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Real Estate Roundup 6.26.20

Real Estate Roundup:

Retail 

  • Chuck E. Cheese, the pizza and entertainment chain, filed for bankruptcy protection Wednesday. clouding the future of 741 Chuck E. Cheese and affiliated Peter Piper Pizza stores world-wide… John Catsimatidis, a Chuck E. Cheese bondholder, is interested in buying the company and could team up with a venue operator. The Apollo-owned company has 741 Chuck E. Cheese and affiliated Peter Piper Pizza stores world-wide. (WSJ)

Mattress Firm, Bed Bath & Beyond, New York & Company, Knotel and celebrity chef Bobby Flay’s Bold Food were all sued this week by landlords trying to recover missed rents for Manhattan offices and storefronts… But some tenants have taken to the courts themselves. Italian-luxury brand Valentino, Victoria’s Secret, Bath and Body Works and Gap sued New York City landlords to get out of their leases this month. 

  • Worth repeating: J. Crew, JCPenney, Neiman Marcus, Aldo, Pier 1 Imports, and True Religion have all filed for bankruptcy during the pandemic. (CO)

Hospitality

  • About 44 percent of hotel rooms in the U.S. were occupied for the week ending June 20, that’s two percentage points above from the previous week’s total… New York City saw occupancy dip for the third straight week, falling to 43.6 percent from 45.7 percent a week prior. (TRD+STR)

Financing 

  • Tankhouse’s Sam Alison-Mayne and Sebastian Mendez have secured a $19.6 million loan from Bank Hapoalim for their condo project at 450 Warren Street in Boerum Hill. (CO)

Acquisitions 

  • Albert Srour has acquired 515 Ovington Avenue in Bay Ridge from Lang Development Corp. for $17.1 million. The 67-unit rent-stabilized apartment building spans roughly 72,000 SF. Srour is taking advantage of the J-51 tax abatement program. (CO)

Politics 

  • New guidance issued by New York Chief Administrative Judge Lawrence Marks states that no foreclosures can proceed for the time being unless the property is empty or abandoned. His memo also encouraged lenders to drop pending cases. The guidance, effective yesterday, differs from Gov. Andrew Cuomo’s May 7 order which blocked “initiation of a proceeding or enforcement of … a foreclosure of any residential or commercial mortgage,” as long as the distress was related to the coronavirus. (TRD)
  • A resolution on Inwood’s controversial rezoning now appears to be months away, testing the patience of developers who were banking on it. (TRD)
  • Two appellate court judges expressed doubt that controversial Two Bridges projects’ requires City Council approval. A panel of justices held a hearing on whether three projects — JDS Development’s 247 Cherry Street; L+M Development and CIM Group’s 260 South Street; and Starrett Corporation’s 259 Clinton Street — must go through the city’s seven-month public review process known as Ulurp. Skepticism from the two justices provided a glimmer of hope to the developers, who have faced a series of setbacks in the past year. (TRD)
  • The New York City Council gave landlords a slight reprieve on property taxes, but advocates for the industry called it insufficient… A bill sponsored by Public Advocate Jumaane Williams temporarily gives buildings assessed at less than $250,000 zero percent interest on late payments. A second piece of legislation, sponsored by City Council member Margaret Chin, allows certain property owners affected by Covid-19 to pay 7.5 percent — instead of 18 percent — for delinquent taxes paid by October 15. (TRD)

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