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South Florida public agencies have canceled zoning and commission meetings where action on proposed developments was pending, but construction, permitting and inspections continue.
Despite the Federal Reserve slashing interest rates to near zero, similar to actions taken during the 2008 Financial Crisis, bankers have pressed the brakes on originating new loans as the economic environment becomes more uncertain amid the coronavirus.
An approximate 74,500-square-foot development in Long Island City, Queens at 24-02 Queens Plaza South has come to market. The commercial property stands 3-stories tall. Newmark Knight Frank is marketing the property, pricing is expected to hover in the 50 million to 55 million range.
The order hits the real estate and construction industries in Pennsylvania hard, mandating the closure of all real estate brokerage firms, as well as the cessation of construction of all residential and non-residential construction, utility, highway, street and bridge construction.
Every single major investor, institutional family office from overseas, has hit the stop button, according to Ari Rosenblum, co-founder and CEO of Vie Management.
Landlords are putting out calls in influx to legal counsel in the wake of new laws Congress has passed to alleviate financial pressures the coronavirus, also known as COVID-19, has caused with social isolation measures in effect.