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.
Hammer: Eviction moratorium comes with ‘big fear’ for multifamily owners
Alan Hammer is not only a commercial real estate attorney with nearly 50 years of experience, but a self-described “hands-on” apartment operator in New Jersey and Pennsylvania. Simply put, he’s all too familiar with the dilemma that landlords in the region will face on the first of the month and beyond, with moratoriums on evictions during the coronavirus crisis.
Brogan: Apartment industry bracing for impact of ‘stay at home’ order, economic uncertainty
With millions of New Jersey residents ordered to stay at home, apartment owners and managers are set to play a critical role in the effort to curb the spread of COVID-19. They’re also bracing for a major impact from a teetering economy and the prospect of some residents being unable to pay rent, which looms large against the backdrop of paying their own employees, mortgages and property taxes. That’s not to mention the need to respond to tenant emergencies and disruptions to the supply chain, which have impacted everything from cleaning supplies to appliances
