NYC Law Providing Relief for Commercial Tenants Faces Constitutional Scrutiny

New York City Mayor Bill de Blasio delivered another striking blow to property owners when he signed into law N.Y.C. Council Int. No. 1932-A (2020) on May 26, 2020. The new legislation prohibits landlords from enforcing personal guaranties on certain commercial leases for defaults occurring between March 7, 2020 and Sept. 30, 2020.

       

source https://feeds.feedblitz.com/~/635875884/0/globest/new-york~NYC-Law-Providing-Relief-for-Commercial-Tenants-Faces-Constitutional-Scrutiny/

Remote Work's Appeal Shows Signs of Fading

A study from workplace strategy consulting firm Vocon found that work-from-home fatigue is increasing and productivity is decreasing.

       

source https://feeds.feedblitz.com/~/635839968/0/globest/new-york~Remote-Works-Appeal-Shows-Signs-of-Fading/

JLL Veteran Rejoins Savills

Jason Schwartzenberg has been appointed as executive managing director, following a six-year tenure at JLL, after a 12-year tenure at Savills.

       

source https://feeds.feedblitz.com/~/635839488/0/globest/new-york~JLL-Veteran-Rejoins-Savills/

JV Secures $148M in Financing for NJ Office Portfolio

Ares Management Corp. provided the three-year, acquisition loan for the 10-property portfolio, sold by Mack-Cali.

       

source https://feeds.feedblitz.com/~/635821986/0/globest/new-york~JV-Secures-M-in-Financing-for-NJ-Office-Portfolio/

Vast Majority of NYC Restaurants, Bars Did Not Pay Rent in August

A survey found that 87% could not pay full rent for the month, and 34% were unable to pay any rent at all.

       

source https://feeds.feedblitz.com/~/635803422/0/globest/new-york~Vast-Majority-of-NYC-Restaurants-Bars-Did-Not-Pay-Rent-in-August/

Lenders Appetite for Commercial Property Debt Dwindles

While there is ample cash equity seeking deals, lenders are concerned about the viability of the commercial property market.

       

source https://feeds.feedblitz.com/~/635800420/0/globest/new-york~Lenders-Appetite-for-Commercial-Property-Debt-Dwindles/

Long Island City Development Site Sells for $40M

The purchaser plans to construct a 270,000-square-foot commercial facility at the site in Long Island City.

       

source https://feeds.feedblitz.com/~/635700338/0/globest/new-york~Long-Island-City-Development-Site-Sells-for-M/

Mack-Cali Realty Corp. Sells $160M NJ Portfolio

The transaction, disposing of 10 buildings, coincides with the REIT’s strategic plan to dispose of suburban office assets.

       

source https://feeds.feedblitz.com/~/635673133/0/globest/new-york~MackCali-Realty-Corp-Sells-M-NJ-Portfolio/