AbleTo has expanded its space at Ray Yadidi’s320 West 37th Street. The digital behavioral health care platform signed a seven-year lease for 19,358 SF on the entire fourth and fifth floors of the 15-story building. Asking rent in the deal was in the $60s per SF. (CO)
Politics
Brokers will still be able to charge tenants fees on apartment rentals until at least June… Attorney General Letitia James’ office filed a request granted on Friday to extend its deadline to respond to the real estate industry’s lawsuit against the brokers’ fee ban. The extension keeps a temporary restraining order, which blocked the implementation of the ban, until both parties meet back in court on June 12. (CO)
A bitterly controversial proposal to expand Brooklyn’s Industry City got a boost on Monday when Borough President Eric Adams conditionally approved most of the plan’s major elements and left open the door to approving the rest. (NYPost)
Other news
Hotel owners with heavy debt loads are grappling with the prospect the industry could fall into a tailspin from the spread of the coronavirus, leading to a potential uptick in defaults. The U.S. hotel industry overall had about $300 billion of mortgage debt as of the third quarter of last year, up 7.8% from a year earlier and 14.2% from two years earlier. In New York City, where a supply glut has pressured room rates and weighed on hotel revenue, at least 21 mortgages backed by hotels were on a watch list for potential default as of February. (WSJ)
Real-estate stocks and utilities joined in the latest market rout, showing that even traditional havens that should benefit from lower yields aren’t safe amid a panicked sell-off. (Bloomberg)
Ronald Dickerman’s Madison International Realty has closed on its latest private equity fund: a $1.2 billion vehicle aimed at properties in the United States, United Kingdom and Europe. Good timing! (TRD)Pimco (AKA Pacific Investment Management Co.) is taking over management of Allianz Real Estate, forming a combined unit with $100 billion in assets. Pimco parent Allianz Group has a more-than $79 billion real estate portfolio in Europe, the U.S. and Asia-Pacific region. (Bloomberg)