Weekly News (March 29, 2017)

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

• ‘Natalia Kim’ graduated from Rutgers with Criminal Justice major
• Speaks 3 languages (Korean, English & Spanish)
• Will work as a traffic police

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 

• For last 6 years, Hudson County population increased by 6.9% → #1
• Bergen County increased by 3.8% → #2
• 9 Counties decreased population : Sussex County → 4.3% Down
• NJ (2010 – 2016) population increased by 1.7% to 8.94M 

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