Weekly News (May 10, 2017)

1. Edgewater, NJ also would ban short term rent 

  • Town is in the process of proposing ordinance to ban short term rent including Airbnb
  • Fine would be $1250
  • Currently Airbnb has about 20 listings in Edgewater, NJ ($40~$350/night)
  • In Bergen County, Paramus, Palisades Park, Closter, East Rutherford, Fairview, etc. are banning short term rent

2. Kushner companies actively seeking Chinese investors for luxury apartments

  • $ 500,000 investment in Jersey City to get legal residency in US by EB-5 program
  • $ 976 Million ‘One Journal Square’ project is being built by KABR Group, based in Ridgefield Park: Managed by Kushner family real estate company
  • The project consists of 2 towers(79 and 56 stories) will have 1725 units
  • EB-5 program  was streamlined in 2007 à increase of use: INS approved 7632 visas in 2016 (Double than 3677 in 2012)
  • While lending money from the bank costs 6% interests, using people from EB-5 costs 1%

3. Energy market emerged in Brooklyn, NY, developed by ‘L03’ company

  • ‘Micro-Grid’ for electricity is on experiment among 50 houses in Brooklyn P2P market
  • A House with Solar panel Generate electricity and save extra electricity into storage(Block Chain) Sell to neighbor house through App (A house received 159 KW at $0.07 Paid $11/month)
  • Remaining issue is regulation from authority
  • In Germany, 8000 houses are involved with Energy market / Australia is in experiment

4. New development: Mixed use building in ‘West side’ in Manhattan, NY

  • At current parking space (11th Ave, between 39-40th St)
  • According to NYCEDC, Low-income apartment (234 units): 200,000 SF office space, 12,000 SF retail space Mixed-use complex will be completed in 2022

5. New farm Mart opened in Easter Rutherford, NJ

  • ‘Gourmet Farm Mart’ owned by Korean (Junghyuk Ahn)
  • Mayor and police chief joined opening ceremony on 5, 7, 9 / 2017

6. Florida is #1 place for retirement 

  • According to ‘WalletHub’, Florida stakes #1 place for retirement from 3 criteria: Affordability, Healthcare (24th), Quality of life(11th): Affordability is super
  • NY  Quality of life(1st), Affordability is poor
  • Hawaii, Washington DC, Connecticut, Alaska worst area to retire

7. LG All Automatic, Drum Washer Ranking #1 in US 

  • According to Consumer Report (from 67,000 consumer poll)
  • For Top-loader category, Brand reliability: 1. LG, 2. Maytag, 3.GE, 4. Whirlpool, 5. Samsung
  • For Front-loader (Drum washer) category: 1. LG, 2. Kenmore, 3. Maytag, 4. Electrolux, 5. Samsung, 6. Whirlpool

8. ‘Glass-Steagall’ Law might be revived by Trump  

  • For last 3 months, Trump was saying Dodd-Frank law will be gone / limited
  • Now Trump cabinet indicated revival of Glass-Steagall law Big banks will be divided to general commerce bank and investment bank
  • This law was nullified by president Clinton in 1999
  • American Bankers Association opposed (It will take long time : Currently government is working on Tax reform)

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