WeWork has doubled down on its demand for rent from members unable to pay, in some cases threatening debt collection if clients don’t fork over the money. Covid-related eviction moratoriums in many cities, including New York, have been extended, offering some relief to commercial and residential tenants. But WeWork has memberships, not leases so it doesn’t have to abide by those moratoriums. The office-space provider is now taking a tougher stand with members unable to
When Paragon Sports, a Union Square staple, rehired 17 employees this summer that it had temporarily laid off because of the pandemic, it seemed like a sign that the century-old store could be on the road to recovery. But its woes continue: Paragon will once again temporarily lay off those workers in January, while seven other workers will permanently lose their jobs, according to information released Wednesday by New York state’s Department of Labor. A
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The MTA board voted unanimously Wednesday to relieve rent for its small-business tenants at Grand Central Terminal. Under the move, which had been proposed earlier this month, qualifying businesses at Grand Central and all other Metropolitan Transportation Authority locations except the Fulton Street Transit Center will owe no rent for April through July, Crain’s reported. As of Aug. 1, rent will change to either 10 percent of a store’s gross sales or 10 percent of
Note: These items are independently selected by our team. However, TRD may receive a commission when you purchase products through affiliate links. Back before the work-from-office days, desk decorating became something of an art form. Whether it was a hand-me-down gifted from a former colleague, a cool calendar or the green pop of a plant, many of us tried to bring personality to our faceless cubicles. Now, it’s time to invest in new items to
Developer Eric Birnbaum brought on star power to launch his Washington Avenue hotel in Miami Beach. Singer-songwriter and producer Pharrell Williams and hospitality mogul David Grutman are partnering with Birnbaum on the Goodtime Hotel, a 266-room hotel on Washington Avenue between Sixth and Seventh streets, which is set to open early next year. Birnbaum’s Dreamscape Companies is the lead developer of the seven-story building, which was designed by architect Morris Adjmi. Raymond Jungles is handling
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Sam Zell’s Equity Residential was hit with a 58 percent decline in income in the third quarter, with urban flight severely impacting its apartment portfolio. The REIT’s net income in the third quarter was $95.4 million, down from $227.8 million in the same period last year, the company reported Wednesday. That’s a significant drop from the second quarter, when the company recorded $271.5 million in income. Its total revenue during the third quarter was $622.4