Weekly News (September 6, 2017)

1. ‘Flushing Commons’ in Flushing, NY completed 98% for 1^st Phase

Residential project (17 Stories) is completed almost at 138-35 39^th Ave, Flushing
At 16^th floor, Penthouse (1,588 SF, 3BR,3Bath) will go for $1,998,000
Developers: F&C Group, Rockefeller Group, AECOM Capital
1^st Phase consists of 17 story mixed building (14 floors: Residential) and 12 story Office Condo (38-08 Union St)
2^nd Phase consists of 600 units of restaurant, various shops in 1.8 Acre outside plaza, office, etc. 62,000 SF indoor swimming pool, basketball court, fitness center
2^nd Phase will be completed 2021

2. Mickel family house demolition triggers a battle between Fort Lee and Leonia

Mickel Family house: 608 Fort Lee Rd, Leonia = 608 Main St, Fort Lee
Split by two towns: 0.086 Acre to Leonia / 0.072 Acre to Fort Lee
A Fort Lee developer has demolished the house a month ago → Leonia said it is illegal permit, claiming entire structure stood in Leonia and illegally encroaching into the borough by Leonia Mayor Judah Zeigler. Leonia was never notified or asked for permission
The developer: Border Development is partnership of Vincent Lupino, Russell Lupino, RVN Development LLC, and Lexington Edgewater LLC. (Paramus Mayor Richard LaBarbiera is a managing member of RVN/ Paul Kaufman, former mayor of Leonia, is a managing member of Lexington Edgewater LLC)
The plan to build a 6 story, 59 unit residential building

3. Wells Fargo accused of new consumer lawsuit

Claim: customers victimized by bank’s latest rip off: A system that gorged borrowers with improper fees to complete mortgage process → Intentional fee charges for extending Mortgage lock period
On top of a former charges: creating 3.5 Million false accounts
CFPB is investigating mortgage-fee charges of Wells Fargo

4. Experts forecast Ref IR raise this December