Weekly News (June 14, 2017)

1. ‘GAYEON’: Luxury Korean Restaurant opened in Hudson Light, Fort lee, NJ

  • Unveiled at 2020 Hudson St on 6/12/2017 as luxury family Korean restaurant image
  • Total 8,000 SF / 250 seats / 2 Party rooms for 50~60 People / 2 party rooms for 13~14
  • Bar with about 100 wine collection
  • Main Chef: SeungJae Choi (Experienced with Walker Hill Hotel, Myung Wall Kwan, Paris, Dubai, etc.)
  • Desert Chef: SungKeum Kim (Experienced with Manhattan Michelin Star restaurant)

2. ‘GAM Mi Ok’ in Fort Lee, NJ will re-open in August 2017

  • Closed in February 2017 due to car accident: A car rushed to move forward and got into the restaurant (Owner: HyungKi Choi)
  • Under total renovation → becomes luxury 24 hour operating Korean restaurant

3. Edgewater, NJ → Town with River View: West of Hudson River

  • 12,000 Population, 78% of properties were built after 1969
  • 2/3 of population are renters, 160 residential MLS listings → only 6 single houses
  • Median price: little over $600,000 (7% Up for last 12 months)
  • George Washington School (PK~2nd ), Eleanor Van Gelder School(3~6 Grade)
  • Middle / High school go to Leonia (SAT: 590 for reading / writing, 584 for Math) (NJ Avg: 537, 538)
  • Bus: 158 to Port Authority (40 Min, $4.50)
  • Ferry: Edgewater Ferry Landing at 989 River Rd to Manhattan (6:15am~7:45pm) → 13 Min to mid-town($10.25, Monthly pass: $294)

4. Carbon Monoxide Gas leaked → 32 people went to a hospital

  • At a building in Tribeca, Manhattan on 6/13, around 8:30am
  • Basement boiler : pipe cracked → CO gas leak
  • Some: out of conscious / collapsed on the floor, face turned pale

5. Bit Off track for residential market after April

  • Hot residential market till March 2017, but transaction reduced bit, and price stalled
  • Low inventory, but not exactly seller’s market / Buyer ignores over priced houses
  • Flippers (Investors) reduced noticeably
  • Income increase rate: 2-3% → hard to keep up house price increase by 7% yearly
  • Korean buyers → more sensitive

6. Mortgage Interest Rate moving downward for 4 weeks

  • 30 year Interest Rate →89% as of 6/8/2017 (1% dropped compared to 6/1/2017)
  • 15 year Interest Rate →16% (0.03% dropped)
  • Reason: 10 year treasury bond rate dropping (2.21% →2.18%)← More money moved to treasury bond: ← Employment rate is not as much as expected/ Woe to future economy
  • Usually Mortgage IR is set to 1.5~2% higher than 10 year treasury bond rate

7. Samsung Electronics will build a factory in US to make home appliances

  • South Carolina is strongest candidate among 3 locations South Carolina, Alabama, Georgia
  • SC → Corporate tax: 5%, Attractive to company → Employment Tax, Education support fund
  • Might be conflict with the current Korean government efforts → Create domestic jobs

8. New Jersey area malls, retail centers are more resilient

  • Malls across America may be dying (About 10,000 retail stores will be closed for 12 months / 20% of US malls expected to close for next 5 years)
  • But New Jersey, particularly Northern New Jersey is more resilient → sales volume in this area is exceptionally high according to Urban Edge Properties (owns Bergen Town Center and 85 other shopping center properties)
  • Retailers should make more fun to get out of home and enjoy: Entertaining,Good food, Fitness, Movie theater, etc.

9. Tech News

  • Verizon took over Yahoo at $4.8 Billion / Marissa Mayer (CEO at Yahoo) resigned (She was hired from Google to save Yahoo 5 years ago)
  • Verizon is combining Internet media company with AOL, Yahoo Sport, Yahoo Mail, etc. to make new company ‘Oath’

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