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Real Estate Roundup 6.19.20

Real Estate Roundup:

  • New York City will begin the second phase of its economic reopening on Monday, allowing for workers to return to offices and restaurants to offer outdoor dining… Offices will be allowed to operate at 50% of their maximum occupancy, and workers must stay 6 feet apart. Unless face masks are worn, only one person should be inside an elevator at a time, the guidelines say. (WSJ)
  • The inside portions of New Jersey malls, which have been shuttered since March 17, will be allowed to operate again with restrictions starting Monday, June 29… Restaurants and stores at malls with their own outside entrances had already been permitted to reopen on Monday, at half capacity. (NJ)

Politics 

  • More than 50 New York lawmakers called for Gov. Andrew Cuomo to strengthen his eviction ban extension, which allows some tenants to be ousted starting Monday. The 56 lawmakers urged the governor to instead extend the universal ban that has been in place since March 15, when the state’s top administrative judge, Lawrence Marks, halted all evictions until further notice. Although the original ban is set to expire Saturday, the courts have not yet issued an administrative order to clarify how the governor’s more limited ban would be implemented. (TRD)

Other news

  • Mortgage applications to purchase a home rose 4% last week from the previous week and were a remarkable 21% higher than one year ago, according to the Mortgage Bankers Association’s seasonally adjusted index. That was the ninth consecutive week of gains and the highest volume in more than 11 years. (CNBC)
  • Jay Z’s entertainment company Roc Nation has accused its New York landlord of retaliating for a rent dispute by stalling a deal to sublease office space. In a lawsuit filed Tuesday, the company said it has arranged for three tenants to sublease parts of the space at 1411 Broadway, which it no longer uses, having moved to a bigger space in Chelsea last year. (Crain’s)
  • To accommodate condo buyers who have only seen properties virtually, some developers are offering “satisfaction guarantees.” Buyers have five days to visit a sales office once reopening happens. “If they’re not happy for some reason, they can get out of the deal with no penalties.” (TRD)

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