June 6, 2018

1. ADM (American Dream Meadowlands) is ready for a boom 

  • Expecting tourism boost → Big money for area business
  • Hotels are repositioning to benefit from that boom, starting with Taylor Swift in concert this summer / WWE Wrestle mania XXXV in April, 2019 / Transplant Games in 2020 / The Army-Navy football game in 2021
  • Example: Super Bowl in 2014 →  8,500 rooms are occupied / $4.18 Million Revenue, $626,714 Tax
    The Mall of America in Minnesota attracts 40 Million visitors each year (20% entertainment) →  ADM has 55 % entertainment
  • Developer Triple Five has plan to build own American Dream Hotel ( Location is un-specified)
  • Trade show tourism : Big Convention events →  Easy New York access

2. Closter, NJ → Rich town with good school, large retail stores 

  • Population: 8650 (It was old town till a few year ago)
  • Big development projects initiated →  Whole Food Market, Target, Home goods, CMX Market Cinema and high quality restaurants
  • Attracts more professionals with children
  • Many new construction homes over $2 Million in East Hill section
  • According to NJMLS, Sold median price → $665,000 between 5/15/2017~5/15/2018
  • Total listed houses: 61 ($399,000 ~ $2.6 Million: 6 Bedroom house)
  • 'Hillside' elementary school (PK ~ 4th Grade), 'Tenakill' Middle school (5th ~ 8th Grade)
  • High school students go to NVRH in Demarest (SAT: 614 (Reading & Writting), 620 (Mathematics)) (NJ Average: 551, 552)
  • NJ Transit Bus: 42nd St Port Authority Bus Terminal in Manhattan in about 60~90 minutes (One way: $7, Monthly pass: $199) / No train →  A drawback

3. A mixed use building in Bronx sold at $2.45 Million 

  • 769 Melrose Ave ( 157th St and 158th St)
  • Total 2,415 SF / 1st Floor: Deli Grocery, 2~5 floor: 12 Apt Units (3 Bedroom: 8, 2 Bedroom: 4) → 11 units are under Rent Control
  • Buyer: Melrose RE Group

4. The plan for keeping Manhattan Garment district is available from NYC

  • Building owners who provide low rent for long period will get tax reduction benefit
    Condition: $35 / SF including utilities for 15 year lease → Building owner gets $1~$4 / SF
    Tax benefit a year for 25,000 SF ~ 100,000 SF
  • NYC’s target is to secure minimum of 300,000 SF (Current rent is about $50 / SF)
  • Public and Private partnership will secure exclusive Garment manufacturing buildings by injecting $20 Million
  • Re-zoning Plan: When re-construct / Remodel in 5th ~ 9th Ave and 34th St ~ 42nd St, certain portion should be allocated to Garment business
  • Currently 80% business disappeared → Only 400 businesses remain
  • NYC also announced the plan for new Garment district allocation in Brooklyn Sunset park area (Former Army Terminal) and Bush Terminal ( to 'Made in New York Campus')
  • Criticized for jeopardizing the current Manhattan Garment district

5. New Luxury Apartment ('Clark') will be constructed in Prospect Park, Brooklyn, NY 

  • This area was run-down place before → Changing its shape because of Brooklyn re-development move
  • Prospect Park area is still low price relatively
  • 'Clark' (2 buildings) is located at border between Prospect Park and East Flatbush
  • 1st building at 310 Clarkson Ave → 8 story, total 170 units (Studio ~ 3 Bedroom)
  • Pre-lease starts next month (Studio: $1,900, 1 Bedroom: $2,300)
  • 2nd building: 8 story, total 250 units → Will be completed in 2020

6. New York State advanced Electric Car development and distribution 

  • 'Evolve NY' Initiative by NYPA → Receives $250 Million for 7 years
  • 10,000 charge stations (Level 1) will be installed till 2021
  • First, 200 fast charge station on major Highways (10 minutes charge runs 200 miles)
  • Second, fast charge stations will be installed at JFK and LaGuardia Airports → Attracts residents within 200 miles distance from Airports to drive to Airports
  • 400 charge stations (Level 2) will be installed at airports, train stations, public parking lots
  • Further development: Electric bus will be used by cooperating with MTA, Con-Edison
  • State’s goal → To reduce exhaust gas by 40% by 2030, and 80% by 2050

7. Lord & Taylor will close Flagship store on 5th Ave, Manhattan in early 2019 

  • It will sell the building to 'We-Work' (Office sharing company)
  • Hudson Bay said it will close 10 of its nearly 50 stores through 2019
  • Lord & Taylor is working with Walmart and launching a dedicated site for discount retailer market, featuring 125 brands

8. Economists worry about possible recession developing by 2020 

  • A group of top business economists believe the major tax cuts by Trump will boost economic growth this year and next
  • But they worry that the country could be entering a new recession by 2020
  • Three-fourths of NABE panel believes that current trade policies will have a negative impact on the economy