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Quick Fix
— Some landlords are hoping a recent court system memo permitting virtual court proceedings will open the door for some pending eviction cases to move forward.
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— As the coronavirus crisis forces more people to work from home, co-working companies — once seen as developing the office model of the future — are taking a big hit.
— New home listings in Manhattan fell nearly 90 percent in the second week of April when compared to the same time period in 2019.
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Policy and Politics
RENT FIGHT — “Landlords see chance to advance eviction cases,” by The Real Deal’s Georgia Kromrei: “Attorneys representing landlords are hoping judges will let pending eviction cases go forward, after a court memo released late last week opened the door for virtual proceedings. On the heels of Chief Judge Janet DiFiore’s announcement of New York’s ‘transformation to a virtual court system,’ Chief Administrative Judge Lawrence Marks laid out the guidelines for implementation. Pending cases may proceed exclusively via Skype for Business, according to the memo, ‘where appropriate,’ effective April 13. Some landlord attorneys are hoping judges will use their power to let non-payment eviction cases go forward. Existing eviction cases have been stalled since March 15, when New York state halted evictions in response to the coronavirus pandemic and demands from tenant groups and their advocates.”
EXPANSION PLANS — “NY real estate firm works to expand Mt. Sinai’s coronavirus treatment capacity,” by New York Post’s Steve Cuozzo: “Riding to the rescue at a desperately needed Mt. Sinai Beth Israel hospital expansion, Hudson Yards developer Related Companies brought in an army of workmen to make more than 400 new beds available to COVID-19 victims. Mt. Sinai started shrinking the number of beds at its curved-façade building at 281 First Ave. at East 16th Street in 2017 to prepare it for an eventual sale. Fewer than 400 of the original 825 beds remained in use when Gov. Cuomo on March 23 ordered hospitals to double capacity as the death toll mounted and swelling admissions threatened to overwhelm facilities. Mt. Sinai officials wanted to add beds quickly but realized they couldn’t retrofit unused rooms fast enough. They reached out for help to Related CEO Jeff Blau, who’s on the hospital board. Blau responded with boots on the ground within 36 hours.”
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Around New York
OLD LOOK — “Co-Working Envisioned the Office of Tomorrow. Suddenly It Feels Like the Office of Yesterday,” by Wall Street Journal’s Konrad Putzier: “Only a few months ago, much of the property world was betting the future of the office was one where strangers shared limited space. Now, many are wondering if that model is too rooted in the past. With the pandemic forcing more people to work from home and many tenants unlikely to renew short-term leases, co-working companies like We Co.’s WeWork and peers have been forced to lay off workers and try to restructure leases to stay afloat. Part of the industry’s problem is with the basic business model. Most co-working companies lease their spaces from landlords long-term and sublet them to office users under flexible deals. That puts pressure on their finances in times of economic stress because costs are mostly fixed but revenues can fall from one month to the next. WeWork, which was losing money long before the virus started spreading, has stopped paying rent at some of its locations as it tries to renegotiate its leases and lower its monthly expenses.”
HOTEL WOES — “Times Square hotel first to seek special CMBS loan servicing during coronavirus pandemic,” by New York Post’s Steve Cuozzo: “The first in what’s expected to be a wave of pandemic-battered CMBS (commercial mortgage-backed securities) hotel loans in the city sent to special servicing is at the Hotel at Times Square, according to CMBS market monitor Trepp. Borrowers for the 260-room boutique property at 59 W. 46th St. ‘requested a 90-day forbearance due to the COVID-19,’ reports Trepp. The $34.8 million loan matures in May 2023. The borrowers of record are Wentworth Hotel LLC and Wented Realty Corp. A number of larger Big Apple hotels were under debt strain even before the virus struck — largely due to overleveraging while overproduction of new rooms was pushing down revenue. But the Hotel at Times Square is the first CMBS borrower to need special servicing specifically because of the coronavirus outbreak.”
MARKET WATCH — “New listings plummet 90% in Manhattan,” by Crain’s Ryan Deffenbaugh: “Just 52 new properties went on the market in Manhattan last week, by one count, during a period when the typical start of spring sales season should introduce 500 new homes for the buying. A market report Tuesday from UrbanDigs, a listings site, finds that new home listings fell 89% in the second week of April, compared to the same period in 2019. There were 55 contracts signed, down 77% from the same week last year. Despite the lack of closed deals, 157 listings left the market, up 17% year over year. Data from UrbanDigs shows how listings have cratered since the first New York Covid-19 case on March 2.”
IN MEMORIAM — "Robby Browne, Real Estate Player and Philanthropist, Dies at 72," by The New York Times' Jacob Bernstein: “In a city filled with real estate V.I.P.’s, Robby Browne was a cut above. Hillary Clinton came to his Bridgehampton home for lunch. Martina Navratilova swam in his pool. Uma Thurman went to his Halloween party, where he would dress up as Amal Clooney and Kellyanne Conway. But on Saturday night, after a three-and-a-half year struggle with multiple myeloma and a two-week bout with the new coronavirus, Mr. Browne died at his Central Park West apartment, according to Jason Moore, a close friend and movie director. He was 72. One of Mr. Browne’s biggest real estate deals took place in 2003, when he orchestrated the $43 million sale of a penthouse apartment at the Time Warner Center. The buyer was David Martinez, the founder of Fintech, a financial advisory firm, and the price was among the highest ever for a Manhattan residence.”
Quick Hits
— "Knotel says one-third of members want rent relief," by The Real Deal's E.B. Solomont
— "Le Pain Quotidien was working to close locations before coronavirus hit," by New York Post's Lois Weiss
— “New York Businesses Do the Pandemic Pivot to Survive,” by The Wall Street Journal’s Anne Kadet
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