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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 ~ 11th 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 2nd 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
  • 1st 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

Stephen Lee

He has been in Real Estate industry in about 20 years and has been Broker of Record for 9 years. His experience includes residential, commercial, and property management. Prior to involving with Real Estate business, he has been involved in the digital communication equipment industry utilizing his engineering background and education, including running own company. He has established C Land Realty in 2011 which has grown to staffing over 100 Real Estate agents and the annual transaction amount of over $110,000,000 today.

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