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September 15, 2020

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

John A. ViterittibyJohn 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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Mysteries, Deceptions, and Illusions

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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

  • Iconic Marders, More Than a Nursery

“Marders” is the high essence of a Hamptons Nursery and so much more. It is the epitome of success, situated on 40 acres of prime Bridgehampton real estate. Charlie Marder of 120 Snake Hollow Road, along with his wife Kathleen have built a monument that has been providing their expertise and services to the residents of the Hamptons for about fifty years.

The stories are now folklore. Back in the day, usually wearing his trademark suspenders, Charlie was ever ready to move the largest trees of the Hamptons whether they were to be planted, relocated, or removed. He once boasted to this reporter that he had the record for the widest load moved by the Shelter Island South Ferry. Charlie said he deposited a tree onto the ferry on one side and fetched it off the ferry on the other side, recalling, “The tree was wider than the ferry, sticking out on both sides.” @marderslandscaping

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#hamptons #marders #nursery #landscaping
  • So many incredible events this weekend! 

From Westhampton to Montauk, Hamptons.com has curated the ultimate list for you!

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#hamptons #hamptonsstyle #event #weekend #songfestival #octoberfest
  • Chef’s Spotlight: Casual Luxury, Jean-Georges at Topping Rose House

Topping Rose House, nestled in the heart of Bridgehampton, is a beacon of sophistication and culinary excellence in the Hamptons. This iconic destination has earned its reputation as a bastion of luxury and style, making it a must-visit for locals and visitors alike seeking an unforgettable dining experience.

At the helm of Jean-George at Topping Rose House’s kitchen is French celebrity chef Jean-Georges Vongerichten—a culinary maestro whose talents have garnered widespread acclaim. The chef’s specialty lies in crafting a menu that harmonizes the finest local ingredients with a global perspective. This fusion of flavors and techniques results in dishes that are not only visually stunning but also explode with taste. @toppingrosehouse

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#dining #hamptons #luxury #toppingrosehouse #bridgehampton
  • Discover Hamptons History with East Hampton Historical Society’s Guided Tours

We all know that September is the best month in the Hamptons. The summer renters have mostly gone (we’ll miss you!). The weather practically demands that you go out for a walk. Maybe you’ve been too busy at the beach or planning activities for the kids, but now that it’s September, take a stroll, stretch your legs, and explore the rich, beautiful history around the Hamptons.

The East Hampton Historical Society is hosting Guided Walking Tours around the Hamptons all September long, so stay a while and listen.

I love walking tours not just because of the guides, who are great storytellers, but the company and conversations sparked with other attendees. We’re the kind of people you’ll see, hands on hips, squinting to read the well-worn plaque on a historical monument. The people who read those brown signs, who pick up and read the local leaflets at a museum or hotel lobby.  @easthampton_histsoc

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#hamptons #history #guidedtour #walking #discoverhamptons
  • Real Estate with Diane Saatchi: The One That Got Away

When most people think back to the one that got away, they think about relationships.

I think about real estate.

After 35 years of selling real estate, I’ve seen more instances of homebuyers and sellers getting fixated on the one that got away than you’d think. For buyers, it could be that perfect three-bedroom waterfront cottage that was snapped up the day after they viewed it.

In cases like these, the one that got away isn’t just a quiet reminiscence — it’s a shadow that falls over the months and even years to come, making it difficult if not impossible for would-be buyers to find something that measures up to what they had, or thought they had, before.

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  • 2023 Hamptons Film Festival Reveals Spotlight Films

HamptonsFilm, the home of the Hamptons International Film Festival (HIFF), announced today a handful of additional Spotlight selections, which include Jennifer Esposito’s FRESH KILLS, Andrew Haigh’s ALL OF US STRANGERS, George C. Wolfe’s RUSTIN, and Jonathan Glazer’s THE ZONE OF INTEREST. The 31st annual edition of HIFF will take place October 5-12, 2023, with in-person screenings and events across the Hamptons.

“This year’s Signature programming and Spotlight films include a diverse array of powerful and thought-provoking titles,” said HamptonsFilm Artistic Director David Nugent. “We feel it is important to feature projects that are not only compelling but also socially impactful and capable of sparking a dialogue among our audiences.” @hamptonsfilm

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