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Hamptons.com
September 15, 2020

Covid-19 And How It May Affect Commercial Properties Located In Shopping Centers

John A. Viterittiby John A. Viteritti
in Real Estate
Home Real Estate

Before the advent of Covid-19 retailers were being negatively impacted by online purchasing.

Major box stores such as Macy’s, Sears, and Kmart closed large numbers of stores throughout the country, while JCPenney and Neiman Marcus have filed for bankruptcy.

In a July 5, 2020 New York Times article, it was stated that analysts see as much as a quarter of America’s malls closing over the next five years. It is no great surprise that the confluence of events, online shopping and COVID-19, are likely to accelerate that downslide.

In an attempt to provide some insights to what is occurring, I thought we should look at some of the issues that are having a cascading impact on shopping malls that began to come into existence after inner city populations started to migrate to the suburbs post World War ll. The G.I. Bill provided financial assistance to purchase homes and the development of expressways contributed to the migration. Soon, the shopping malls followed. Investors saw the opportunities that this offered.

The process of the development of suburban malls starts with finding a site large enough to accommodate a large number of retailers, determine the costs of development including purchasing the property, financing, taxes, hard and soft costs, zoning, and, most crucially, determine if the purchasing power of the intended customer base will be sufficient to return a profit on the investment.

Key to the success of the development is the attraction of the anchor tenant such as a Macy’s, JCPenney or Neiman Marcus that will attract other tenants. The developer charges a rent to the anchor tenant at less than the cost to the developer and charges a rent to the other tenants that includes the loss the developer is taking on the anchor tenant.

Commercial leases, like all leases, are contracts that define the obligations of the parties, and unlike residential leases are long-term, from ten to fifteen years, sometimes longer. Because they are long-term, real estate brokers and attorneys who prepare these leases include all the “what ifs” they know shall or may occur. Also unlike residential leases, there are no common law rights pertaining to sublease and assignment as there are with residential leases in New York.

Having set the overall picture, let’s look at how COVID-19 can impact these carefully constructed agreements.

What if the anchor tenant vacates the space? Can the tenants located next door and those down the line who rented that space because of the benefit of being located there and are now suffering a loss of business get a reduction on their rent? Can they sublet their space or assign their lease to another tenant? What rights does the landlord have? Does the landlord have a lease with another tenant prohibiting the sublease or assignment to a tenant who operates the same kind of a business? What if the lease was based on a flat rent plus a percentage of gross receipts and now the gross receipts have declined below what was reasonably anticipated? Where does that leave the landlord who still has expenses to pay?

All of these issues and many more depend upon the written lease, and the inability of either party to comply with the terms of the lease would have to be modified by mutual agreement or seek remedy through the courts.

Given the magnitude of the problem and their unforeseen circumstances, how will the courts respond?

These circumstances and what they may portend have given rise to another question? Might we see a resurgence of the small businesses that once characterized our neighborhoods?

Only time will tell.

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Southampton High School Named As National Banner Unified Champion School By Special Olympics International

Southampton High School Named As National Banner Unified Champion School By Special Olympics International

  • LVIS thrift shops are open Tuesdays through Saturdays 10 AM through 5 PM

donations are accepted Wednesday through Saturday 10 AM through 1 PM by appointment 

