COVID-19 Pandemic

3 Months Ended

Mar. 31, 2020

Unusual or Infrequent Items, or Both [Abstract]

In December 2019, a novel strain of coronavirus (“COVID-19”) was identified in Wuhan, China and by March 11, 2020, the World Health Organization had declared it a global pandemic. Many states in the U.S., including New York and New Jersey, have implemented stay-at-home orders for all “non-essential” business and activity in an aggressive effort to curb the spread of the virus. Consequently, the U.S. economy has suffered and there has been significant volatility in the financial markets. Many U.S. industries and businesses have been negatively affected and millions of people have filed for unemployment.

Our properties, which are all located in the greater New York City metropolitan area, have been adversely affected as a result of the COVID-19 pandemic and the preventive measures taken to help curb the spread.


•	Based on their percentage of the Company’s monthly revenue, approximately 21% of our retail tenants have closed their stores and approximately 12% have not paid their April 2020 rent. While we believe our tenants are required to pay rent under their leases, we are considering temporary rent relief on a case-by-case basis.


•	The office space at our 731 Lexington Avenue property remains open and our tenant, Bloomberg L.P. (“Bloomberg”) continues to pay rent.


•	Rent collections at our residential property, The Alexander apartment tower, have not been significantly impacted to date.

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Because certain of our redevelopment projects are deemed “non-essential,” they have been temporarily paused due to New York State executive orders.