Talk about a foul: The NBA Store at 545 Fifth Avenue, which has remained closed throughout the pandemic, now owes $7 million to its landlord, the Moinian Group. The dispute is the basis of a lawsuit, first filed in New York State Supreme Court in June, by the landlord against NBA Media Ventures. At the time the suit was filed, the NBA owed the landlord nearly $1.9 million in back rent. But now, seven months
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As the pandemic rages across the U.S., it’s unclear when employees will be able to return to their offices. That’s led to a huge shift in San Francisco real estate that may impact the city for years to come. While companies try to figure out what the future of work looks like, some of their employees have abandoned the Bay Area, the New York Times reported. Now, those firms are following suit. Some of the
The Trump administration, which has a lot going on in its final days, is dropping its effort to return Fannie Mae and Freddie Mac to private hands, the Wall Street Journal reported. The mortgage giants were put under government control when the bursting of the housing bubble triggered the financial crisis of 2008. Now the Biden administration must decide their future. Advisers to Biden say he’s in no rush to privatize the companies and will
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Property tax revenue did not plunge with the city’s economy last year because assessments preceded the pandemic. This year, New York won’t be so lucky. The travails of hotels, office buildings and other real estate will cause property tax revenue to fall by $2.5 billion next year, the largest drop in at least three decades, the New York Times reported. The market value of those commercial properties fell 15.8 percent. “This is just a total
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President-elect Joe Biden on Thursday outlined a $1.9 trillion emergency relief plan that would have major consequences for real estate and the economy at large. The proposal would extend a national moratorium on evictions and foreclosures to Sept. 30. The moratorium is set to expire Jan. 31, according to MarketWatch. Biden is also calling on Congress to come up with $30 billion for emergency rental, energy and water assistance for hard-hit families, as well as
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