Legendary Hampton Bays bar up for sale

The Boardy Barn bar in Hampton Bays may not be serving beer for much longer: The property that hosts the well-known establishment has hit the market. Newsday reports that the popular Hamptons bar can hold up to 720 people sitting and 1,488 standing. No listing price has been announced for the establishment, which was built in 1984. JLL is handling the sale. With the property up for sale, its future is very much in question.

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Ty Warner’s Four Seasons Hotel sues tenant over $2.7M of missed rent

The landlord of the Four Seasons Hotel at 57 East 57th Street is suing tenant Zilli USA for $2.7 million in arrears. Ty Warner Hotels and Resorts alleged in a complaint filed this week that the American subsidiary of the French luxury fashion company skipped rent on its lease for a portion of the property’s ground floor. Zilli signed the lease in 2009, but the agreement has since been amended several times. Starting in 2019,

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CRE survived Covid with flexibility, focus on convenience: report

Commercial real estate’s resilience through the pandemic hinged on its surprising flexibility and new focus on convenience — themes that will remain vital going forward, a report concludes. The industry held up far better than most professionals expected at the outset of the economic shutdown in March 2020, according to Emerging Trends in Real Estate, a trends and forecast report published annually by PwC and the Urban Land Institute. “By forcing people to work and

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Manhattan retail market ticks up, indicating slow recovery

Manhattan’s retail market is showing slow signs of recovery aided by a few major deals, according to a new report by CBRE. Direct ground-floor availabilities across 16 of Manhattan’s shopping corridors decreased in the third quarter of this year, from 290 to 282 quarter-over-quarter. Though the figure is 11 percent higher than it was a year prior, the slight decrease marked the first decline in availability in the region since 2019. Leasing activity, which includes

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Union County shopping center sells to Adoni Group for $19.2M

A shopping center in Westfield, New Jersey, has traded hands for just over $1 million below its original $20.5 million ask. The Adoni Group purchased the shopping center at 260 North Avenue East from ACNY Development for slightly above $19.2 million, Manhattan-based investment-sales brokerage Highcap Group announced. ACNY reduced the asking price several times during the pandemic. The shopping center is located in the downtown area, situated on almost two acres of land. There are

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Thor facing pre-foreclosure suit at 470 Broadway, sale of 115 Mercer

Joe Sitt’s Thor Equities is facing big problems at two Soho retail properties. A special servicer on the company’s defaulted loan secured by the 470 Broadway property filed to foreclose on the loan, according to PincusCo. The plaintiff, who is a CMBS trustee, filed to foreclose on Monday, citing $22.9 million in debt. The debt consists of $18 million in unpaid principal, $2.6 million in unpaid interest and $2.3 million in protective advances. The building

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Pandemic paralysis: Delta continues to impede hotel, restaurant recovery

The Delta variant continues to stall recovery in the hospitality sector, as hotels, restaurants and bars added a mere 31,000 jobs to the U.S economy in September after a net gain of zero jobs in August. The primary driver of job losses during the pandemic, the broader leisure and hospitality sector added 74,000 jobs as arts and entertainment venues reopened, but a slow rebound in hotel hiring contributed just 2,100 of those jobs. Overall employment

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Downtown pols call for limits on permanent outdoor dining

The Open Restaurants program, a lifeline for small business owners during the pandemic, has achieved a rare feat in New York City politics; uniting just about every demographic imaginable, including registered Democrats and Republicans, in popular support, according to polling. As it turns out, not everyone is on board. While the City Planning Commission heard testimony Wednesday about making the Open Restaurants program permanent, a coalition of Downtown Manhattan lawmakers and community leaders voiced their

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Retailers in central business districts still face sluggish sales

As U.S. retailers emerge from the pandemic’s record-lows for business, those in residential neighborhoods are showing signs of life while ones in central business districts remain as dormant as the offices around them. Businesses in residential neighborhoods were recovering faster than small businesses in central business districts, according to an analysis from the Mastercard Economics Institute reported by Bloomberg. The report examined businesses in 28 metropolitan areas that accept credit cards. Small and medium-sized businesses

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Lost without office workers, Midtown storefronts struggle to find tenants

As resurgent Covid caseloads kept New York City’s office workers at home through the summer, retail corridors that depend on their foot traffic struggled to fill empty storefronts. Just under 30 percent of retail storefronts in the Grand Central and Midtown East business districts — home to 15 percent of the city’s office stock — remained vacant this summer, more than double the 10 to 15 percent vacancy rates seen before the pandemic, according to

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