Shiloh
Editor, Senior Moderator
Source: https://therealdeal.com/2020/11/10/...etail-apocalypse-hits-condo-and-co-op-owners/
New York’s Covid-fueled retail apocalypse hits condo and co-op owners
As residential buildings’ ground-floor shops struggle to pay rent, some commercial landlords have stopped paying dues
TRD NATIONAL /
November 10, 2020 07:00 AM
By Erin Hudson
As luxury stores remain shuttered, the pandemic and economic fallout are sparking a rift among owners of residential and retail property in one of the country’s top real estate markets.
For many condominium and co-op buildings in Manhattan, Brooklyn and Queens, adding spaces for retail tenants was good business. But as one of the toughest years in decades comes to a close, many of the cafes, gyms and shops in those spaces are struggling to pay rent or have shut down until further notice.
Because of these delinquent retail tenants, condo and co-op owners are seeing their dues rise and the value of their homes sink.
“It used to be that having a commercial unit was a boon to the residential units,” said Leni Morrison Cummins, a New York real estate attorney at Cozen O’Connor. “Coronavirus has sort of shifted that paradigm.”...
New York’s Covid-fueled retail apocalypse hits condo and co-op owners
As residential buildings’ ground-floor shops struggle to pay rent, some commercial landlords have stopped paying dues
TRD NATIONAL /
November 10, 2020 07:00 AM
By Erin Hudson
As luxury stores remain shuttered, the pandemic and economic fallout are sparking a rift among owners of residential and retail property in one of the country’s top real estate markets.
For many condominium and co-op buildings in Manhattan, Brooklyn and Queens, adding spaces for retail tenants was good business. But as one of the toughest years in decades comes to a close, many of the cafes, gyms and shops in those spaces are struggling to pay rent or have shut down until further notice.
Because of these delinquent retail tenants, condo and co-op owners are seeing their dues rise and the value of their homes sink.
“It used to be that having a commercial unit was a boon to the residential units,” said Leni Morrison Cummins, a New York real estate attorney at Cozen O’Connor. “Coronavirus has sort of shifted that paradigm.”...