Northeast

For the most part, landlords had little problem collecting April rents but the situation is changing for renters as the economy staggers under Covid-19.

Frazier and Merck made news yesterday when in announcing its first quarter financial results, the pharmaceutical firm announced its intent to consolidate its New Jersey campuses into a single New Jersey headquarters location in Rahway by the end of 2023.

David Linn with the White Plains-based The Galinn Fund LLC has sold the parcels at 251 Douglass St. to New York City-based Tavros Capital Partners and the Charney Companies of Long Island City.

Township Capital, Triangle Equities Development and L&B Realty Advisors LLP are planning to build an enormous warehouse near John F. Kennedy Airport.

BTIG's Michael Gorman dissects the CRE industry and finds reasons to be hopeful.

In Chapter 11, the debtor will usually seek permission to use the income generated by the property. But if the license to use rents was terminated prior to bankruptcy, the rental income no longer is considered property of the debtor.

RENTCafe found renters do not intend to postpone their moving plans despite the coronavirus, with 62% saying they are moving as soon as they find an apartment.

There's going to be a pruning of the development pipeline, and a lot of owners either seeking to exit their positions or in need of rescue capital to preserve the positions, Driftwood's Carlos Rodriquez Sr. says.