5th Ave: $200m unpaid ren
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5th Ave: $200m unpaid ren (by Tony [NJ]) Apr 7, 2021 9:23 AM
       5th Ave: $200m unpaid ren (by Tony [NJ]) Apr 7, 2021 9:24 AM
       5th Ave: $200m unpaid ren (by Tony [NJ]) Apr 7, 2021 9:25 AM
       5th Ave: $200m unpaid ren (by Tony [NJ]) Apr 7, 2021 9:26 AM
       5th Ave: $200m unpaid ren (by DJ [VA]) Apr 7, 2021 10:12 AM
       5th Ave: $200m unpaid ren (by Oregon Woodsmoke [ID]) Apr 7, 2021 10:45 AM
       5th Ave: $200m unpaid ren (by Ray-N-Pa [PA]) Apr 7, 2021 12:24 PM

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5th Ave: $200m unpaid ren (by Tony [NJ]) Posted on: Apr 7, 2021 9:23 AM
Message:

news max com

5th Avenue Landlords Seeking Almost $200 Million in Unpaid Rent

By Theodore Bunker 3-4 minutes

New York City’s Fifth Avenue, typically one of the world’s most popular destinations for shopping, has suffered greatly during the COVID-19 pandemic, leaving landlords looking for about $200 million in unpaid rent from tenants.

Bloom berg notes that landlords along a roughly 20-block stretch on Fifth Avenue, who have already begun offering steep discounts on leases, are currently embroiled in a legal battle over missed rent payments, but this could lead to some high-profile exits and even more vacancies to fill.

--73.215.xxx.xx




5th Ave: $200m unpaid ren (by Tony [NJ]) Posted on: Apr 7, 2021 9:24 AM
Message:

"The numbers are big," Tom Mullaney, a managing director at the brokerage Jones Lang LaSalle Inc., told Bloom berg. "If some of the tenants are financially stressed and they lose, it’ll be very painful. Conversely, if some of the landlords are overleveraged and have cash flow issues, it can be traumatic for them too."

New York City’s marketing organization, NYC & Co., reports that tourism to the city has dropped by about two-thirds compared to before the pandemic. The National Basketball League alone accounts for more than $8 million in unpaid rent payments on its three-story store on Fifth Avenue, according to an attorney for the landlord, Moinian Group.

--73.215.xxx.xx




5th Ave: $200m unpaid ren (by Tony [NJ]) Posted on: Apr 7, 2021 9:25 AM
Message:

The fashion company Valentino abandoned its four floors at 693 Fifth Avenue, asking a court to release them from their lease, which still has eight years remaining. The judge ruled against Valentino, but they have appealed to decision. The fashion company, which is based in Italy, now faces a counter suit from the landlord seeking $207 million to cover both the lease payments and damage done to the Venetian terrazzo marble panels at the store’s location.

Simeon Siegel, a BMO Capital Markets analyst, told Bloom berg that many of the street’s most well-known stores, including Bergdorf Goodman, Tiffany & Co. and the Plaza Hotel could leave due to the effects of the pandemic.

--73.215.xxx.xx




5th Ave: $200m unpaid ren (by Tony [NJ]) Posted on: Apr 7, 2021 9:26 AM
Message:

"They will likely never be what they’ve been before," Siegel said, referring to the street’s most famous shops. "But at the end of the day, they’re still one of the best ways to reach people — if people are there."

Landlords have already cut asking rents, which have gone down by about 20% in some parts of the city, but many empty storefronts still remain on the street, and at least three leases will expire soon. Gior gio Armani, Aber crombie & Fitch, and Tiffany could all leave the street by mid-2022. Representatives for those companies all declined to comment to Bloom berg.

However, some new stores will be opening on Fifth Avenue, including the Spa nish chain Mango and the luxury jeweler Harry Winston.

"There’s way too many people trying to exit or sublease space, and not too many tenants that are interested," Mullaney said. "And tenants that are interested are looking at rates that give landlords heart attacks. I don’t think it’s a good time to be a landlord right now."

--73.215.xxx.xx




5th Ave: $200m unpaid ren (by DJ [VA]) Posted on: Apr 7, 2021 10:12 AM
Message:

"I don't think it's a good time to be a landlord right now."

LOL!! Ya think?!

Expand that thinking and report on the effect on residential landlords.

At least businesses (not just these, but other smaller ones, too) may have a "legitimate" reason for being truly unable to pay rent. The government told everybody to stay home, so they haven't had any business. And, at least they moved out & made the space available for someone else.

Unlike residential tenants who have as much or more income as before and choose to not pay rent OR leave. --68.229.xxx.xxx




5th Ave: $200m unpaid ren (by Oregon Woodsmoke [ID]) Posted on: Apr 7, 2021 10:45 AM
Message:

Getting out of residential and into commercial sometimes turns out to not be such a good strategy. --76.178.xxx.xxx




5th Ave: $200m unpaid ren (by Ray-N-Pa [PA]) Posted on: Apr 7, 2021 12:24 PM
Message:

I just read where 28 BILLION in REO Retail will hit the market place within the next 24 months. Strangely, Cap Rates are being driven down to lows --24.154.xx.x



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