Real Estate Weekly News

1. Mortgage interest deduction will be maintained    Congress financial committee released revised plan: Mortgage Interest deduction limit from $500,000 (House Representatives) revert back to $1 Million Corporation Tax 35% → 20% Plan will be delayed till 2019 Individual Tax : 7 levels (House Representatives: 4 levels) will be kept (Max 39.6% → 38.5%) Local property tax / Income tax...

1. NYC is difficult to be Amazon's 2nd HQ 238 city's proposals from 54 States Tough competition: NYC → Probability 14:1 (Manhattan Mid-town West, Lower Manhattan Financial District, Queens LIC, Brooklyn Triangle) Probability #1 → Atlanta, GA (3:1) Boston, MA / Austin, TX → 7:1 2. New Luxury Condo on 31st Street in Manhattan, NY 30 East 31st Street between Madison and Park Ave: 40 story...

1. A Fraud Case in Palisades Park, NJ  Mr. K (YoungSin GunKang) accused of taking about $1 Million out of 'KYE' in Korean + $500,000 (Loan from individual) and fleeing $3000 per account, Total 31 accounts / Each turn, each member will get $90,000 Mr. K's store was vacated / He moved out form his house in Palisades Park as well Victims are getting together to determine the possible legal action...

1. Trump's new tax reform might be negative impact to New Jersey residents  Reform will cancel exemption on certain property tax → increase tax pay Average exempted tax amount: Palisades Park → $15,907 / Fort Lee → $25,153 / Englewood Cliffs → $48,303 / Tenafly → $60,697 Example: Tenafly → $60,697 = 21.4% of AGI (Adjusted Gross Income) NJ State average exempted amount: $21,500 In NJ...

1. Amazon 2nd HQ → Possibly Queens Sunnyside Yard in NY, Edison in NJ  Direct investment of $5 Billion will create 50,000 jobs with earning more than $100,000 salary Any candidate must submit the proposal by 10/19/2017 Total more than 50 cities are in the race NY (Queens Sunnyside Yard): 180 Ac/ 5 miles form LaGuardia Airport and 15 miles from JFK Airport / LIRR / Metro North Train connects to...

1. MoMA (Museum of Modern Art) → New Landmark  'MoMA Tower' at 53 West 53rd St Architect, Jean Nouvel (72) designed. 1033 FT / Diagrid Method used. 1st ~5th FL → Museum / Up 82nd floor → Condo(1 ~5 Beds, full floor APT, duplex penthouse) Will completed in end of 2018 / move-in will be 2nd half of 2019 2. Cornell University Tech Center opens at Roosevelt Islands in NYC on 9/13/2017  At...

1. Super size Water Park in Palisades Park, NJ will be constructed 102,000 SF around the current 'King Sauna' → will complete in May, 2019 Whole block between West Fair Street and West Central Blvd Those retailers on Commercial Blvd moved out in early this month New Water Park includes Children pool, Sliding pool, Aqua pool, Snack bar, Massage room, 1000 locker rooms 500 Parking spaces. 80,000...

1. 'Restaurant Week' in Fort Lee, NJ this week 9/14 (Thursday) ~ 9/17 (Sunday) 54 Restaurants will be participated (13 Korean owned Restaurant) Organized by Alliance of Fort Lee Up to 40% discount with coupon for lunch and dinner For coupons at www.bdaftlee.com/flrw 2. 'New Millennium Bank' opens at Palisades Park Branch office, NJ Opening ceremony on 9/12 at 136 Broad Ave, Palisades Park,...

1. 'Flushing Commons' in Flushing, NY completed 98% for 1st Phase Residential project (17 Stories) is completed almost at 138-35 39th Ave, Flushing At 16th floor, Penthouse (1,588 SF, 3BR,3Bath) will go for $1,998,000 Developers: F&C Group, Rockefeller Group, AECOM Capital 1st Phase consists of 17 story mixed building (14 floors: Residential) and 12 story Office Condo (38-08 Union St) 2nd...

1. War on Hess Property in Edgewater, NJ is heated up Between lot owner/developer 615 River Road Partners LLC and the town Fair Share Housing center is favoring for the developer proposal Director of NJ Sierra club is favoring town's proposal (River Road is not moving now) The lot (18.7 Acre) was appropriated for $25 Million for eminent domain→ Developer said it is well below the market price...