Connect with us

Roundup

Real Estate Roundup 4.6.20

609 Fifth Avenue (Credit: Cushman and Wakefield)

Real Estate Roundup:

Coronavirus coverage

  • Health officials warned Americans to brace for a pivotal week in the coronavirus pandemic, as the number of new cases around the world jumped by more than 100,000 in a single day for the first time, with a third of them coming from the U.S. Some of the hardest-hit cities, including New York, Detroit and New Orleans, are expected to see infections peak in the coming days, new models suggested. (WSJ)
  • Major department stores like Kohl’s, Nordstrom and Macy’s could run out of capital within a month, according to a liquidity “stress test” published Thursday by Goldman Sachs. Other retailers like PVH (the parent company of Calvin Klein and Tommy Hilfiger), Gap and Victoria’s Secret parent company L Brands fared only a little better under the investment bank’s most extreme scenarios, with two months’ worth of liquidity available. (TRD)
  • The Fed Transformed: Jay Powell Leads Central Bank into Uncharted Waters. (WSJ)

Survey on rents

About half of U.S. small businesses haven’t paid their full rent or mortgage yet this month as a result of the coronavirus pandemic, a new survey suggests. In the poll, conducted on Thursday and Friday by Alignable, a small business social networking company, about 30% of the more than 1,000 respondents reported making no rent or mortgage payment in April, while 20% said they had made only a partial payment.

  • Dig Deeper: The remaining half reported paying their entire rent on time. Only a quarter of respondents said their landlord or bank offered a reduction or deferral on what they owed. The survey was of companies with up to 50 employees, including retail, restaurant, auto-repair and other small businesses. (WSJ)

Deal news

  • Co-Op City, the world’s largest cooperative apartment complex, will stay affordable for another 30 years under a new agreement between the co-op board and the City of New York. Under the terms, the 16,000 apartments in the northeast section of the Bronx will remain price-limited and income-restricted until 2052. (WSJ)
  • SL Green Realty is “quietly marketing” its 27,000-square-foot retail condo at 609 Fifth Avenue, according to CO. Puma currently leases 24,000 square feet at the property on a 15-year lease. (CO)
  • Australian manufacturer Brickworks has signed a ten-year retail lease for 16,171 square feet at 445 Fifth Avenue. The building materials company plans to open a flagship design studio on the ground-floor. (CO)
  • Gemini Rosemont has closed on its acquisition of a development site 167 North 1st Street from Kevsta Inc. for $18.2 million. The Williamsburg lot currently houses a 13,834-square-foot one-story warehouse fully leased to Poler Contracting. The parcel allows for the development of a total of 50,000 SF. (CO)

Layoffs hit the brokerage industry: 

  • Paul Massey’s B6 Real Estate Advisors suffers layoffs. The brokerage only counted 25 employees as of last spring. (TRD)
  • Douglas Elliman laid off approximately 100 people on Friday. 
  • Terra Holdings, the parent company of Brown Harris Stevens and Halstead, said it would cut executive pay and furlough employees. Warburg Realty and Bohemia Realty made cuts as well. (TRD)

Continue Reading
To Top