Weekly News (October 10, 2018)

1. Fort Lee, NJ did ground breaking for “Barrymore Film Center”

  • In Memory of the place for birth place for US movies in 1900’s
  • Name after actor John Barrymore /260 seats cinema
  • Located in between Park avenue and Main street
  • City council plans to solicit the bid in spring and award a contract in fall
  • Will open in 2020 (host screenings of films, classes on how to make films, museum of the borough’s film history)

2. “C” Company sued an agent (Mr. Choi) with “S” Realty in Edgewater

  • C company headquartered in DC, 30 years old, public company
  • Claim: Mr. Choi used /reveled C company’s Real Estate info /data illegally → without paying the membership fee: 5 properties’ photos and related data
  • C company provides about 5M commercial properties tracked and 14M digital photos, 115B sf tracked

3. NYC will expand “Making Rent Count” program

  • “Making Rent Count” program → rent payment records reflected to credit score
  • Pilot program is expanded to Grand street Guild apartment (600 units/ Manhattan lower east)
  • Last year, the program tried on South Bronx (600 units) and Ocean Bay apartment in Parkway, Queens (1400 units)
  • NYC comptroller says tis program will make 76% of renters’ credit score higher /57% → 1- 10 scores / 19% → over 11 scores

4. NYC new foreclosure houses → 49% in Queens

  • 3rd quater new foreclosure cases → almost a half in Queens
  • According to Property Shark, NYC total: 716 cases → 17% down from last year
  • In Queens, 303 cases → 5% up from last year (356 cases in 2nd quater)
  • In Manhattan, 22 cases → 44% down from last year (39 cases)
  • NYC, pre-foreclosure cases → 2309 cases (36% down from last year)
  • Queens, 825 pre-foreclosure properties → 42% down from last year → highest in NYC

5. NJ Residents will have to pay sales tax for on-line purchasing

  • From next month, NJ residents pay 6.625% sales tax when purchasing through on-line located in other states
  • Governor Murphy signed the bill on 10/4/2018
  • Target : revenue over $100K and 200 sales transactions per year
  • All transactions for Amazon, Ebay, etc.

6. September, US unemployment falls down to 3.7%

  • September, 134,000 jobs are added (August, 270,000)
  • UE rate down to 3.7% → lowest since 1969 (lowest for 49 years)
  • It is considered “Full Employment” (Bloomberg forecasted to 3.8%)
  • Jerome Powell announced US is such economic booming seen rarely → both UE and inflation are low (acc to “Phillips Curve”, UE and prices run to opposite directions)
  • Over 4% growth shown each last two quarter → will be continued to rest of quater

7. We need to keep global warming to 1.5 degree

  • IPCC (Intergovernmental Panel on Climate Change) approved “ Global Warming 1.5 degree” report unanimously
  • Reported that 1 degree went up since Industrial Revolution → increasing the rate of 0.2 degree per 10 years → 5 degree up by 2030-2052
  • If we keep 1.5 degree increase instead letting to go 2 degree → as of 2100, sea level will be lowered by 10cm → 10M people will be saved
  • In order to keep 1.5 degree → CO2 emissions should cut by 45% from 2010 level by 2030 /by 2050, zero CO2 emissions should be achieved
  • US did exit Paris climate agreement in June 2018

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