covid-19 – Page 7 – Real Estate NJ

NJAA lauds rental assistance bill, but presses for long-term solution

State lawmakers on Monday are slated to consider a rental assistance bill that could help soften the blow to apartment owners during the COVID-19 crisis, but industry leaders say they need help from the federal government to weather the storm over the long haul.

Government & Public Policy

NJBA expresses ‘100 percent’ support for new COVID-19 construction rules

The New Jersey Builders Association expressed full support for Gov. Phil Murphy’s latest step to slow the spread of COVID-19, even if it meant new limitations for projects that had been exempted under earlier directives.

Residential & Mixed Use

LanTree touts leasing momentum, virtual platform at 70-unit Bayonne project

A developer is off to a fast start at a new 70-unit apartment building in Bayonne, where it’s now relying on virtual tours in order to maintain social distancing for staff and prospective renters.

Industrial

Colliers: Amazon continues swift expansion in New Jersey, leading the way in Q1

Amazon continued its rapid expansion in New Jersey in the first quarter, accounting for three of the top five industrial leases in northern and central New Jersey to start the year.

Mack-Cali donates $100,000, hotel rooms to Jersey City hospital staff treating COVID-19

With Jersey City Medical Center on the front lines of the COVID-19 crisis, Mack-Cali Realty Corp. has donated a block of area hotel rooms to support health care workers at the hospital.

Government & Public Policy

Murphy halts all ‘non-essential’ construction in N.J., limiting residential and commercial activity

Gov. Phil Murphy on Wednesday tightened restrictions on the types of construction allowed under the state’s social distancing policies, as New Jersey continues its battle against the spread of COVID-19.

Finance & Capital Markets

Kennedy Funding closes $1.5 million loan for Detroit medical facility

Kennedy Funding has closed a $1.5 million loan for the owner of a health care facility in Detroit, where plans include using the site for testing and treating COVID-19 patients.

Office

NKF: Large deals boosted Q1 office market, with COVID-19 impact now looming

New Jersey’s office market saw two major leases and a pair of blockbuster sales in the first quarter, headlining an active start to the year before the onset of the coronavirus crisis.

Residential & Mixed Use

Russo launches virtual tours at Union rental project

With interest still strong at its new luxury rental complex in Union, Russo Development has launched a virtual leasing platform to help maintain that momentum.

The virus that is radically reshaping our world

My original plan for this Earth Day was to report on New Jersey’s sustainability challenge and how commercial real estate is adapting to natural, governmental and market forces. Given the magnitude and velocity of the COVID-19 disruption that is hourly reshaping our economy, industry and very existence, that plan quickly evaporated. Instead, this piece discusses the general impact of COVID-19 on our economy, and how CRE developers, owners, asset managers and affiliated professionals are meeting these challenges, assisting in relief efforts and informing government at all levels on how best to navigate their strategic response.