Weekly News (April 12, 2017)

1. Tenafly, Spencer Smith elementary school → Asian’s Highest score for PARCC  

• Partnership for Assessment of Readiness for College and Careers
• Every year test for English and Math for 3 ~ 11^th grade
• Spencer Smith, Tenafly → English 95%, Mathematics 97% /  Merit Memorial, Cresskill → E 93%, M 95%
• Roosevelt, River Edge → E 89%, M 89%  /  Fort Lee #1 → E 87%, M 92%
• Upper School, EC → E 86%, M 85%   / Hillside, Closter → E 87%, M 85%
• Lindbergh, Palisades Park → E 70%, M 68%   / Anna Scott, Leonia → E 68%, M $82%
• Asian student percentage: Highest → Fort Lee #3 school (57.3%), Fort Lee #1, Upper school in Englewood Cliffs (around 50%), Lindbergh in Palisades Park, Fort Lee #3 & #4, Anna C. Scott in Leonia, Malcolm Macrae in Tenafly, Hillside in Closter → over 40%
• ‘Korean is major language’ → Lindbergh, Palisades Park:33.5% / Fort Lee #3: 30.1 %

2. 421-a Program revived in NYC  

• 421-a program will be revived as ‘Affordable New York’ (Revised 421-a)
• Invest $2.5 Billion to the program and provide additional 2500 low income housing every year
• Over 300 units new construction in Manhattan, Brooklyn, Queens → Tax abatement with certain portion being low income units (25 years → 35 years abatement / Rent for low income units will not be increased for 40 years (20~30% will be flexible rent))

3. Brooklyn Tri-plex Penthouse sold at $15 Million after 7 years listed 

• At 1 Main St (Clock Tower condo)
• 7000 SF 3 Br / 3 Bath, 50 FT ceiling with elevator. Originally listed at $25 Million in 2009
• The highest condo sale price in Brooklyn  (Buyer is foreigner)
• Fantastic view : Over NYC, various bridges, Statue of Liberty

4. Amazon Book Store is coming to Paramus, NJ 

• Under construction at Westfield GSP mall (4500 SF) → will open later Spring or Summer
• Will be built at current ‘George Street Playhouse’ place
• Opening up 2^nd brick-and–mortar shop after one at Legacy mall in Dedham, MA opened up six weeks ago
• No cash accepted. No price tag on the merchandise (price on the application)
• Really selling brand name à threatening not only other book stores, but also other retailers

5. New Performing Art Center will be constructed in New Brunswick 

• 22 stories / 2 stages (1 Opera stage), 3 rehearsal stages, 240 Apartment units
• Start in Summer 2017 and complete in 2019 / Cost: $190 Million → Biggest government and private developer (New Brunswick Development Corp) collaboration in NJ
• Roof top: Outdoor swimming pool (1Br: $2,200 / 2Br: $3,000)

6. Yonkers, NY → ‘H-Mart’ opens on 4/13/2017, 10am

• At Highbridge Plaza at 1757 Central Ave (41,764 SF)
• Reason: H-Mark at Hartsdale was successful (opened in 2013)
• Both are on same Ave (Central Ave) and 7 miles apart
• Targeting South Westchester, Bronx, and Northern Manhattan area
• Very close to ‘St. Cashmere’ senior housing apartment (150 units occupied by Korean among 263 units)

7. ‘Rustbelt’ area is developed by China Money 

• Rustbelt was booming till 19C → Factories moves to China / Young people move out
• Trump got elected by promise to develop these area, but not realized after election yet
• Instead, China Money comes in(‘Fuyao’ ($1 Billion investment) → Automaker in OH (Former GM factory): 2000 employed & Plus / other $46 Billion investment → 3 times CMT last year)
• Rumor says Trump will expel China money, but investors think not so

8. Lawmakers working on law to prohibit harassing tenant by landlord in NYC 

• Harassing includes charging non-rent fees which was not specified / Visiting or contacting at non-reasonable hours
• 1^st offense fine: $2,000 → up to $10,000
• New department to protect tenants will be established
• Radiator cover has to be installed
• $93 Million budget will be ready to help tenant facing eviction

9. JP Morgan CEO warns America is not in good shape 

• According to CNBC, CEO, James (Jamie) Dimon, says America is not on right track
• America is spending multi-trillion dollars on military operation, but not enough spending on infra-structure / too much regulations and tax is weakening companies in global competition
• For last 16 years, too much on military spending → No large scale airport was built for last 20 years
• Students are suffering under the education loan burden / Foreign student are moving back to their own countries
• Since US government took over student loan program in 2010, Loan amount increased form $200 Billion to $900 Billion → student default increased sharply → created justified anger