Northeast

The Cares Act does not address forbearance for commercial mortgages, which has left one landlord with its hands tied as it communicates with lenders and tries to work with tenants.

While a rumored extension seems likely, investors should take a conservative approach and proceed as if no extension will be granted, with the understanding that they may get lucky.

"We'll have to make difficult decisions on city spending, the likes of which have never before been needed," Philadelphia Mayor Jim Kenney said.

A quartet of properties in the Sunnyside, Hollis, Jackson Heights and Bayside neighborhoods of Queens have come to market.

The property at 747 Mill Park Drive is net-leased for 10 years to Magna Seating of America, Inc., a division of Magna International.

Manhattan office leasing experienced a healthy start to the year in January and February with a drop in availability and rise in rents. However, that was soon over when coronavirus arrived in March.

Thor Equities acquired the property last month to add to the firm's dedicated life sciences platform and meet the demand for laboratory and research and development space in the region.

About three-quarters of the retailers in The Related Cos.' Hudson Yards development in Manhattan withheld rent for April.