Weekly News (March 29, 2017)

1. Palisades Park town appoints new police women, Natalia Kim

2. Samsung 837 becomes Landmark for NY (At 837 Washington Street)

Samsung Marketing Center at Meatpacking District → ‘Digital Playground’
Marketing Center → Digital Playground for public → Forbes praised as great Plan and Leader of IT industry
New product/concept introduction, Customer / Clients invitation, IT technology education
Forbes praises its presence as a leader in IT industries
Exhibit 3 events among ‘Fashion, Technology, Food, Music, Sports, Health/Wellbeing, Arts, Entertainment’ for 7 days

3. Trump’s old house in Queens sold at $2.14Million

5Br, 5 bath, 2 floor Tudor house purchased at $1.39 Million 3 month ago by Michael Davis
Sold at $2.14 Million → made 54% profit.
Built in 1940 by Trump’s father (Fred Trump)

4. Bergen County gains 3.8% population for 2010 – 2016

5. Garment District in Manhattan will be disappeared?

EDC (Economy Development Center) announced the ordinances to lift the protection of garment district (5~9 Ave, 34~42 Street since 1987 → now decreased by 52%)
In return, Brooklyn Army terminal in Sunset Park (50,000 sf) and Bus terminal (20,000 sf) will be open to garment business → $12-25 / sf for 5-10 years lease
Korean owned garment business: 2,500 business → now 95% decreased to about 60 business

6. Let’s make NYC a next Silicon Valley

Columbia University, NYU, Cornel University will concentrate STEM area
Columbia: Manhattanville campus in West Harlem will be expanded/renovated ($6.3 Billion) → 450,000 SF center: Neuro-science center
NYU: Tandon School of Engineering campus will be expanded($500 Million)→ Former MTA HQ building → 99 Year Ground lease → Remodeling for VR, Audio Research center, Public exhibition, etc. (1,100 students and 40 Faculty members.)
Cornel University: Builds New Tech campus in Roosevelt Islands sponsored by NYC and Bloomberg (Former mayor) → 12 c lot, 2 Million sf → 2000 graduate students
Looking for good connection with ‘Wall St’ for funding

7. Mortgage process is still hard

One of reason of US slow economy
House owning rate: 63.7% in 4^th Quarter 2016 → Lowest for 50 years (69.2% in 2008)
Long term Average in US → 65%
Younger Generation is slow to move up
Too tight bank control → Mortgage default rate : 5.1% in 3^rd Quarter 2016 (12% in beginning of 2000)
January, New construction sale: 550,000 (Yearly rate) in Jan → 3.7% Up CMT last month (5.5% Up CMT last year)
Usually residential sales is good indicator of general economy → Primal indicator

8. Commercial loan amounts reduced

According to RealDeal, 2016 Commercial Loan Amounts: $82 Billion → 17% Down ($99 Billion in 2015)
Esp. Loan for residential apartment reduced to $29 Billion (23% Down)
Reasons: 1.Over supply (Multi-family construction booming → Rent down, Concession up)
2. Warning to risky commercial loans
3. Assets over $50 Billion is subject to stress test by Dodd Frank law

9. No more same mistake when buying a house

Two things: 1.Selecting house 2. Mortgage process → most important
Survey answered out of 1400: ‘Experienced stress’ → 42% ‘Complicated’ → 32% would prepare more down payment → 27%, would buy bigger house → 20%, would shopping more mortgage company → 19% (28% feels that mortgage company treat them poorly)
Mortgage rejection reasons → DTI issue: 52%, Credit score: 39%, Low income: 25%

10. Korea, Tong Young sells investment membership by New Star Realty

Stanford Hotel Resort at Tong Young
Condo membership at $50,000 per account → total 600 account → $30 Million
60 days use (About $60~$85 / night) or 4% profit return annually
Process: Initial Deposit (10%) $5,000
1^st Deposit(20%)        $10,000 (After 15 days)
2^nd Deposit(30%)      $15,000 (After 15 days)
Balance(40%)            $20,000 (After 15 days)
After 10 years, principle amount can be return fully
C Land commission 5%: President Ahn at New Star Realty (201-294-4510)

11. 352 SF Super Mini House is real

According to USA Today, 352 SF becomes hot item this summer
Price: $139,000 – Bed room, Living room w/ Patio, Kitchen, Bath room
Home automation: lights, audio/video system can be controlled by remote
Designed by Prof. Jeff Wilson who lived for 1 year inside waste can (33 SF) in 2014
This concept makes possible for a movable assembly house

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