- Gov. Andrew Cuomo Extends Eviction Moratorium for Commercial Tenants “Gov. Andrew Cuomo signed an executive order Thursday expanding a coronavirus-related emergency moratorium on evictions and foreclosures of commercial properties until Sept. 20. The move gives business owners heavily impacted by state-ordered closures associated with COVID-19 more another month to meet their rental obligations.” (New York Post)
- Struggling Retailers Rush to File for Bankruptcy as Fears of a Second Wave of Coronavirus Linger “For apparel companies and department store chains, which have been hit hard by the coronavirus pandemic, the turmoil doesn’t appear to be slowing down anytime soon. Instead, industry executives and analysts predict another round of retail bankruptcies and liquidations could be coming if the predicted second wave of Covid-19 infections happens. Competitive pressures ahead of the holiday season could trigger a rush to bankruptcy court, they say.” (CNBC)
- European Commercial Property Deals Pass COVID-Ravaged U.S. “The value of commercial real estate deals in the U.S., long the most active market for transactions, fell behind Europe in the second quarter as the Covid-19 pandemic hit America harder, according to Real Capital Analytics.” (Bloomberg, subscription required)
- Will COVID Shake Loose Large Portfolios? “As the economic ramifications of the COVID shutdowns start hitting large property owners, Michael T. Fay, principal, managing director and global head of Avison Young’s asset resolution team, wonders if bigger deals are on the horizon.” (GlobeSt.com)
- New York Preferred Equity Investors Face Tax Hike “Preferred equity investors in New York real estate would pay a new tax and the public could see who is backing some high-end projects under a state bill. State Sen. Julia Salazar and Assembly member Harvey Epstein unveiled a bill in January to tax mezzanine debt just as mortgage loans are taxed when recorded with the state. This month Epstein added preferred equity to the measure.” (The Real Deal)
- Blackstone, Brookfield Plan Investment Trusts in India, Strengthen Assets “Rivals Brookfield Asset Management and Blackstone, among the world's largest private equity investors, separately plan real estate investment trusts (REIT) in India, said sources on Friday. Canadian investor Brookfield's maiden public issue of could come by end of this year, and US-based Blackstone's joint ventures could hit the market in 2021. Brookfield is likely to file its offer document called draft red herring prospectus for REIT in three months.” (Business Standard)
- Hotel Occupancy Likely to Dip by 29% Over Next Year “Hotel occupancy is likely to decline by 29% over the next 12 months, leading to revenue losses of as much as $75 billion, according to a new study from business strategy outfit Magid and hospitality industry consultant Howarth HTL.” (GlobeSt.com)
- Interview with Loretta Cataldi, New Head of Divaris Real Estate in Richmond “Stepping in to run one of the region’s commercial real estate brokerages is enough pressure on its own, but Loretta Cataldi faced another challenge with the timing of her new gig. Cataldi, a longtime local retail broker, joined Virginia Beach-based Divaris Real Estate this spring as its principal and managing broker of the firm’s Richmond operations. ‘My official start date was in mid-March. I started right when COVID started happening,’ she said. ‘The biggest challenge was stepping in and having to get to know the brokers while working remotely.’” (Richmond BizSense)
- For Tiffany & Co., a Rooftop Addition Wrapped in Glass “The tony Manhattan boulevard of 57th Street, where imposing glassy towers of varying architectural quality have needled their way into the sky in recent years, will soon gain an eye-catching new ornament on a more human scale. Even as other national retailers abandon Manhattan amid pandemic-induced financial struggles, Tiffany & Company is unveiling plans for a shimmering glass jewel box on the roof of its 1940 flagship store at 57th and Fifth.” (The New York Times)
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