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Real Estate Roundup 8.17.20

Real Estate Roundup:

Retail 

  • Paul Stuart has signed a lease for 1,000 square feet across a two-level spread at Scott Goldfarb’s 505 Broome Street. It is located adjacent to the Oliver Peoples eyewear store at the corner of West Broadway. Brokers say retailers are increasing activity in the last two weeks to take advantage of the drop in pricing and to start focusing on future occupancies. (TRD)
  • Clothing retail startup Rent the Runway said it will permanently close its five retail locations after initially shutting them in March in response to the pandemic. (WSJ)
  • Blackstone and Brookfield are among private equity firms looking to buy stakes in Indian malls hit by the pandemic. The investors are in talks to buy stakes in about six Indian malls including DB Mall and Logix Mall, for launching retail REITs. Chennai’s Marina Mall owners are also planning to exit the mall and are in discussions with Blackstone. Revenue of mall operators is set to halve in the 12 months to March 2021. (EconomicTimes+Bloomberg)
  • Century Medical & Dental has expanded into Manhattan with a new retail location at TF Cornerstone’s 606 West 57th Street. The medical clinic signed a 20-year lease for 7,900 square feet at the 44-story apartment building in Hell’s Kitchen. Century currently has three locations in Brooklyn: downtown, Flatbush, and Gravesend. (CO)
  • Macy’s is likely to leave Water Tower Place in Chicago… The retailer is attempting to exit or downsize its space at the pioneering vertical mall along the Magnificent Mile. Going back to the Marshall Field’s name, the store has anchored Water Tower Place since it opened in 1975. Brookfield Property Partners owns the property. (Crain’s)

Office leasing 

  • Nathan Cummings Foundation will move its offices to Silverstein Properties’ 120 Wall Street. The non-profit signed a 12-year lease for 13,751 square feet on the entire 26th floor of the 35-story building between Front and South Streets. Asking rent was in the mid-$60s per square foot. (CO)

Politics 

  • Mayor Bill de Blasio announced a project labor agreement with the Building and Construction Trades Council of Greater New York that guarantees unions will “prioritize referral” of workers who live in areas where 15 percent of the population lives below the federal poverty level or are residents of public housing… But there are red flags, including that the de Blasio administration did not say whether contractors or the union umbrella group will be penalized for failing to meet the goals. (TRD)
  • For landlords stuck with non-paying commercial tenants, new evictions can be filed starting Aug. 20 — but don’t expect the cases to go anywhere. The courts allowed for the filing of new commercial and residential evictions starting June 22, but did not move forward with the cases. Now, guidance issued this week by the Office of Court Administration said that commercial evictions can start back up this month — but would immediately be adjourned. (TRD)

Tech 

  • In May, Cadre announced in a company-wide Zoom call that it was cutting staff, which would amount to a quarter of its employees. Some left for their own reasons. Leonid Movsesyan, the chief technology officer, and Andrew Borovsky, the longtime head of product departed the startup… In the midst of another management shakeup and fundraising challenges, Jared Kushner’s plan to sell his stake in the startup was tabled. (Bloomberg

Other news

  • As leasing activity resumed in the city and inventories swelled, the vacancy rate in Manhattan’s rental market hit an all-time high in July of 4.33 percent. The number of new leases signed in Manhattan increased by 56 percent from June, but was down 23 percent from last year. As demand stayed low in July and the number of available units grew, the median rent fell to $3,167, down 7 percent from a year earlier — the largest dip in nearly nine years. (TRD)

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