Weekly News (September 13, 2017)

1. ‘Restaurant Week’ in Fort Lee, NJ this week

2. ‘New Millennium Bank’ opens at Palisades Park Branch office, NJ

Opening ceremony on 9/12 at 136 Broad Ave, Palisades Park, NJ (Former Hana Bank)
Branch Manger: Soon Yi Lee

3. High credited teachers concentrated to Tenafly, NJ

Highest level teachers: 18.4% in Leonia / 74.4% in Tenafly / 20.2% in Palisades Park
27.3% in Ridgefield / 59.4% in Closter / 75 % in Englewood Cliffs
61.5% in Northern Valley Regional High School
4 levels: Highest, Good, Standard, Poor (Most teachers are Highest and Good)
Fort Lee: 17.7% in 2015 → 2% in 2016
NJ State: 23.4 % in 2014 → 33% in 2015 → 38% in 2016 : Improving

4. Hotel Pierre in Manhattan, Triplex Penthouse co-op Unit sold at $44 Million

2 E 61^st Street, Manhattan The unit takes up 41^st ~ 43^rd 16 rooms / 5 bedrooms / 7 bath / Living room was used a ball room for the hotel before
At 42^nd St floor has outside terrace provides view for Central Park, Hudson River, East River
Monthly maintenance fee: $51,840
Martin Zweig purchased at $21.5 Million in 1999/ He died in 2013 → His wife listed at $125 Million
A few time price dropped: $63 Million in 2015 → dropped to $57 Million → Sold at $44 Million by cash ( the co-op allows only cash deal)

5. ‘Gateway’ Project is getting momentum

Trump had a meeting with NY, NJ mayors on 9/7
Hudson River Tunnel is 107 years old /Sandy (2012) has damaged
$20 Billion cost is a dilemma (After Trump elected, the project was in slow mode)
Plan: Begin construction in 2019 and complete in 2026

6. Unlimited Development vs NIMBY: Right Urban Planning Policy?

Houston, TX : Disaster due to ‘Harvey’ VS San Francisco, CA: Not In My Back Yard
Houston: More damage due to Toxic materials from chemical factory underwater, water over the paved roads cannot find outlets: too easy development
San Francisco: NIMBY Phenomena / No new construction permits even though Silicon Valley booming → High housing price / High rent
Realtors should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of the ownership (quoted form Preamble of Code of Ethics)

7. Investment institution own more residential rental complex

According to Harvard Joint Residential Research Center, Investment institution own 52.5% of total residential rental complex
Investment companies include Investment Co (LLC), Partnership, Real Estate Trust Co, Non-Profit Organization
Traditionally Mom and Pop investors own less than 4 units complex → More investment institution owners
For more than 25 units, dominantly investment institution owner
25-49 units complex: Investment Institution owns 66% in 2001 → 81% in 2015.
Over 50 units complex: Investment Institution owners : 87% in 2001 → 92% in 2015
They purchase many default properties after financial crises → Good contribution, but some become bad landlord (too many evictions, for example)

8. ‘Equifax’ hacking leads to another fraud scheme

140 Million customer credit / ID (DOB, SS#, Driver License #, Credit card)혻 info exposed by hacking
New fraud scheme developed → to verify customer’s info is stolen or not by phone calls
Verifying by yourself: equifaxsecurity2017.com → Need last name, last 6 digits of SS#

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