NYC Retail MarketView Q2 2020

July 20, 2020

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New York City officially began Phase Two of reopening on June 22nd, allowing outdoor dining,
offices, retail and hair salons to resume services with new social distancing and cleaning
guidelines. Retailers may now refuse services to those without protective equipment, must keep
store occupancy below 50% of the maximum allowed by the certificate of occupancy and ensure six
ft. of distance between people.1
Neiman Marcus Group, Inc., the iconic chain of luxury department stores, filed for Chapter 11
bankruptcy protection after struggling with accumulated debt and the impact of the COVID-19
pandemic. The liquidation efforts are to include the recently opened three-story, 250,000 sq. ft.
flagship at the Shops at Hudson Yards.2
The New York State Legislature passed the NYC COVID-19 Relief Package which incorporates over
$100 million worth of rent relief and aid to commercial tenants impacted by the COVID-19
pandemic. The package additionally renders personal liability provisions in commercial leases
unenforceable, prohibits landlord harassment of impacted commercial tenants, waives sidewalk
seating consent fees, and limits fees charged by third-party food delivery services.3