by stephenlee 1. Korean Police in Palisades Park is promoted to Lieutenant
- Shawn Lee is promoted to Lieutenant from Sergeant (2015)
- First time Korean policeman becomes to high ranking officer
- He started police job in 2000 in Palisades Park
- He is the president of KABLE
2. NJ, Edgewater Multiplex theater was closed down on 11/13/2018
- Due to not enough income after 15 year operation
- Bow Tie Cinemas in Tenafly was closed down last month
- Condo (apartment) development will be on Edgewater Multiplex lot
3. Google will expand it’s Manhattan operation
- 12,000 work force will be added (currently 8000)
- Google purchased a building in Chelsea area at $2.4B this year
- Google will lease space in St, John’s terminal → will complete in 2022
- Amazon was looking for 2nd QT openly, but Google did confidentially
4. “Amazon” decided two HQ2
- Washington DC Crystal City (Arlington, VA, National Landing) & Queens LIC, Anable Basin (waterfront: 4M SF, cost $2.5B)
- Newark and New Jersey offered $7B in the form of tax break, but bypassed in bid
- Analysts predicted Amazon will not pick a “fixer-upper”, but a location that was more of a sure thing, and more conventional choice → Queens LIC
- Amazon has 29 individual data centers in Northern, VA (Loudoun Co claims that 70% of global Internet traffic flows through it)
- Newark/ New Jersey may not be getting HQ2, but the proximity to Queens means we are going to benefit (HQ2 will bring 25,000 jobs each cities)
- But, objection is also strong around LIC → uncovered negotiation, rent will jump up, traffic issue (Sunway 7), RE inquiry: sharply increase → enlarge gap between low income and high income earners
5. LA and Orange County, CA have lower home owner’s rate → 47.3%
- Lowest rate among 73 big cities → 3% in 3rd Qt ( 2nd QT: 48.8%)
- Highest rate → Allentown, PA : 74.3% /Detroit: 74.2% /Cape Coral, FA: 72.3%
- California State → 2% /New York State → 50.5% /Washington DC → 40.9%
- LA and Orange Co: Before financial crisis (2005-2009) → 8% /2010 – 2018 → average 49.1%
- Very low inventory in this area → people started moving to “Inland Empire”
- Inland Empire area → 7%
- 3rd QT US home owner’s rate → 4%
6. “Lowes” will close down 20 stores in US
- Manhattan store in 68th street was closed on 11/4/2018
- It announced 20 stores in US and 31 stores in Canada will be closed by Feb 2019
- The decision is based on strategy to improve profitability
7. Mortgage interest rate high /mortgage loan application low
- Lowest mortgage application in 4 years
- According to MBA, last week application was dropped by 4% from last year sale time
- Lowest point since December 2014
- Reason → mortgage IR is increased.
- Accordingly, Big banks cut off mortgage work forces (Wells Fargo cut 600/Chase cut 400 last month)
