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Real Estate Roundup 4.20.20

Mayor Bill de Blasio (Credit: Getty Images)

Real Estate Roundup:

  • Mayor Bill de Blasio sided with landlords against tenant advocates who are pushing for a massive rent strike next month: “I agree with those saying the state needs to act. I don’t agree with a rent strike because there’s too many folks who are trying to keep their buildings going… There’s a lot of smaller landlords in particular who if they don’t have any income coming in, they’re not going to be able to keep their buildings going. And then you have a very bad situation for everyone.” (TRD)
  • Howard Lutnick’s Cantor Fitzgerald plans to cut hundreds of jobs across divisions. Senior leaders at affiliate Newmark Knight Frank, a commercial real estate firm, have been asked to take pay cuts and eliminate positions. (Bloomberg)

Retail

  • Restaurants and their allies are lobbying President Trump and Congress to press insurance companies to cover “business interruption” claims stemming from the coronavirus, even where restaurants have policies that exclude losses from pandemics. (WSJ)
  • Debt-strapped Le Pain Quotidien was working to shrink its US presence even before the coronavirus pandemic battered its business. Five of the 19 locations flagged for permanent closure are in Manhattan, including at 205 Bleecker Street, 375 Hudson Street, 937 Second Avenue, 1006 First Avenue, and 124 Seventh Avenue. (NYPost)
  • A $388.5 million loan on the 2.2 million-square-foot Palisades Center in West Nyack, N.Y., has been transferred to special servicing because of imminent monetary default. The property saw occupancy fall to 82 percent by 2019 with the departure of tenants including JCPenney, Lord & Taylor, and Bed, Bath & Beyond. (TRD)

Tech 

  • Matterport, whose 3D technology is used to create virtual real estate tours, cut 90 jobs, about a third of its workforce. (SVBJ)
  • Jeff Bezos paid $16 million for a three-bedroom unit on the 20th floor of 212 Fifth Avenue. (NYPost)

Deals 

Rockrose Development has closed on its acquisition of 98 DeKalb Avenue from the Kotler family for $81 million. The Brooklyn development site on the border of Fort Greene and DoBro.The Elghanyan family also bought air rights from an adjacent property, which gives them a total of 380,000 buildable SF where they are planning a rental complex. 

  • Worth Noting: The company went into contract on the site last summer. (TRD)

Looking ahead to economic data that will be released this week: 

  • Tuesday: U.S. existing-home sales for March are expected to reflect a steep decline in activity during the second half of the month.
  • Thursday: U.S. jobless claims for the week ending April 18 are expected to show millions more job losses across the country, though there are signs that the pace of layoffs has passed its peak. (WSJ)

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