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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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Building History: Halsey House Tour

June 26 @ 11:00 AM - June 26 @ 12:00 PM
Halsey House & Garden, 249 S Main Street, Southampton, NY 11968
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Film Screening: The Weight of Memory: I Am Bernie Furshpan

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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

  • On Saturday, June 21st, Palm Tree Crew returned to the Hamptons for the fifth-annual Palm Tree Music Festival, the hottest summertime event on the East End. 

This year’s festival, featuring REVOLVE among its standout sponsors, brought together a legendary lineup of performers including Palm Tree Crew co-founder Kygo, Fisher, and Mau P, alongside Blond:ish, Coco + Breezy, Tinx & Lucas, Benjamin Lloyd, and Beau Cruz.

#hamptons #palmtreemusicfestival #kygo #fisher #blondish #cocoandbreezy #benjaminlloyd #beaucruz #southampton #musicfestival
  • Antiques have a fresh new home in the Hamptons as Zoe Hoare, a celebrated antiques expert and interior designer, opens her first-ever storefront at 2487 Main Street. After years of curating rare treasures for clients across Sydney, London, and beyond, Zoe brings her signature blend of old-world charm and global style to the heart of Bridgehampton.⁠
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Located in the Malia Mills annex, Hoare & Hoare Antiques, is a dream for vintage lovers and design enthusiasts alike. From 18th and 19th century European finds, to playful, affordable decor, every piece has a story. Think: blue and white enamel kitchenware from France, hand-dyed table linens in candy hues, and butter-soft Indian cashmere scarves. Zoe’s unique eye even extends to fashion, with vintage French work jackets and overalls that are right on trend.⁠
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“I’ve always had a passion for finding pieces with stories and character,” says Zoe. “Every item in my collection is something that sparks joy, whether it’s a beautifully worn French enamel pot, a vintage work jacket, or a hand-dyed tablecloth. I want my store to feel like a treasure hunt, full of unexpected finds and nostalgic charm.”⁠
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@hamptonsnystyle⁠
@hoareandhoareantiques⁠
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Read the full article at Hamptons.com (Link in Bio)⁠
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#hoareantiques #antiques #bridgehampton #zoehoare #thehamptons
  • 5 White Oak Lane, Southampton, NY 11968⁠
Saunders Exclusive: $4,995,000⁠
⁠
@vinceinthehamptons⁠
@drewgreenhamptons⁠
@hamptonsrealestate⁠
@paramountdevelopmentgroup⁠
⁠
⁠
Discover unparalleled luxury living in this magnificent new construction from Paramount Development Group.⁠
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This spectacular residential property boasts 7 bedrooms, 5 full baths, and 1 half bath spread across 4,929 +/- sq. ft. of meticulously designed space.⁠
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Nestled on 0.98 acres of pristine land, this newly constructed masterpiece offers a haven of elegance and comfort. ⁠
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Built in 2024, the residence spans two stories with an additional 1,438 square feet of finished lower level space.⁠
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Read the full article at Hamptons.com (Link in Bio)⁠
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#hamptons #realestate #newconstruction #luxury #southampton
  • When it comes to dining out in the Hamptons, there is no shortage of restaurants to choose from. While there are not many vegan-exclusive establishments, there are still plenty of options for plant-based eating in the Hamptons, with more joining the culinary scene all the time.⁠
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WESTHAMPTON⁠
🥑 Local Provisions – Smoothies, specialty toast, and local love⁠
🌮 Funchos – Vegan tacos & burritos with outdoor seating⁠
🍝 Baby Moon – Vegan-friendly pastas (get the eggplant!)⁠
🍷 Salt & Loft – Chic setting with salads, pasta, and a Beyond burger⁠
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EAST QUOGUE⁠
🍱 Tony’s Fusion – Top-tier tofu dishes, veggie curry, and sweet potato rolls⁠
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HAMPTON BAYS⁠
🥢 Matsulin – Asian fusion, mock meats & killer peanut sauce⁠
☕ Hampton Coffee Co. – Beyond breakfast sandwich, smoothies, & a “Happy Wrap”⁠
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SOUTHAMPTON⁠
🥪 Four Oaks – All-day vegan eats & organic juices⁠
🍛 Saaz – Authentic Indian with tons of vegan options + lunch buffet!⁠
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BRIDGEHAMPTON & WATER MILL⁠
🍣 Yama Q – Cozy sushi spot with veg rolls and tofu entrees⁠
🇫🇷 Bistro Ete – Fresh vegan zucchini spaghetti⁠
🇬🇷 Elaia Estiatorio – Greek small plates, spreads, and salads⁠
⁠
SAG HARBOR⁠
🥗 Provisions – Café + health market, tons of vegan dishes⁠
🌾 Page at 63 Main – Upscale, with vegan bowls & salads⁠
🌮 Estia’s Little Kitchen – Casual breakfast/lunch, kitchen garden fresh⁠
🍜 Sen – Modern Japanese with rice/noodle dishes & veg sushi⁠
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EAST HAMPTON & AMAGANSETT⁠
🥟 Hampton Chutney Co. – Indian dosas, thali, and oat chai⁠
🍲 Kumiso – Tokyo-inspired ramen & veg izakaya vibes⁠
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 MONTAUK⁠
🥙 Naturally Good Café – Smoothies, juices & vegan breakfast⁠
🍽 Joni’s Kitchen – Tofu scrambles, stir-fry, smoothies & steps from the beach!⁠
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Cover: @localprovisionswhb⁠
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View the complete guide at Hamptons.com (Link in Bio)⁠
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#hamptons #dining #vegan #weekend #montauk #westhampton
  • Sushi by Boū will offer just eight seats per table, a truly unique and memorable sushi experience inside Sydney’s “Taylor” Made Cuisine in Westhampton Beach. 

