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NJ Real Estate News : July 20th 2016

Posted by J Park on July 20, 2016
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Mr. Ko received probation sentence for 5 years with surveillance .

  • Charged wrong doing for permit/approval with town : asked $50K from tenant(NoRaeBang Biz) of his building to bribe town official for speedy permit
  • Due to diabetes and kidney transfer
  • Tenant lease signed in Oct, 2010.
  • More cases under investigation were not closed…

H –Mart opens store in Paramus

  • 60 Rt 17 North ( Ex-Staples store ): Across from GSP mall (can park 100,000 vehicles)
  • 25,000 sf / Sea food market & Food court -> place for rest and pleasure
  • Will open early next year(2017)
  • Total 8 stores in NJ / About 60 stores in US
  • New store in Jericho, NY will open 7/22 ( 60,000 sf)

Bank of Hope” begins operation (Wilshire bank+ BBCN)

  • As of 7/30. Head of bank: Kevin Kim / Chairman: SukHwa Ko
  • Regional bank emerged: total assets -> $13.1B
  • Nationally 90 branch offices will be kept.                     

The Lowline– world’s first underground park: approved the project on 14th

  • former Delancy Underground (Delancy St on lower East Side near Essex St)
  • Kept vacant for 60 years
  • Underground 1 Ac space à Name Lowline was derived from Highline in Chelsea
  • Keep rail roads/ Remote skylights through special lens -> plant will growà Theme park
  • Development cost: $60M / Maintenance fee: $4M / year

More e-commerce -> Commercial RE slowing down

  • In 2021, e-commerce will take 44% of retail volume.
  • Commercial RE will be less demanding -> slowing down
  • Nationwide 800 super department stores -> 20 % will be closed.
  • Anchor tenants absence -> commercial property value will be affected.
  • Overall spending volume increase slowly -> more e-commerce
  • Warehouse market becomes strong. (e-commerce store needs storages)

Vacancy rates down, rents rising in North Jersey

  • On-line stuffs is filling up New Jersey warehouses.
  • Warehouse vacancy rate fell to 5% -> Rent goes up
  • Avg asking price was $6.55 -> 26% Up for last 3 years.
  • Warehouse under construction -> 714,000 sf.
  • Already 2M sf completed in first half of 2016 -> 5% ahead of last year

Landlords reaping the benefits à More rental incomes ever.

  • Acc to Commerce Dept, Personal income from rental rose by 4.4% in 1st Qt 2016
  • All time high since 1947
  • Important trend: homeowners who escaped foreclosure during financial crisis have made out ß       -> Renters have faced difficult road.

FHA loan for Condos becomes easier?   

  • Under 36 years old, 4 out 10 purchased home by FHA loan
  • New law: Owner occupancy rate to 35% from 50%(current)

Condo/Townhouse : re-approval process easier ( Every 2 year)

  • Expect to increase FHA loans to 48B for next 4 years.

BREXIT Bargain Sale -> Buy more England property.     

  • Advantage: Weak UK pound currency
  • Wells Fargo bought “33 Central”(227,000 sf) at 300M pound -> Europe HQ
  • Japan Soft Bank bought “ARM holdings” at 23.4B pound ( Poundàdown/ YenàUp : double profits
  • South Africa Stainthorpe Int’l / US AMC Entertainment / US NewsCorp, etc. buying UK properties.

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