Weekly News (September 26, 2018)

1. Hilton Teaneck Glenpoint will be opened at Glenpointe complex in Teaneck

  • Two hotels are connected in one building: The Hampton Inn & Suites Teaneck Glenpointe and the Homewood Suites by Hilton Teaneck Glenpointe
  • 15 story buildings with lobby, fitness center, pool on the first floor, parking on 2nd, 3rd, 4th suites/ standard hotel rooms on the 5th through 15th floor
  • Hampton inn has 190 rooms, 40 suites
  • Hoomwood Suites has 160 rooms
  • Adjacent bus stop takes hotel guests directly to and from the Port Authority terminal
  • Town will get $1.2M tax annually

2. Mayor Rotundo in Palisades Park troubled again with son’s promotion

  • His son is the town policeman
  • Town meeting on 9/25 will promote 3 policemen (mayor’s son will become lieutenant, One of his relatives will become captain) → suspicious nepotism
  • According to Jesse Wolosky, Rotundo’s family and relative → 16 in town government and total salary is about $800K annually→ possible reason of his loosing mayor pre-election in democrat
  • According to multiple sources in town government, Rotundo’s son is under investigation for 2 charges

3. New Condo → Pre-sale in Manhattan this month

  • East 85th street and park Ave) → part of Park avenue Christian Church building
  • “1010 Park Ave” condo: 11 unit /16 story
  • Developer extell planned 20 story, 17 units → NYC Landmark preserve Committee altered the plan
  • Price: $4000/sf → 40% higher then other condo around area
  • Extell forecasted easy selling due to the fact that other buildings are co-ops →11 units will be sold for 6 months
  • Renowned architects : Beyer Blinder Belle team

4. Korean restaurant “The Woo”(Former WooRaeOk) opens at SOHO, Manhattan 

  • Opens on 9/21 at 206 Spring st (WooRaeOk closed 7 years ago) after 1 year interior work
  • 7500 sf/ 250 seats /open kitchen style/15 year lease
  • New owner : Mrs. Choi’s (WooRaeOk owner) daughter (Juile Choi) and son-in-law
  • Julie Choi graduated Le Cordon Bleu London Culinary school and Swiss Rosen Hotel School
  • WooRaeOk opened in Mid-town in 1974→ moved to SOHO in 1999

5. Korean Investors started buying properties in London

  • Korean stock companies’ purchasing London office buildings hit the record
  • It will exceed Chinese investment soon
  • Total Korean investment will reach to $3.9B in London→ biggest foreign investor
  • The 3rd largest public fund in the world: Korean National Pension funds (국민연금) did biggest transaction in London in 2018à purchased Goldman Sacks HQ building at $1.52B
  • MiRae Asset DaeWoo ($446M, $324M), Korean Investment & Security ($262M)

6. Avgerage Credit Score (FICO) is improving to 704 in US

  • April 2017: 700 → improved by 4 points (October, 2009: 686)
  • Default rate for credit card and loan is dropped
  • In 1 QT 2018, $40B credit card debt was paid because of improving employment
  • FICO system: 300 ~ 850 (Excellent: over 800 /good:740-799 /fair:660-739)
  • 5 Criteria: 1.payemnt record:35%  2. credit utilization:30%  3.credit period: 15%  4. new credit account: 10%  5.creidt structure: 10%

7. Home prices rise, but at slow pace

  • Higher mortgage rates cool off potential buyers
  • S&P Core-Logic Case-Shiller index of 20 big city → increased by 5.9 in July from last year→ down from last month (6.4)
  • Sales of existing homes → 5% down in last 12 months
  • 30 year mortgage rate: 4.65% → 83% Up from last year

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