CUNY TV's The Stoler Report

Businesses are trying with varying degrees of success to keep their doors open. Guests, representing the food industry, accounting and construction, talk about how they adapted to the Covid-19 challenge: with virtual events, seeking clients, communicating with workers and clients; some furloughing workers, some able to keep all their employees; some hoping for the next round of government support.

Many businesses have experienced significant difficulties due to Covid-19. Guests representing finance and real estate operations discuss the challenges they currently must overcome, along with their vision and plans for the future.

While lending is still strong in New York for well financed, multi-family projects, bank representatives discuss an institution's caution when underwriting real estate asset classes like retail and hospitality. New construction loans are negotiated with clients familiar to the bank.

Realtors, experiencing a greater than usual interest in the suburbs, spurred by the number of Covid-19 cases in urban areas, discuss a shared concern - will the influx last? Low interest rates and banks, cautiously ready to lend, are part of the conversation.

Developers, non-profits and the "man with the money" discuss community development, a coming together of government agencies, lenders, equity investors and mission-bound non-profits in a partnership between the public and private sector. Focusing on affordable housing, guests discuss their programs in conjunction with NYCHA.

Despite the pandemic, some industries: groceries, drug stores, heath care services are doing well. Retail, hospitality, restaurants - are particularly challenged by Covid-19. Noting that retail is not dead; some old and new restaurants will open and tourism will rebound, guests discuss negotiations with new and old tenants, including concessions, graduated rents, and rent-free months.

Real estate brokers, owners, operators - long term believers in the vitality of New York City - discuss efforts to keep their tenants, loosing some and negotiating with others, and developments in Westchester County for those considering suburban and New York City office space.

Covid-19 brings New York's residential markets to a crisis: a decline in rents, largely in affordable multi-families with work-force tenants. Guests discussed fair market renters, many having left apartments and the city to live with parents. Will they return? Colleges are closed, causing a decrease in renters. Challenging!

Optimistic about the future of New York's economy, guests discuss the current state of real estate activity: market rate rents, stable vs affordable rent collections, lower but improving; hotels: occupancy still poor, conversion to housing, being considered; the studio business: strong demand, robust; life sciences: a growth industry!

Information and communication technology are essential to business, education, health and everyday living. Guests discuss Data Centers, dedicated space, built to provide remote storage, computing and the exchange of large amounts of data, and the industry's real estate needs.