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Real Estate Roundup 7.8.20

Real Estate Roundup:

  • The stocks of New York REITs: Empire State Realty TrustSL Green RealtyVornado Realty Trust ; and Paramount Group all took hits of more than 54% during the one-month bear market in the spring, compared with the broader market’s drop of 35%. But unlike the broader market, which has regained three-fourths of its bear-market losses, none of the REITs have recovered one-fourth of theirs, and Empire State has recently traded near its lows. (WSJ)

Politics

  • Real Estate investors benefited from the Paycheck Protection Program… Among them is Extell Development who received three loans totaling $2.5 million to $6.35 million. Other real-estate beneficiaries included Kuafu Properties, a real-estate development company that aims to bring Chinese investors into U.S. real estate, and Dallas-based MCR Hotels, one of the largest hotel owners in the country. MCR obtained eight loans totaling between $20 million and $44 million. The company holds 92 hotels in 30 U.S. states, including the iconic TWA Hotel at New York’s Kennedy Airport. (WSJ)

Office Leasing 

  • BBR Partners, a boutique wealth management company, has signed a 15-year, 30,000-square-foot lease for the entire 18th floor of Fisher Brothers’ Park Avenue Plaza at 55 East 52nd Street. (CO)
  • WeWork terminated its 69,000-square-foot lease in a Baltimore development, the latest deal the coworking giant has bailed on. The company “mutually agreed” with Armada Hoffler Properties to cancel its deal for the top two floors of the 325,000-square-foot Harbor Point in Baltimore’s Wills Wharf neighborhood. (CO)

Retail

  • Hill Country Barbecue Market, has renewed its lease at Himmel + Meringoff’s 30 West 26th Street in NoMad. The Central Texan restaurant signed a 12-year lease for 10,990 square feet at the 12-story building, located between Broadway and Sixth Avenue. (CO)
  • Home-goods retailer Pier 1 Imports has found a potential buyer offering more than $20 million for the bankrupt company’s intellectual property and e-commerce business as its brick-and-mortar retail operations wind down. The company had about 940 stores at the beginning of the year. (WSJ)
  • The shutdown on Broadway has been extended until at least early January. Although an exact date for performances to resume has yet to be determined, Broadway producers are now offering refunds and exchanges for tickets purchased for shows through Jan. 3. (NBC)
  • After making a fortune in clothing, Amancio Ortega turned his attention to real estate. The Spanish billionaire’s property holdings have soared to $17.2 billion, his firm revealed Tuesday for the first time. Acquisitions include landmark properties like Manhattan’s historic Haughwout Building and Miami’s tallest office tower. Last year, his investment firm completed a $72.5 million deal for a downtown Chicago hotel, which followed purchases of a building in Washington’s central business district, and two Seattle office buildings. (Bloomberg)

Other news 

  • Luxury condo market update: In the week ending July 5, there were eight contracts signed for homes asking $4 million or more. Interestingly, half the homes that found buyers were sold by sponsors or developers, the highest number of those kinds of sales seen since the lockdown. (OlshanRealty+MansionGlobal)
  • Guest Post by Alex Broome, ReShield: Adjustments to commercial insurance policies may save you money… Review your typical coverages by each type of insurance to determine if you need to report any changes to your insurance broker. In some cases, you may see a reduction in your premiums if your expected exposures (what you reported at the policy start) vary significantly from your current or future exposure base. You should report any major reductions in items such as payroll, revenue or square footage to your insurance broker. (DailyBeatNY)

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