Weekly News (April 26, 2017)

1. ‘One Park’ condo → New Condo project in Cliffside Park, NJ

2. Hudson-Bergen Light Rail project hearing on 4/24 in Englewood

More than 100 residents and elected officials spoke out
Most of elected officials supported → Boon for Englewood / City and suburbs are threatened by the lack of access to New York
One Councilman (Eugene Skurnick) opposed the plan → rail road blocks major city roadways
The proposal will extend 10 miles, adding 7 stations

3. Tenafly, NJ also declares ‘Welcoming’ city

Council meeting passed the resolution unanimously
Tenafly Ed committee passed the resolution that school becomes protected area for undocumented students before this resolution passed

4. NYC, Tribeca is most expensive area

RE site, ‘Property Shark’ announced most expensive top 50 areas in 1^st QT
Hunters point in Queens → 28^th (10% Up CMT last year)
Brooklyn (Dumbo, Brooklyn Heights, Boerum Hill, Manhattan Beach) is highest in 5 Boroughs → Brooklyn Heights Up by 127%
Manhattan ‘Tribeca’ is #1 highest area (Up by 55%): Same as 4^th QT in 2016

5. Astoria, ‘Halletts Point’ Project → re-addressed

With ‘Affordable New York’ (421-a program) revival, the project reinitiated
1^st Phase buildings includes 81 low income units among 405 units → completed in 2018
2^nd Phase buildings(1^st St and 26-27 Ave) will start June, 2017
3^rd Phase buildings(2^nd – 3^rd St and 27^th Ave) will start Nov, 2017
Total 7 buildings (11 – 17 stories) along river side of Astoria (Total 2400 units : 483 units → Low income units)
Developed by Lincoln Equity group and Dust Organization. Total cost → $1.5 Billion

6. Luxury Bunker Apartment built 14 m(42 feet) under ground

Near Savannah, GA / Used to military training facility → Private RE company, Bastion Holdings purchased in 2012 (VIP Bunker)
Resistant to Nuclear war (20 kiloton nuclear blast), Natural disaster, Uncertain Terror
32 Acre lot / Wall thickness → 3 feet / 2 story building above ground. 4 sections under ground / Special shower room to clean Nuclear contamination. Kitchen, Game room, Conference room, lecture room, auditorium, Home theater, Medical Equivalent to 5 star hotel
Sales began in 2015. One unit listed at $17.5 Million

7. Tax reforming by Trump à lowering Corporate/Personal Tax

Proposal: Corporate Tax: 35% → 15% / Personal Tax- Max:39.6% → 33%
Personal Tax – 7 levels: 10, 15, 25, 28, 33, 35, 39.6% → 3 levels: 12, 25, 33%
Example: Single up to $25,000 (Couple: $50,000) → No Tax
Single up to $50,000 (Couple: $100,000) → 12%
Single up to $150,000 (Couple: $300,000) → 25%
Above $150,000 → 33%
Standard deduction: $25000 for Single / $50,000 for Couple
Itemization (Including mortgage interests) will be limited by income level

8. Amazon’s new warehouse opens in Edison, NJ

Also, opens warehouse in Cranberry, NJ (900,000 SF) and Logan, NJ (1 Million SF)
Recently opened in Carteret, NJ → Biggest hub in NJ
Logan warehouse : Out door furniture, Sports items, Music instruments (Packing and shipping)
Edison warehouse : Books, Toys, Kitchen items (Smaller size items)
Some of employees → OSHA problems