Investors are poised to take precaution on portfolio decisions amid frozen market supply and demand because of the coronavirus pandemic, which has left businesses shuttered and a large number of tenants short on rent payments. As a result, borrowers are strained to make loan payments, which they fear could go into default.
The 32,184-square-foot multifamily property closed at $4.7 million, or approximately $149 per square foot.
A commercial purchaser should incorporate in the contract’s risk of loss clause the specific consequences of a pandemic.
ABS Altman Warwick, a New York City-based capital market advisory firm and division of ABS Partners Real Estate, has closed a $13.5 million loan for an office building located at 425-427 Madison Ave. in the Plaza District.
New York-based real estate investment management firm Marx Realty has launched Marx Connect, a mobile application it is rolling out to all of its buildings that allow tenants access to respective properties by scanning via Bluetooth. This new offering comes to prevent the touching of building hardware as landlords look for ways to curb the spread of the coronavirus to their properties, Craig Deitelzweig at Marx, tells GlobeSt.com.
Gemini Rosemont Commercial Real Estate has acquired 67 North 1st St., a mixed-use development site situated midblock between Bedford and Driggs avenues in Williamsburg, Brooklyn, for $18.2 million.
The new Executive Order (No. 122) will shut down most of the private construction projects in the Garden State. The order also mandated specific protections and policies for all essential retail, manufacturing, and warehousing businesses, as well as businesses engaged in essential construction projects.
The Cares Act does not address forbearance for commercial mortgages, which has left one landlord with its hands tied as it communicates with lenders and tries to work with tenants.
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