Weekly News (August 23, 2017)

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 because they cleaned up the pollution
  • Development proposal → 1,873 units of mixed use complex (Five 18~25 foot towers and 60,000 SF of retail)
  • Developer projects $12.3 Million tax revenue and 375 affordable housing  (3,719 residents and 149 students will be added if built)
  • Town is ready to go to court if necessary

2. America Dream Meadowland project will hire 3000 workers toward late 2018 

  • Currently 600 workers per day → 3,000 per day in late 2008
  • Total 2.3 Million SF, a decade old structure
  • Much of increase workers for Park complex which is 639,000 SF (partnered with Nickelodeon and Dream Works)
  • The closing on complex $2.8 Billion construction financing package marked a turning point for the long-delayed project
  • Estimated 16,000 construction jobs will be created for next a few years / 23,000 permanent jobs will be added

3. Paterson, NJ is struggling with Mayor’s ‘Board Off’ project

  • Still could not find 193 locations (Developers submitted renovation plan for 22 locations / assessed values range from $99,300 to $225,500)
  • The mayor Joey Torres’s 2014 election campaign platform → Revitalization of abandoned houses
  • Board Off projects contains 63 for ‘Spot Blight’ (Negotiation for 14 days) and 130 for ‘Receivership’ (Ownership after they fixed/repaired)

4. Bus Terminal under Jacob Javits center in Manhattan?

  • RPA (Regional Plan Association) proposed a small bus terminal near Port Authority Terminal under Jacob Javits center(10th Ave)
  • Original New terminal project plan costs $10 Billion → Slow move
  • NY/NJ Port Authority approved $32 Billion for infra investment for the next 10 years → Among them, only $3.5 Billion was designated for new bus terminal project
  • A small terminal under Jacob Javits center → will take 20~30% of passengers
  • Currently P.A. Terminal, built in 1950’s, takes over 200,000 passengers daily → over saturated

5. Woodbury Common Outlet Mall, NY violating consumer right?

  • Tenant has to sign the lease condition: non-competing store within 60 miles
  • Since 1985 when former owner (Chelsea group) started the mall → Simon group purchased in 2004
  • NY Prosecution Department ordered to reduce to ‘Within 39 miles’

6. Fort Lee is #1 for DWI (Driving while Intoxicated) among Bergen Co. NJ

  • 163 tickets for July 2016 ~ June 2017 → #1 among about 70 towns
  • 22% Reduced CMT the previous year
  • Ridgefield: 53 tickets / Leonia: 37 tickets / Palisades Park: 32 tickets → Reduced generally CMT the previous year
  • In contrast, Edgewater (35 tickets: 59% Up), Englewood (81 tickets: 81% Up) → Increased sharply
  • Offense:
    Alcohol level: 0.08-0.1% → 3 month license suspension with $250~$400 Fine + Surcharge $1000 per year for 3 years
    Alcohol level: Over 0.10% → 7~12 month license suspension

7. NYC economy is growing steadily

  • 2 QT growth rate → 3.3% (33,400 New jobs added / UE rate: 4.3% )
  • 2 QT last year → 1.5% (1 Qt 2017: 2.6%)
  • New jobs: 2.5% Up (Nation wide Average: 1.5%)
  • UE Rate: 4.3% (Queens / Manhattan: 3.7%, Bronx:5.7%)
  • Employee pay rate: $35.10 / HR → 4.8% Up CMT last year (Nation wide Average $26.21 / HR: 2.5% Up CMT last year)
  • Venture Capital Investment : $2.78 Billion (66.5% Up CMT $1.67 Billion last year) (Nation wide Venture Capital investment: $18.4 Billion →8.6% Down (reducing for last 7 years continually)
  • Next 6 month will be better

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