The Woes Of Moorestown Mall

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Two new luxury apartment buildings in Jersey City, New Jersey, have begun accepting applications from prospective tenants. Leasing is underway for Ironstate Development Co.’s 295J, a 309-unit rental building, and Namdar Group’s MRK property, a 16-story tower with 132 apartments and more than 100 shared office spaces. 295J…

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With the economy in flux and stock prices down across the board, the U.S. commercial real estate property outlook looks pretty grim, Green Street Advisors said in a webinar Tuesday.

"The market is pretty freaked out about the spread of the coronavirus here in the U.S.," Green Street Advisors Managing Director of Strategic Research Peter Rothemund said. "And it tells you that we are in a recession right now."

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A New Jersey appeals court has ruled that a tenant that defaults on a rental agreement can’t avoid paying lease obligations, even if the landlord finds a higher-paying replacement.   According to the court filing, Brake-O-Rama stopped paying rent to its landlord, 450 North Broad LLC, in February of 2016 with four…

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The coronavirus pandemic has corporations and office landlords scrambling like the average consumer. But instead of searching for toilet paper, they are looking for ways to maintain a cohesive office environment while everyone works from home.

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Neiman Marcus surprised the retail world when it announced plans last week to close most of its 24 U.S. Last Call discount locations and cut more than 700 jobs.

Traffic was trending up, and off-price retailers like Last Call have outperformed department stores in recent years, and have been seen as a hedge against future downturns.

Yet, analysts covering luxury retail say Neiman’s had only two roads to take in today’s hardscrabble retail landscape — either waste money on the cratering middle-class retail segment or go full-blown luxury.

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LONDON — Last weekend, Anthony Lorenz’s phone was ringing off the hook. Client after client was calling the London-based veteran tenant rep advisor, all with the same problem. Revenue had fallen off a cliff, cash flow was tight and on 25 March the quarterly rent was falling due.

“I had clients I hadn’t spoken to for two years, ringing out of the blue, asking for help talking to their landlord,” the managing director of The Lorenz Consultancy said. “We act for some of the biggest clubs, bars and restaurants in the West End. Our clients were telling us takings from the weekend were at least 70% down, often as much as 90%. One club told us that instead of taking £130K over the weekend they had taken £14K. If landlords don’t help out, the leisure industry in the West End will collapse.”

The property industry has a role to play here, and can provide vital support for tenants in the form of rent deferrals or cuts. While this idea is great in theory, it poses problems in practice: Landlords might have their own cash flow issues and rely on the rental income they receive from tenants to pay staff and make loan repayments. 

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