Weekly News (May 24, 2017)

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 ( 1^st QT 2017)

• ‘The Grand at Sky View Parc’  near 7 Subway station (131-06 40^th 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’)