NEW YORK CITY—Nearly nine in 10 restaurants, bars and nightlife venues in New York city could not pay full rent in August, according to a survey by the NYC Hospitality Alliance.
The survey of more than 450 restaurants, bars, and nightlife establishments found that 87% of businesses could not pay full rent in August, and 34% were unable to pay any rent at all. The number of restaurant's unable to pay rent has continued to rise this summer even as the city's infection rate has remained low, increasing from 83% in July and 80% in June.
These numbers could shift when indoor dining is expected to resume at 25% occupancy on Sept. 30.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
