Weekly News (Februray 20, 2019)


  1. A Co-op apartment on 3008 Edwin Ave in Fort Lee got fire at 4pm on 2/14/2019
  • Total 90 households and 45 units burn down. 300 people evacuated (about 13 – 15 Korean family)
  • They will be homeless for several months. Near building (3001 Edwin Ave) got damaged by smokes and some residents are evacuated to temporary housing as well
  • KAAFL (Korean American Ass. in Fort Lee) is helping actively those people in need
  • Donations are being collected: KAAFL $2000, C Land $1000, P.I. Art Center $1000…


  1. RE Agent, JooHyun Ban(40) in Tenafly got 6 month Jail sentence
  • JooHyun Ban Is a nephew of KeeMoon Ban, former UN Secretary General
  • The charge is for bribing $500,000 to Middle East government executive to make a deal for sale of “Landmark 72” in Vietnam, which is worth of $800M against FCPA and Fraud
  • JooHyun was working as RE agent in Manhattan and the commission for the deal was a few Million dollars


  1. Real Estate market Long Island City, NY got hurt due to Amazon HQ2 plan drop
  • Local brokerage house informed 4 developers might re-consider transactions
  • During 5 weeks after Amazon HQ2 announced, residential asking price went up by 18.8%
  • NYC Mayor blames Amazon for their abrupt decision to cancel the plan
  • Amazon got feeling of not-welcoming


  1. NYC allows basement unit as legal rental unit
  • NYC Council passed trial law for allowing legal basement rent in East New York area in Brooklyn on 2/13/2019
  • It will be effective 120 days after Mayor Bill de Blasio signs off.
  • NYC is making revision for building codes and fire code, construction codes for next 3 years accordingly
  • Also NYC provides funds to home owners with low interest rate for basement modifications according to the codes
  • NYC HPD used to prohibit basement as residential unit due to lack of sun light and heavy moisture


  1. NYC started issuing summons to Airbnb
  • The city wants to investigate if they do illegal hotel business and asks to submit about 20,000 listing infomation
  • NYC law specifies that less than 30 day short terms stay is allowed only when owner lives together
  • Airbnb says that they also try to find out illegal business within their business


  1. Scarsdale, Westchester County is the 2nd richest town in US
  • Bloomberg News announced richest 100 towns: #1 town is Atherton, CA which ranks #1 for 3 years. Google/Facebook top executives live in this town which is one of Silicon Valley towns
  • Average income in this town in 2017 is $450,696
  • Scarsdale’s average income is $417,335 which was raised by $30,000 from last year
  • #3 is Cherry Hills Village in Denver, where Peyton Manning who plays quarterback of Denver Broncos lives
  • Short Hills in Essex Co, NJ is #6
  • NY has 13 towns and NJ has 18 towns ( Bergen county has 7 towns)


  1. NYC Economy is growing stronly
  • 4th Qt RGCP(Real Gross City Product) indicates 3.9% growth, biggest since 2nd Qt 2017 which was 1.4% higher than forecast of 2.5-2.7%
  • Strong fundamentals are job creation and historically low unemployment
  • The city created 35,300 jobs during 4th Qt which is Up by 3.2% from last year same period which is much higher than 2.1% nationwide
  • Type of job creation are healthcare job: 11,000 (Home care: 7000), Education servies:6,500. College/University employment:4300, Leisure/Hotel:4600(Bar and restaurant:2900), Other services: 3600
  • NYC unemployment rate is 4% while US rate is 3.8%( perfect employment) while Queens shows 3.3%, Manhattan is 3.4%, Staten Island is 3.8%, Brooklyn is 3.9% and Bronx shows 5.3%
  • Commercial lease rate rose 54.1% sharply from last year while downtown shows 85.6%, midtown south shows 61%, midtown shows 33.2% increase. Rent is up in midtown south and downtown while midtown is dropped
  • Residential sales is dropped-Manhattan dropped by 3.3%, Queens by 10%, Brooklyn by 5.8% while price went up (Manhattan shows 3.5% up, Queens by 2%, Brooklyn by 5.2%)


  1. US Dollar is still strong
  • Usually raising IR triggers currency value because money flow are seeking for high IR
  • US Fed is slowing down IR increase which indicates US dollar value becomes weaker
  • The reality is contrary that UD dollar value raised 1.81 during last 2 weeks
  • Dollar index is 97.129 which shows dollar value among major 6 currencies in the world, while dollar index was 94.2 in July 2018
  • Slow economy elsewhere in the world triggers dollar value increase
  • CNN reported people deem US economy is better than elsewhere makes US dollar strong, considering safe asset protection


Join The Discussion

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Compare listings