@sushibybou_westhampton 

#sushi #omakase #hamptons #dining #westhampton
  • Who’s excited for the Palm Tree Music Festival! ⁠
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Check out the Top Hamptons Events This Weekend!⁠
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🎶 5th Annual Palm Tree Music Festival⁠
📅 Saturday, June 21st | 🕑 2pm – 11pm⁠
📍 Shinnecock Indian Territory, Southampton⁠
🌴 Iconic music + luxury vibes + brand activations.⁠
📸: Rob Rich/SocietyAllure.com ©2025⁠
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🛍️ Female Founders Market at The HUB⁠
📅 Saturday, June 21st | 🕘 9am – 6pm⁠
📍 2183 Montauk Hwy, Bridgehampton⁠
✨ Shop curated female-founded Hamptons brands.⁠
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👡 Dolce Vita Pop-Up in Southampton⁠
📅 June 20–22 | 🕚 11am – 3pm daily⁠
📍 95 Main Street, Southampton⁠
🎨 Art, summer style, and new drops each month!⁠
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👜 Kulson Pop-Up at Sage & Madison⁠
📅 Friday, June 20th | 🕒 3pm – 6pm⁠
📍 31 Madison Street, Sag Harbor⁠
🥂 Sip + shop Kulson’s Summer Capsule Collection.⁠
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🍦 BuddhaBerry x Stocked Pop-Up⁠
📅 Friday, June 20th | 🕛 12pm – 5pm⁠
📍 125 Main St, Sag Harbor⁠
🍪 Salted cookie + froyo collab = YUM.⁠
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👜 Hamptons Handbag Festival⁠
📅 Sunday, June 22nd | 🕙 10am – 5pm⁠
📍 15 Montauk Hwy, East Hampton⁠
👜 From vintage to designer. All price points.⁠
⁠
📚 Author Talk: Nellie Sciutto⁠
📅 Saturday, June 21st | 🕕 6pm – 7:30pm⁠
📍 East Hampton Library⁠
🎬 Hear Hollywood tales + get your book signed!⁠
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🎭 Colin Quinn at WHBPAC⁠
📅 Friday, June 20th | 🕗 8pm⁠
📍 76 Main St, Westhampton Beach⁠
😂 Big laughs with the comedy legend.⁠
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🎶 Ghost-Note at Talkhouse⁠
📅 Saturday, June 21st | 🕗 8pm⁠
📍 Stephen Talkhouse, Amagansett⁠
🔥 Don’t miss this epic jam session.⁠
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🥾 Penny Pond Hike⁠
📅 Sunday, June 22nd | 🕤 9:30am – 11:30am⁠
📍 Meet at Red Creek Rd, Hampton Bays⁠
🌲 A beautiful trail to start your Sunday.⁠
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Check out more events at Hamptons.com (Link in Bio)⁠
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#palmtreemusicfestival #hamptons #colinquinn #hub #dolcevita #weekend
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