by stephenlee 1. ADM (American Dream Meadowlands) project is too big to fail
- On 5/19 (Fri) Triple Five announced closing of $1.6 Billion construction loan and will open March 2019 (‘Xanadu’ project began in 2003)
- Triple Five’s vision is big: Indoor water park and amusement park, indoor ski slope, high-end shopping, etc.
- Too big not to complete, too big to be successful, we don’t know
- Finishing and opening ADM is the best option for the region after 14 years
2. NYC is booming construction projects
- According to NYBC (New York Building Congress), Construction expenses → $42.4 Billion: highest in history → Ripple effect to economy: $66.3 Billion (Architect, Engineering, Law, etc.)
- Non-residential (Office / Shopping mall) sector → $17.1 Billion: Highest / Government project sector → $12.7 Billion / Residential sector → $12.6 Billion
- Construction expense: $1 → Ripple effect: $0.56
3. LIC (Long Islands City, NY) built highest number of Apartment units in US
- Between 2010 ~ 2016 LIC built 12,533 units in 41 buildings
- LIC was suburban area about 10 years ago → Merit of location was re-focused after financial crises
- 2nd is Los Angeles, CA → 7,551 units in 35 buildings / 5th is Williamsburg in Brooklyn →5,269 units in 29 buildings / 8th is Downtown in Brooklyn → 3,851 in 13 buildings
4. Most popular condo in New York City is in Queens ( 1st QT 2017)
- ‘The Grand at Sky View Parc’ near 7 Subway station (131-06 40th Rd)
- Total 750 units mixed building → Total 95 units sold in 1QT: Median price: $722,691
- 785,000 SF shopping center
- 7 Acre Roof top park holds Pool, Basket ball court, Tennis court, Spa & health club (‘Grand Club’)
