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Real Estate Roundup 6.10.20

  • Tailored Brands Inc., the owner of Men’s Wearhouse and Jos. A. Bank, is considering a potential bankruptcy after the coronavirus lockdown kept America’s office workers at home, putting a damper on demand for new suits. (Bloomberg)
  • The $272 million CMBS loan originated by Credit Suisse and backed by Ceruzzi Properties’ ground lease at the 34-story Lipstick Building at 885 Third Avenue in Midtown has been sent to special servicing. The loan’s maturity is in August, and the lease for the office tower’s largest tenant, global law firm Latham & Watkins, which occupies 400,000 square feet, is set to expire in June next year. (CO)

Post Covid-19

  • New York is starting to ease restrictions on businesses, and the world’s biggest financial firms are preparing to bring thousands of employees back to their offices starting this month. But even with sophisticated face-mask sensors in the lobby, temperature checks and touch-free elevator rides, it will be well into next year before most workers are back at their desks and the center of global finance begins to feel like its old self again. RXR’s Scott Rechler: “There’s a high degree of anxiety, as you can imagine… Officing is going to be different than it was before.” (NYTimes)
  • Safety concerns have forced developers to rethink mixed-use projects combining retail, residences and offices, which have helped define the live-work-play ethos that many younger professionals seek. (NYTimes)

Business Insurance

  • Insurers say riot damage is covered under most insurance policies for businesses. (CNBC)
  • Business insurance is similar to consumer car insurance: Basic liability is required by many landlords (though not all) in a lease agreement, protecting proprietors in the event that they face lawsuits from customers who are injured in their stores, among other legal claims. But it may be up to the individual business owners to decide how much insurance they want to buy to cover their inventory and equipment in case of theft, fire and other scenarios. (LosAngelesTimes)


  • Real Life Ninja Academy — a training center for the television show “American Ninja Warrior” — plans to open up its first New York City location in Hell’s Kitchen. The gym signed a five-year, 5,814-square-foot lease for the former Nissan Service Center at Nationwide Management Corp’s 625 West 55th Street between 11th and 12th Avenues. Asking rent was $80 per square foot. (CO)

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