Weekly News (February 14, 2018)

1. Palisades Park, NJ crime rate went down while Fort Lee rate went Up 

  • Palisades Park rate Down by 31.7% to 125 (Theft went Down by 13.5% to 64)
  • Englewood Cliffs rate Down by 22.9% to 34 (Car theft went Up from 2% to 4)
  • Fort Lee rate went Up by 7% to 442 (Theft went Up by 16.6% to 232 / Car theft went Up by 175 to 11)
  • Ridgefield rate went Up by 34.6% to 106 (Violence Up by 75% to 34 / Theft Up by 41% to 55)
  • Bergen Co rate went Down by 4.3% to 12,491 (Rape went Up by 3.1% to 66)
  • njsp.org/ucr/pdf/current/20180123-crimetrend.pdf

2. Palisades Park, NJ, Council member candidate might be Hispanic.    

  • Paul Kim might not be a Joseph Testa’s successor.
  • If he is elected, 50% of council members would be Korean (Jong Chul Lee, Chris Chung, Paul Kim)
  • Maria Alvarez might be a potential candidate
  • Recently Hispanic population is growing with fast pace (Guatemala , etc.)

3. Leonia Mayor did not expect damage to the business (store) owners

  • Business owners claim that prohibition of non-resident vehicle for selective hours causes fear to come in to the town at all
  • Also they argued with town that it does not make sense what mayor said
  • They insist to remove the ban or lift during evening hours at leas in order to restore damaged business in Leonia commercial district → They will submit the petition to monthly town meeting

4. Weehawken, NJ also is banning non-residence vehicle 

  • From 2/13, Hackensack Plank Rd / Pleasant Ave will be blocked between 3pm~7pm
  • ‘Waze’ (Traffic guide application) will guide detour route before entrance of 495 highway
  • They are following Leonia, but Leonia got sued and many complaint form business owners
  • Possible to block JFK Blvd East and Highwood Terrace in the future

5. ‘The Grand at Sky View Parc’ in Flushing is most popular condo in NYC 

  • According to Property Shock, #1 popular condo is Grand View in Flushing (463 units sold/ Medium price: $794,223) at 131-05 40th(Subway 7 line, near Main Street station)
  • #2 is Vanderbilt in Brooklyn (173 units sold/ $896,060)
  • #3 is Flushing Commons (141 units sold / $1,033,524) at 138 -35 39th Aveà Total 148 units (95% pre-sale) for 1st. 2nd phase (450 units) will be completed 2021 → 1600 parking, 62,000 SF YMCA, 164,000 SF Hospital / Office, 53,000 SF Retail spaces,  1.5 Acre Community Plaza, etc.

6. NYC is making the law allowing basement rent  

  • Mayor is pushing a trial program to use basement rent as legal → He includes $5.7 Million budget to support this program
  • The trial program is to change/modify basement room and legally allow to lease
  • Basement unit under this program will be lower than FMR price
  • Current law prohibits renting attic and basement ($15,000 fine and/or jail term under 1 year)
  • Within 5 Boroughs in NYC, possible space to be legalized is estimated 45,000 units
  • Concerns are population density and life quality

7. NYC Commercial RE transactions reduced by 32.8% 

  • 2017 Transaction amount: $31.26 Billion (2016: $46.54 Billion)
  • 5% Down, compared to Recent highest year 2015: $66.98 Billion
  • # of Deals above $100 Million dropped by 52% to 32 transactions (2016: $23 Billion → $11.6 Billion)
  • Reason: worries to anticipate some adjustment period out of booming years → Less investment / over supply of properties to the market

8. Chinese Investors were waiting for 201’8′ 

  • They love ‘8’ without reasoning → The pronouncing ‘8’ is very similar to the sound of the word of prosperity in Chinese character
  • Especially, this year contains 18 → The pronounce of 18 in Cantonese is very similar to pronouncing of the sentence that ‘want to be rich’
  • According to juwai.com (Chinese online site), many Chinese investors were ready to purchase this year from the end of last year. Also they are watching out on 8/18 this year → 8/18/2018
  • Chinese culture will affect RE market, but more important factor: RE Market situation → More important factor: China government policy for allowance to spend abroad

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