Year-to-date through July, hotel prices fell 4.4 percent, retail prices 2.8 percent office prices 0.9 percent, according to Real Capital Analytics.
Unibail-Rodamco-Westfield, Simon, Brookfield and the Segerstrom family among mall owners trying this approach in locked-down states.
New York’s rate of positive Covid-19 tests fell to the lowest since the pandemic began last week. Yet tourism is down, crime is up and as many as a third of the city’s small businesses may never reopen.
Uncertainty looms over the U.S. economy and no property type is immune from the potential financial impact.
And in spite of significant changes to the bankruptcy code since GGP went through the process, filing now will be more arduous.
The 5.6-million-sq.-ft. mega-mall was reappraised at $1.94 billion as its owners missed three monthly debt payments.
Their argument: It’s safe, and the eateries and shops that make Manhattan special can’t hold out much longer.
For the very brave, however, this may be an opportunity to take advantage of “desperation” in the market.
The movie-and-a-dinner chain plans to reopen half of its locations over the weekend.
