Real Estate Weekly News

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...

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...

This week’s Interest Rate (41st week)  30 Y Rate: 3.750%/ 15 Year Rate: 3.375%/ 10 Y Treasury: 1.727%/  Prime Rate: 5.00% Ref IR: 1.75- 2.00%   Contaminated Earth (1000 C.Y.) in Edgewater will be removed from this week (The  Korea Daily 10/16) It will take 5 days to remove 1000 cubic yard contaminated earth and debris at the Quanta project area at 115 River Rd, Edgewater.  Every day...

This week’s Interest Rate (40th Week) 30 Y Rate: 3.625%/ 15 Year Rate:3.125%/ 10 Y Treasury: 1.551%/  Prime Rate:5.00% Ref IR: 1.75- 2.00%   New Jersey 300 school districts might be re-structured (The  Korea Times  10/9) The Governor Murphy announced that $10 M budget will be used to lead the New Efficiency Achievement Program (LEAP).  A part of this budget, $2 M might be dedicated to...

This week’s Interest Rate (39th week) 30 Y Rate: 3.750%/ 15 Year Rate:3.375%/ 10 Y Treasury: 1.635%/  Prime Rate:5.00% Ref IR: 1.75- 2.00%   Pavement on 32nd street, Manhattan will be re-done  (The Korea Daily  9/30) K Town Chamber of Commerce and New York Korean Association had a meeting with Corey Johnson, speaker of NYC Council and Keith Powers (Dem. 4 District) to discuss the...

This week’s Interest Rate 30 Y Rate: 3.750%/ 15 Year Rate:3.375%/ 10 Y Treasury: 1.652%/  Prime Rate:5.00% Ref IR: 1.75- 2.00%   FOMC meeting decided to lower FRR by 0.25% to 1.75%-2.00% on 18th (The  Korea Times   9/19) Powel, Chairperson at FOMC mentioned the lowering FRR this time was to buy a kind of insurance for the economy which is exposed to some degree of danger.  FOMC believes...

This week’s Interest Rate      30 Y Rate: 3.875%/  15 Year Rate:3.500%/ 10 Y Treasury: 1.808%/  Prime Rate:5.25% Ref IR: 2.00- 2.25%   Northern New Jersey towns got sharp property tax increase for last 10 years (The  Korea Times  9/18) According to APP, Englewood Cliffs tax is up by 56.3% for last 10 years.  2017 current average tax is $12,850 while it was $8,219 in 2007.  Fort Lee...

This week’s Interest Rate    30 Y Rate: 3.625%/  15 Year Rate:3.125%/ 10 Y Treasury: 1.628%/  Prime Rate:5.25% Ref IR: 2.00- 2.25%   6 new apartment buildings, total 1200 units, will be developed in Teaneck, NJ (The  Korea Times   9/7) According to the Record on 6th, 600 units apartment building will be constructed on State Street in Teaneck.  Also 36 units of mixed use building and...

This week’s Interest Rate 30 Y Rate: 3.5%/  15 Year Rate:3.125%/ 10 Y Treasury: 1.462%/  Prime Rate:5.25% Ref IR: 2.00- 2.25%   Englewood Cliffs, NJ loses housing ruling at the court (The Records  9/4) Superior Court Judge Christine Farrington issued an order on 8/27/2019 saying the court has determined that the Borough has acted in bad faith and determined to be constitutionally...

This week’s Interest Rate 30 Y Rate: 3.625%/  15 Year Rate:3.250%/ 10 Y Treasury: 1.474%/  Prime Rate:5.25% Ref IR: 2.00- 2.25%   Ticketing using Smart Meter in Palisades Park will be prohibited soon      (The Korera Times  8/24) Governor Phil Murphy vetoed against the bill to do ticketing using smart meters by camera.  Consequently, Palisades Park town will have to stop using smart...