located at 95 Main St East Hampton
  • Check out the Top Hamptons Events This Weekend!⁠
⁠
🚗 The Bridge IX⁠
📅 Sat, Sept 13 | 2–7PM⁠
📍 The Bridge, Bridgehampton⁠
Over 300 rare automobiles showcased across stunning landscapes.⁠
⁠
🎬 23rd Annual Surf Movie Night⁠
📅 Fri, Sept 12 | 5:30–9PM⁠
📍 Southampton Arts Center⁠
Surfboard swap, live music & outdoor film screening. 🌊⁠
⁠
🍝 San Gennaro Feast of the Hamptons⁠
📅 Sat, Sept 13 – Sun, Sept 14 | 10AM⁠
📍 Hampton Bays⁠
Italian pastries, live entertainment & fireworks Sat @ 8:15PM 🎆⁠
⁠
🎭 In Process: Roderick George⁠
📅 Sat, Sept 13 | 7PM⁠
📍 Guild Hall, East Hampton⁠
A special in-process presentation of The Missing Fruit (Part I).⁠
⁠
🎤 Sheena Easton at WHBPAC⁠
📅 Sat, Sept 13 | 8PM⁠
📍 Westhampton Beach PAC⁠
Grammy-winning artist live on stage!⁠
⁠
☕ Cars & Coffee⁠
📅 Sun, Sept 14 | 9–11AM⁠
📍 Bridgehampton Museum⁠
Classic & exotic cars, food, drinks & live music.⁠
⁠
🛍 Hampton Vintage⁠
📅 Sun, Sept 14 | 10AM–5PM⁠
📍 Westhampton Beach Village Green⁠
Shop unique vintage finds!⁠
⁠
🎶 Hamptons Festival of Music Finale⁠
📅 Sun, Sept 14 | 4PM⁠
📍 St. Luke’s Church, East Hampton⁠
Featuring Cimarosa, Berlioz & Beethoven.⁠
⁠
🍷 Wine Dinner with Pradorey at R.AIRE⁠
📅 Tues, Sept 16 | 6:30PM⁠
📍 Hampton Bays⁠
Five-course tasting menu with exquisite wine pairings.⁠
⁠
🎥 Toy Story 30th Anniversary Screening⁠
📅 Sept 12–15 | Various Times⁠
📍 Southampton Playhouse⁠
Celebrate Woody & Buzz’s timeless adventure!⁠
⁠
Check out more events at Hamptons.com (Link in Bio)⁠
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#carshow #hamptons #sangennaro #sangennarofeast #winedinner #bridgeIX
  • The Animal Rescue Fund of the Hamptons (ARF Hamptons) hosted the Bow Wow Meow Ball in East Hampton. The evening’s honorees, Ellen and Chuck Scarborough, were presented with the Champion of Animals Award, recognizing their more than twenty-five years of support to ARF. ⁠
⁠
Over 400 guests celebrated ARF’s remarkable work with cocktails, followed by dinner catered by Olivier Cheng. Peter Marino, accompanied by his daughter and ARF Board Member Isabelle Trapnell Marino, presented the Scarboroughs with their award. ⁠
⁠
📸: Patrick McMullan/PMC⁠
⁠
Check out the full gallery at Hamptons.com (Link in Bio)⁠
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#arf #bowwowmeowball #hamptons #animalrescuefund #animalrescue
  • Make sure to add this event to your list for next summer
#Seafood #localeats #mtk #montaukgreen
  • I recently toured the new Rolex Boutique by London Jewelers in East Hampton, and it’s one of the most beautiful retail spaces I’ve ever stepped into. Located on Newtown Lane, the boutique is set inside a restored historic home that dates back to 1897, originally designed as a summer cottage.⁠
⁠
From the outside, it has that classic East Hampton charm, cedar shingles, white trim, and lush landscaping. But once you step inside, it’s all about quiet sophistication.⁠
⁠
The space is warm and welcoming, with walnut wood paneling, soft neutral tones, and beautiful textures throughout. There’s a fluted marble wall in a rich green Verdi Alpi stone that immediately catches your eye. It’s one of those details that’s understated but unmistakably Rolex.⁠
⁠
Read the full article at Hamptons.com (Link in Bio)⁠
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#rolex #easthampton #hamptons #luxury #watch⁠
  • 🎾 Men’s US Open Final Viewing Party⁠
📅 Sun, Sept 7 • 2–5PM⁠
📍 Canoe Place Inn, Hampton Bays⁠
Watch the riveting Men’s US Open Final with drinks, grilled classics & fellow tennis fanatics in the lush garden.⁠
⁠
🦞 Montauk Seafood Festival⁠
📅 Sat, Sept 6 – Sun, Sept 7 • 12–5PM⁠
📍 On the Green, Montauk⁠
The ultimate seafood event in the Hamptons! Lobster rolls, fish tacos, chowder, oysters & more 🐚🍤⁠
⁠
🩰 Master Class w/ Kat Wildish⁠
📅 Sat, Sept 6⁠
📍 Hamptons Ballet Theatre School, Bridgehampton⁠
Open-level adult ballet class with world-renowned former NYCB & ABT dancer Kat Wildish. One day only!⁠
⁠
🎶 Hamptons Festival of Music⁠
📅 Sat, Sept 6 • 7PM⁠
📍 St. Luke’s Episcopal Church, East Hampton⁠
THFM’s MainStage Festival Orchestra featuring The New American Sinfonietta 🎻✨⁠
⁠
🌾 Outstanding in the Field (Sagaponack)⁠
📅 Sun, Sept 7 • 3PM⁠
Dine where the food is grown! Guest chef Jason Weiner returns for his 19th year 🍽️🌱⁠
⁠
😂 Samantha Bee Live⁠
📅 Sat, Sept 6 • 8PM⁠
📍 WHBPAC, Westhampton Beach⁠
Award-winning comedian Samantha Bee brings her one-woman show to the Hamptons!⁠
⁠
🍴 Stirring The Pot: Andrew Carmellini⁠
📅 Sun, Sept 7 • 11AM⁠
📍 Guild Hall, East Hampton⁠
NYT’s Florence Fabricant interviews star chef Andrew Carmellini about his restaurant empire.⁠
⁠
🌕 Full Harvest Moon Hike⁠
📅 Sun, Sept 7 • 7:30PM⁠
📍 Meet at SOFO Museum, Bridgehampton/Sag Harbor Tpke⁠
Walk under the moonlight with Friends of the Long Pond Greenbelt 🌙✨⁠
⁠
🎨 Style Beading Workshop⁠
📅 Fri, Sept 5 • 1PM⁠
📍 Nathaniel Rogers House, Bridgehampton⁠
Join Indigenous artist Savannah LeCornu to learn traditional beading techniques.⁠
⁠
⛳ A Legendary Day at Sebonack!⁠
📅 Tues, Sept 9 • 8:30AM–5PM⁠
📍 Sebonack Golf Club, Southampton⁠
An unforgettable day of golf supporting Westhampton Beach PAC 🌟⁠
⁠
👉 Which event are you going to this weekend?⁠
⁠
Check out more events at Hamptons.com (Link in Bio)⁠
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#community #entertainment #hamptons #usopen #golf #comedy #seafood #montauk
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