Korea Daily  10/22)

  • The developer, Daibes Enterprises is planning a 15 story apartment complex where there is the existing 2 story office building at 1000 Portside Dr. he new apartment complex will have 91 units with 80 parking spaces.
  • Residents in Mariners Landing Community are opposing the plan because it will block their views.  They are demonstrating their view at the zoning board meeting.
  • The town mentioned that the developer satisfied all the zoning regulation.
  • Recently more condo and apartment projects are expected to move in along with the Hudson River.
  • Since 2016, the town has allowed only residential complex while no commercial office buildings are allowed.

 

“Hudson Yard” in Manhattan becomes the most expensive place in NYC 

(The  Korea Daily  10/23)

  • So far, Tribeca & Hudson Square, etc area were known as high valued area. Recently Hudson Yard area becomes well- known for tourism, business, and luxury residential place in Manhattan.  Total development cost is about $25B.
  • According to Property Shock, the median price in Hudson Yard was over $5M in 3rgd Qt, 2019 while Tribeca’s median price was $2.4M, Hudson Square’s median price was $2.3M, Little Italy’s median price was $2.1M, and SoHo’s median price was $2M.
  • Hudson Yard project was opened in May, 2019 and this record shows this are is truly booming for high end real estate place which becomes another legendary.

 

Korean Food Court in Time Square, Manhattan are leased out/decided 60%

(  Stephen Lee/Jason Shim  10/20)

  • KFF (President: Choi, KyungLim) has leased out 23,000 sf space at 218 W 40th St and will open high end Korean Food Court with 16 booths.  According to broker of the tenant KFF, about 60% has been determined/leased out at this moment.
  • KFF’s plan is to make this place another land mark for distinctive Korean food.

 

Softbank might invest additional $4-$5B to WeWork to control the sinking ship

(The Korea Daily  10/23)

  • According to someone at CNBC, Softbank (President: 손정의) is planning to provide financial help of $4B – $5Band one of top executives of Softbank will join the WeWork management.  The recent accessed value of WeWork is $8B while it was $47B at one time in the peak time, and IPO is postponed indefinitely.
  • Currently WeWork operates 528 rental properties in 111 cities worldwide.
  • In Korea, there are 19 We Work office buildings.

 

Residential Foreclosure hit the lowest point in last 14 years

     (The  Korea Daily  10/22)

  • For last 3 month : July, August, September, residential foreclosure is lowest in 14 year to 143,105 which was reduced by 19% from the last year, and it was reduced by 49%, compare to average 278,912 foreclosures per quarter between 1st Qt, 2006 and 3rd Qt, 2007.
  • In 3rd Qt, foreclosures in Delaware was 1 out of 415, New Jersey was 1 out 436, Illinois was 1 out 517, Florida was 1 out 577, and California was 1 out 1147.

 

House Price peak is over and will keep it stable

(The Korea Daily 10/21)

  • Appreciation of house price is hard to seek, but rental income is stable.  Usually house price down is shown in high-tech, IT towns first, but house price peaking off happens non-IT area recently such as Los Angeles.  Investors might have to look for different area: Florida, Arizona, Nevada, Texas, etc.
  • Most experts forecast that RE market will have mild recession, but not financial crises.

 

Facebook offers $1B to aid housing affordability in California

(The NYT  10/23)

  • Facebook is not leaving their home town and they decided to pledged $1B for addressing the dire housing affordability problems that have afflicted tech centers around country.  The $1B package will provide grants, loans and land toward easing California’s severe crunch by building an estimated 20,000 housing units for middle- and low-income households.
  • In June, Google pledges $1B for similar efforts in California and KS did $500M toward affordable housing in Seattle in January.

 

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Stephen Lee

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