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Weekly News (October 30, 2019)

This week’s Interest Rate (43rd Week)

  30 Y Rate: 3.750%/ 15 Year Rate:3.375%/ 10 Y Treasury: 1.833%/  Prime Rate:5.00%
Ref IR: 1.75- 2.00%

 

“Edge” observation deck in Hudson Yard will open 3/11/2020

( The Korea Times 10/29)

  • The height is 1131 ft and located at 100th floor of the building and it’s protruding feature out of the building is unique.  The bottom of the deck is sold glass floor.  It’s view includes Manhattan streets, Hudson River, Verrazano Bridge, and Atlantic ocean.
  • The ticket can be purchased via on-line (edgenyc.com) : $36 for age of 13-61, $31 for age of 6-12, and $34 for seniors.

 

NJ State has decided to use $500M for fixing water line due to lead components

(The  Korea Daily  10/29)

  • By issuing state treasury bond, the state will use $500M to renovate water lines in order to reduce lead component in the water system, but the president of state senate Stephen Sweeny said it is far short to do the right job and he added it requires $2B to complete the job completely.
  • The Governor Murphy mentioned that water company should be able to take care of necessary funds by increasing water charge.

 

Upscale Eyewear designer signed up the lease on 33rd St, Manhattan at $65/sf 

(The NYT  10/30)

  • Genesis International signed 2 year lease for a 507 sf in a building (13 story, 319,000 sf, constructed in 1914) in Koreatown known as the Fashion Accessories Center.
  • The building is at 10 West 33rd St between Fifth Ave and Ave of America. The building houses various fashion brands, two restaurants and a post office.

 

Real Estate Market is expected to be “Goldilocks” with lower interests rate

     (The  Korea Times: Joon Choi  10/26)

  • In August, new home building was highest period after May 2007.
  • In general, the situation that over all economy is not bad and expenses does not shrink, and additionally interest rates came down makes residential market “Goldilocks”.  If residential market is booming, it will affect positively construction, financing, retails.
  • Last time lowering FRR on Oct was done for the purpose of stimulating residential market which will affect positively manufacturing and investment.
  • That indicates lowering FRR and therefore stimulating residential market can be used to prevent recession of economy.
  • When lowering mortgage interest rates at the end of Sep, mortgage application was increased by 9% for that week. According to Atom Data, lowering mortgage rates at the end of Sep has created $50,000 worth of buying power.
  • However, opposite effect cannot be ignored: concerns on global economy makes business owners mentality negative and trade war makes construction material cost increased which can make residential buyer negative.
  • According to Fannie Mae recent survey, 28% answered it is good time to buy and 44% answered it is good time to sell.

 

ADM in East Rutherford offers intro rate for Nickelodeon Universe for 2 weeks

(The Record   10/30)

  • ADM partially opened on 10/25(Fri) and introduces some discount offer for entrance fee.  Staring 11/15, the price for all access pass(taller than 48 inches) will go from $49.99 to $79.99.  For small kids the fee will go from $39.99 to 59.99.
  • Parking fee is free up to 30 min, $3 up to 3 hours, $4 up to 5 hours, $5 up to 7 hours, $6 up to 8 hours, and $25 for all day parking.
  • Email: zuritaa@northjersey.com  Twitter:@AnthonyRZurita

 

Forever 21 situation shows limitation of management skill

(The  Korea Daily  10/29)

  • NYT reports the reason of its giant’s failure:  1.  Insular management style of owner.  2. No proper Board of Directors to check reality.  3. No asset management annalist.  The report points out that multiple super-size store opening is biggest mistake, which was owner Mr. Jang’s dream.  Mr. Jang has been involved in every details of interior of each store up until opening 500 stores.
  • The company did not pursue IPO, different form other competitors.
  • 99% of Forever 21 stocks is owned by owner family and 1% is owned by president Ok.
  • Jang is CEO, the elder daughter Linda Jang is vice president and Esther Jang, second daughter is vice president of procurement.

 

The market share of SamSung appliances is #1 in 3rd Qt in US. 

(The Korea Times 10/29)

  • SamSung brand for each Washer, Dryer, Refrigerator takes the top market share which is 20.2% in US for 3rd Qt, according to Trackline.  They has kept #1 since 2017 for annual record, and has kept #1 in all quarters this year.
  • The market share for Refrigerator continues #1 record for consecutive 14 quarters which is significant achievement.  It is a proof that SamSung is following up the customer’s trend and trying hard to satisfying customer’s need continually.

 


 

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Stephen Lee

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