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Real Estate Roundup 3.30.20

The Plaza Hotel (Credit: Peter Kramer/Getty Images)

Real Estate Roundup:

Coronavirus Coverage

  • The central bank’s multi-trillion-dollar intervention to help companies facing a credit crunch leaves struggling malls, hotels and other properties out in the cold. The program is focused on buying investment-grade debt issued by the companies with the strongest balance sheets. That runs the risk of boxing out companies that fall below the top grade like real estate investment trusts that own properties such as malls and hotels. (TRD)
  • After having their doors shut because of the novel coronavirus, restaurants and bars throughout New York state now have the opportunity to sell boozy drinks for delivery and takeout. As part of the sweeping, pandemic-related changes, the state eased prior rules that prohibited dining and drinking spots from offering products with liquor for off-premise consumption. Previously, the establishments only could sell beer to go. (WSJ)
  • The drive-through, a nearly 90-year-old American invention, may be fast-food restaurants’ best shot at surviving the coronavirus lockdown. Even those companies that have the drive-through option say they will still likely endure hundreds of millions of dollars in sales losses in the coming months after officials across the country have banned dine-in eating to try to curb the spread of the new coronavirus. (WSJ)
  • Predictions from Trepp: Commercial real-estate loans made by banks will suffer as much as a 2.5% loss rate over the next five years, according to the analysis of 12,500 loans now on the books of banks ranging in size from small community banks to the largest banks in the country. If that were applied to the $2.3 trillion of outstanding commercial real-estate bank loans, then losses would amount to $57.5 billion. But the default rate on loans might be less this time than during the last financial crisis, according to the analysis, which is expected to be released this week. Between 2008 and 2011, the peak default rate was 4.4%. That default rate will hit a peak no higher than 2.7% in the expected Covid-19 downturn. (WSJ)
  • More layoffs in the co-working space… Knotel has cut half of its 400 employees. (CO)


  • Dunkin’ has inked an 1,100-square-foot retail lease at 973 Eighth Avenue. Asking rent in the 15-year deal was $275 per square foot. (CO)
  • John McCarthy’s HUBB NYC has closed on its acquisition of 123 Hope Street in Williamsburg from Adam America Real Estate for $83.8 million. The multi-family building spans 126,366 SF, and contains a retail component (11,190 SF), plus 92 parking spaces. (DailyBeatNY)

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