A view of Neiman Marcus in The Shops at Hudson Yards
The anticipated bankruptcy of Neiman Marcus could throw Related and Oxford Properties’ Hudson Yards mall into peril.
The parent company of the department-store chain is reportedly planning to file for bankruptcy protection within the week. The move would put Related and Oxford Properties in the precarious position of possibly having to renegotiate the retailer’s lease at the luxury Hudson Yards mall — and enter into conversations with other retailers whose lease agreements are tied to Neiman’s presence.
“Losing Neiman would be a major setback … (1 comments)
Retail landlords and mall owners have collected just 15 percent of what they were owed
The fight over commercial rent payments looks like it may be ugly.
So far in April, some retail landlords and mall owners have collected just 15 percent of what they were owed, according to Bloomberg, citing a Marcus & Millichap estimate. And it is only expected to get worse in May, when more than $20 billion in rent payments will come due, the report noted.
Retail landlords in the U.S. generally collect more … (0 comments)
coronavirus: Tenant groups set rent strike for May 1
- 04/17/20 05:59 AM
New York and Philadelphia organizers are rallying tenants to skip rent next month Cea Weaver, Gov. Andrew Cuomo and Jonathan Westin of New York Communities for Change
Tenant organizers in New York and Philadelphia are pushing for a mass rent strike on May Day.
New York tenant coalition Housing Justice for All is aiming to organize 1 million renters to withhold their rent in a bid to compel Gov. Andrew Cuomo to cancel rent and mortgage payments.
The Philadelphia Tenant Union is launching a similar effort after its members voted in favor of a citywide rent strike. They demand a “cancellation of rent for the … (0 comments)
The state has released an official confirmation that real estate is considered an “essential business.” But ambiguity remains about what in-person contact is permissible.
In a guidance issued Thursday, the Empire State Development agency said real estate services must be conducted remotely for all transactions, “including but not limited to title searches, appraisals, permitting, inspections, and the recordation, legal, financial and other services necessary to complete a transfer of real property.”
The guidance states that “any services and parts therein may be conducted in-person only to the extent legally necessary and in accordance with appropriate social … (0 comments)
Hotels across the country — including the Plaza Hotel in New York and Chateau Marmont in LA — have shuttered and laid off and furloughed staffers.
The picture for the country’s hotels continued to grow ever worse last week, as more than three quarters of the nation’s hotel rooms sat vacant.
Nationwide, occupancy fell almost 68 percent to an occupancy rate of 22.6 percent during the week of March 22 to March 28, according to the hospitality data firm STR. The rate of decline accelerated from a drop in occupancy of roughly 56 percent the week before.
After facing pressure from city officials and workers, the state is shutting down all construction except work on infrastructure, healthcare facilities and affordable housing.
The Empire State Development Corp. updated its guidelines Friday, saying only work on “roads, bridges, transit facilities, utilities, hospitals or health care facilities, affordable housing, and homeless shelters” will be considered essential. The qualification is a dramatic change from the blanket exemption included in an executive order Gov. Andrew Cuomo signed last week. Under the order, employees of all non-essential businesses are prohibited from reporting to work. … (3 comments)
Nearly 450 homes were pulled off the market, new listings plummeted and contract signings sank in New York City last week as the coronavirus pandemic worsened.
Data firm Urban Digs compared the number of yanked listings, signings and new listings last week to the number in the same period a year ago to see how hard the city’s health crisis is hitting residential real estate. A brutal picture emerged.
New York began shutting down March 16 and reached full “pause” Sunday night as Gov. … (4 comments)
After a week of debate about whether brokers should continue showing homes, Gov. Andrew Cuomo barred the practice.
The governor’s action Friday — part of a sweeping ban on activities that risk spreading the coronavirus — put some agents at ease but also could temporarily erode their incomes.
Douglas Elliman broker Lauren Muss seemed relieved. “It’s the right thing,” she said.
Earlier in the day she’d conducted what will now be her last showing with “a real-live buyer” for a while. “I was uneasy,” she said. “I didn’t want to get in the elevator with … (2 comments)
Landlords are scrubbing down their apartment buildings, but no amount of Clorox is going to help when the rent checks stop.
In a series of interviews, owners of multifamily portfolios said they have responded to the coronavirus outbreak by stepping up cleaning in their properties, staggering their employees’ shifts and having them work remotely. What they cannot control, though, is the loss of income their tenants are suffering as the coronavirus pandemic wreaks havoc with the regional economy.
While most have not yet seen a drop-off in rents, many expect … (1 comments)
Amid the coronavirus pandemic, New York officials have suspended eviction proceedings indefinitely.
In a memo, New York’s Chief Administrative Judge Lawrence Malks said that starting Tuesday, eviction proceedings and pending eviction orders will be suspended statewide, until further notice. The judge’s rule will apply to all evictions, including commercial evictions.
News of the statewide moratorium follows a judicial ruling on Friday that imposed a ban on evictions in New York City for a week.
Though the courts will continue to remain open, effective Monday, March 16 at 5 p.m. all “nonessential functions of the court will be postponed,” Lucian Chalfen, a spokesperson for the … (1 comments)
Retailer’s collapse would open the door for other stores to renegotiate or exit leases
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