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Real Estate Roundup 4.13.20

Slowdown hurting condo projects like this one throughout the city
38 East 50th Street (Credit: Ceruzzi Properties)

Real Estate Roundup:


  • Equinox has not paid rent for the month of April at multiple New York City locations. Their failure to pay comes as the company’s parent, Related Companies, has taken a strong stance against commercial tenants not paying rent… At the end of March, Neiman Marcus, which anchors Hudson Yards’ mall, was considering filing for bankruptcy. (TRD)
  • Restaurants Fear Going From “Closed” to “Space for Lease” By July: “Larger institutional landlords are less likely to negotiate or be helpful with tenants because they have the cash to outlive this crisis, and they can outlive having empty retail space.” (Bloomberg)

Residential rent

  • With nearly a third of American renters failing to pay rent during the first week of April, landlords are scrambling to determine which tenants were excused because of lost jobs—and which ones are using the coronavirus as a cover for not paying. Building owners have started means-testing en masse, trying to uncover which of their residents are eligible to miss payments without penalty because of job loss and creating payment plans for affected tenants on a case-by-case basis. (WSJ)
  • New York apartment leases plunged last month as coronavirus stay-at-home orders kept the city’s renters from moving. In Manhattan, new lease agreements fell 38% in March from a year earlier, the second-biggest decline in 11 years. (Bloomberg)


  • To help contain the spread of the coronavirus in the city’s shelter system, 2,500 homeless New Yorkers will be moved into hotel rooms, bringing the total to 6,000. (TRD)
  • 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 distancing and cleaning/disinfecting protocols.” It also reaffirmed that brokerage and branch offices should remain closed to the general public. (TRD)

Other news

  • After grappling with sluggish market for more than two years, developers of the City’s most luxurious condo towers are now confronting the unprecedented fallout of the coronavirus epidemic, which has ground construction, and many of their sales efforts, to a standstill. With more than $1 billion in signed contracts on the line in Manhattan alone, developers are hoping that Governor Andrew Cuomo will consider an executive order extending timelines for sales and construction. Without an extension, buyers who’ve already signed contracts on new development units could wriggle out of their deals without losing their deposits. (WSJ)
  • Irving Langer’s E&M Management is looking for a $26 million capital injection after the firm defaulted on a $23 million bridge loan he took out against a 42-property portfolio from Churchill Real Estate last year. (TRD)

Development filings 

  • Extell has filed plans for a 354,000-square-foot commercial building in East Harlem at 149 East 124th Street (AKA Harlem Pathmark Site). (TRD)

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