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Real Estate Roundup 4.27.20

61-35 Junction Boulevard (Credit: Rego Park Center)

Real Estate Roundup:

  • The owner of theater chain CMX Cinemas has filed for bankruptcy protection, saying it needs breathing room from movie studios and landlords because of the economic crisis triggered by the coronavirus pandemic. The company said it’s uncertain as to when it can reopen its theaters and, even when it does, to what extent customers will return. Affiliate Cinemex USA Real Estate Holdings also filed for bankruptcy. (WSJ)
  • New York City’s economy depends on millions of people wanting to live here, crammed together in small apartments, crowded sidewalks and packed subway cars. But after decades of growth, the city’s population has declined for the past three years, which the pandemic threatens to accelerate. (WSJ)

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

Wednesday

  • Q1 GDP is released. The figures will only capture a few weeks of the coronavirus-related downturn. 
  • Pending home sales for March will be released. 
  • The Federal Reserve concludes a policy meeting, and Chairman Jerome Powell is likely to reiterate a promise to do whatever possible to help bridge a severe downturn.

Thursday 

  • Initial jobless claims report. (WSJ)

Leasing 

Texas-based home decor superstore, At Home, is taking roughly 130,00 square feet at the Rego Center at 61-35 Junction Boulevard. The retailer is taking over the former Kohl’s space on the second floor of the mall. Alexander’s, which is controlled by Vornado, owns the property. (TRD)

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