A commercial tenant looking to skip rent in light of pandemic-related closures just suffered a setback. Backal Hospitality Group argued that because Gov. Andrew Cuomo banned large gatherings, it could walk away from its lease at the Moinian Group’s 627 West 42nd Street. Backal brought the case after Moinian drew down a $500,000 letter of credit in June to collect more than $400,000 in rent. But a state judge ruled the tenant is still on
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Barry Sternlicht compares the coronavirus pandemic to a race at the Indianapolis Speedway gone wrong. As a pace car laps around the track, lenders have to pull into the pit to change the tires and replace auto bodies. “We have never experienced that,” said Sternlicht, chairman and CEO of Miami Beach-based Starwood Property Trust, during a second quarter earnings call with analysts on Wednesday. Sternlicht previously compared the pandemic to World War III, as well
After being sued for bailing on its lease as New York City became the epicenter of the coronavirus pandemic, co-living firm Quarters is taking its would-be landlord to task. The Germany-based company filed a motion for sanctions in federal court, accusing investor Mark Tress and his affiliated entities of using litigation “as a cover to damage Quarters’ reputation.” The motion alleges that Tress’ lawsuit violates federal rules of civil procedure. Tress sued the co-living company
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Virtual brokerage eXp Realty’s profits surged to a record $8.3 million during the second quarter as homebuying was forced to go remote, the firm’s parent company said Wednesday. For the quarter ending June 30, eXp World Holdings said revenue grew 33 percent year over year to $354 million. For the third consecutive quarter, eXp was in the black. The company reported a net loss of $2.2 million during the second quarter of 2019. The strong