Here’s how real estate companies qualify as “small” businesses for PPP loans
As the government pumps another $310 billion into its latest paycheck-backstop program, critics are pointing the finger at some large companies that have received loans designed to help keep small businesses afloat. Big firms like Dallas-based hotelier Ashford Inc. and the Ruth’s Chris Steak House restaurant chain and others availed themselves of millions of dollars through the Paycheck Protection Program, which was laid out to help small companies with 500 employees or fewer
Coronavirus Crisis: Difficult Decisions Ahead for Landlords and Tenants
As of this writing, our world is battling a global pandemic of unprecedented proportion. Already many articles have been written about the applicability of the force majeure lease clause and other potential escape hatches for each party. The outcomes of these disputes may be resolved by the courts in months and years to come, and will likely depend on specific language in those clauses. Rather than address those various opinions and predictions, we think that more practical
NYC Commits to 40 Miles of Open Streets in May, 100 Miles in Total
After significant urging from the city council and the governor, at a press briefing Monday, Mayor Bill de Blasio committed to opening 100 miles of city streets to pedestrians and cyclists in order to provide New Yorkers space to socially distance. The mayor committed to 40 miles of open streets in the next month, beginning with streets around parks and other high-activity areas, as well as in the most hard-hit areas. After that, the goal would be to reach a total of 100 mile
Office landlords finding out which tenants are paying up during lockdown
Public office landlords are starting to report their first-quarter earnings — and investors and analysts are paying close attention to just how much rent they were able to rake in as tenants like law firms and advertising companies complete nearly a full month of working remotely. Empire State Realty Trust — whose biggest property is the Empire State Building — drew in 73 percent of its office rents in April, compared to more than 92 percent for SL Green. Other office real es
New exceptions in construction shutdown keep thousands of NYC sites open
The list of “essential” construction projects and permitted work has ballooned sixfold since Gov. Andrew Cuomo announced a virtual construction shutdown last month, Department of Buildings data shows. Some 4,936 job sites are now allowed to be worked on, up from about 800 on April 3, according to the Buildings Department. Among them: hotels in Manhattan and Brooklyn, a new Queens Target, and, as the Columbia Spectator first reported, the future home of Columbia University’s b
How Can Landlords Get Relief if Their Tenants Can’t Pay?
As renters lose jobs and the economy remains dormant, landlords face tough choices and few options. Q: I own a small Brooklyn apartment building with two residential units and a ground-floor commercial space. The business is temporarily closed because of the coronavirus shutdown, and both tenants have lost their jobs and are unable to pay rent. I don’t have a mortgage on the property, but I have to pay property taxes in July and utilities to maintain the building. I understan
NYC rent-stabilized landlords see costs rise, push for rent increases
The public hearings that define whether to freeze, increase, or rollback rents for New York City’s nearly one million rent stabilized apartments will kick off on April 23, albeit online (like most other city meetings), due to COVID-19. And this week, the Rent Guidelines Board (RGB) published their yearly Income and Expense report that analyzes the cost of operating the city’s rent stabilized units in 2018 (the most recent data set available, the report says). According to the
Designing Offices, Restaurants and Grocery Stores in the Age of Coronavirus
As New York City and other communities across the U.S. grapple with the coronavirus outbreak, architects are thinking about how to make regular people safer when they finally return to work and normal life, whether it’s in grocery stores, schools or typical offices. Office designers are considering interventions large and small to encourage workers to spend time in an office post-COVID, such as adding barriers between desks, using antibacterial coatings, and adding touchless
Homebound Buyers Ask: Is a Picture Worth $1 Million?
The real estate industry, for all its newfound tech savvy, still relies on handshakes across mahogany tables. The coronavirus pandemic has exposed that weakness: Real estate is a cheek-by-jowl business, methodical by design, lumbering until the final, crowded contract signing. And practically overnight, it has been forced to rethink the entire model. New York State’s stay-at-home order, and similar restrictions elsewhere, have complicated every part of the months long home-bu
IRS Extends Deadlines For 1031, Opportunity Zone Investors
Investors who have like-kind exchange or opportunity zone deadlines between April 1 and July 15 now have a little more time to close their deals. The IRS issued new guidance Thursday night that granted all taxpayers, including “trusts, estates, corporations and other non-corporate tax filers” a filing extension until July 15. The National Association of Realtors told its members the decision benefits investors who are involved in 1031 exchanges or opportunity zone investments
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