As the pandemic surged across the city last month, the rate of new leases in Manhattan, Brooklyn and Queens fell to record lows. The 37 percent drop in Manhattan was the second largest annual decline in new leases in more than eleven years, according to a market report by Douglas Elliman. On the sales side, new contracts also fell sharply at the end of the month. The effect of the pandemic was multilayered, according to
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Flexible-office company Knotel has reportedly stopped paying rent at several of its New York locations as it struggles with mounting financial issues. The company has recently taken drastic steps to cut costs, and last month laid off or furloughed half its 400-person staff. However according to Business Insider, the company has a backlog of payments that goes back many months before the pandemic, putting it in a precarious position as the economy falters. Knotel is
The post “Clamping down on any and all payments”: Knotel misses rent as financial issues mount appeared first on The Real Deal New York.