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Long Island Resilient in Grip of Unprecedented Pandemic

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Long Island Resilient in Grip of Unprecedented Pandemic LIBN.COM VOLUME 67 NUMBER 51 ■ LIBN.COM Part of the network DECEMBER 25-31, 2020 ■ $2.00 Photo by Judy Walker Northwell Health team members Jami Benavides, RN, and Shan Malik, MD are on the front line of the fight against COVID-19. CRISIS 2020 Long Island resilient in grip of unprecedented pandemic The year in review ›› pages 4-19 2 I LONG ISLAND BUSINESS NEWS I December 25-31, 2020 I LIBN.COM TO OUR HEALTHCARE HEROES THANKFrom everyone here at Aboff’s Paints, we want to thank youYOU for all of your hard work, bravery, and dedication over the past few months during this COVID-19 pandemic and always. You are our true heroes! BRING YOUR I.D. BADGE TO ANY ABOFF’S LOCATION AND RECEIVE: * 20% Off BENJAMIN MOORE PAINTS *20% off List Price. Excluding Aura. www.aboffs.com LONG ISLAND’S #1 BENJAMIN MOORE RETAILER Aboff’s has been helping Long Islanders paint their homes and businesses for over 90 years. Let our staff of experienced paint experts help you with your next project. LONG ISLAND BUSINESS NEWS I December 25-31, 2020 I LIBN.COM I 3 NEWSMAKERSOFTHEYEAR EVERYWEEK LIBN EVENTS Real Estate 1B Public/Legal Notices 4 GOING VIRAL 23 Classifieds Law & Government 10 HELP WANTED Finance/Accounting 14 BANKING ON RECOVERY SEE THE 2021 EVENT LINEUP AT LIBN.COM/EVENTSDIRECTORY Healthcare Events Long Island Business News hosts an array of 17 THE WAR ON COVID award programs, panel discussions, educational forums and more throughout the year. To view the full event lineup, nom- inate, and register to attend at libn.com/eventsdirectory. ›› Diversity in Business — March 2 LASTWEEK’SPOLL: ›› Achievements in Healthcare — March 18 VIRAL SHOPPING ›› Real Estate, Architecture & Engineering What’s been the most Awards — April 6 difficult commodity to find in ›› Executive Circle Awards - May 6 the pandemic? Pictures of 2020 ›› Corporate Citizenship Awards - June 10 • Disinfectant 47% 20 THE YEAR OF COVID IN ›› Business & Finance Awards - June 25 • Paper goods (toilet paper, paper PHOTOS towels) 35% Nominations Nominations for our 2021 award programs are now open: libn.com/eventsdirectory • Rubbing alcohol 12% Follow us: Reprints Capitalize on positive news and grow your • Hand sanitizer 6% business. Get the word on with reprints, e-prints and com- memorative plaques. We are the only authorized provider of reprinted LIBN products. Call us today at 631.737.1700 Visit www.libn.com to cast your vote for next week’s poll: Where did you do most of your holiday shopping? 4 I LONG ISLAND BUSINESS NEWS I December 25-31, 2020 I LIBN.COM REAL ESTATE NEWSMAKERS OF THE YEAR Going viral ust as most everything else was dominated by COVID this year, real estate was no exception. However, despite a cou- Jple-of-months pause, the residential sector thrived, making up for the lost sales of the spring throughout the second half. The commercial sector hasn’t bounced back as quickly. Though industrial real estate flourished with the continuing demand for e-commerce distribution and the multifamily sector has remained resilient through the pandemic, hospitality and retail properties took a big hit, and the office market grappled with a glut of sub- lease space. Here’s how LIBN reported it. Commercial real “Tenants are calling and the number one sommersby via depositphotos question they have is ‘Do we have to pay estate struggles the rent?’,” said Adam Rochlin, principal of The Rochlin Organization, a Melville-based there could see transactions…without commercial brokers amid virus-choked brokerage firm that more consolidation. and their knowledge of the scarce available environment represents about 3 “But there sites, the process of obtaining space for the million square feet remains a sup- storage and distribution of crucial medical While some sectors are being impacted of office space. ply-constrained equipment and products, as well as other more than others, commercial real estate on Rochlin said two environment on essentials, will be intolerably delayed.” Long Island is now sharing the pain that the tenants that had al- Long Island, so it Leviton, who is also managing director COVID-19 virus and its protocols continue ready signed leases may not be as bad of JLL’s Long Island office, said the industry to inflict on the region. and were supposed as in other mar- is bracing for the impact of the COVID-19 Clearly the hospitality and retail sectors to begin occupying kets,” Lee said. “The virus and its related considerations. have been the first to show the scars, as emp- their new spaces on industrial market BRIAN LEE “Due to the unknowns about the duration ty hotels and restaurants struggle to survive April 1 now want to will remain strong, and extent of the disease spread, it’s hard to ADAM ROCHLIN the stay-at-home and social-distancing rules push that back for especially because predict how long the impact will be,” Leviton the state has put in place, but they won’t be 90 days. of the continued demand for warehouse and said. “In times of uncertainty, we often see the only ones to suffer. “The problem is that the landlords have distribution operations from online busi- delays in decision making for leasing and Brokers say vacancies are likely to rise invested money and were expecting to see nesses.” investment as well as moderating demand as across the board, especially in the office revenue from those tenants,” he said. And Lee insists there are opportunities in short-term cost reduction can overtake long- and industrial real estate markets, though a Rochlin suggested that the federal gov- every crisis. term planning.” segment of the latter will remain robust with ernment needs to loosen regulations on “If you recognize and take advantage of But Leviton said there are other things to the increasing demand for warehousing and defaulted commercial mortgages and allow those you can have tremendous success think about besides the business implica- distribution facilities from online merchants forbearance of payments for three months. during a cycle like this,” he said. “We can tions. and delivery businesses. Jonathan Goldman, a principal of Jeri- help many clients with creative real estate “We must take care of our families to stay One of the safest property types on Long cho-based M. Robert Goldman & Company, solutions to help lessen the impact on their safe and healthy,” he said. “We are all in this Island remains multifamily rentals, especially a mortgage banker servicing more than $2 businesses and real estate.” together, and now is the time to support as investors pivot to safer havens in the cur- billion in commercial property loans, said Not listed as an essential business, real each other so that we can solve our current rent low-interest-rate environment. But even lenders will need to show some flexibility. estate trade groups, such as the Commercial challenges, be ready as things improve and owners of apartment buildings may see a “Most portfolio lending sources, such Industrial Brokers Society of Long Island, come out of this stronger.” short-term dip from their usual 95-percent- as banks, insurance companies and credit have appealed to the governor’s office to be Lee agreed with that sentiment. and-up occupancy rates, as the ranks of the unions, realize that they’ll have to make recognized as essential. “It’s important during this time to reach unemployed swell through the next couple of accommodations on a case-by-case basis for In a letter to the state’s Economic Devel- out to clients and assist them in any way months or so. properties where tenants are unable to pay opment Office, CIBS-LI President David you can, whether it’s about business or not,” Hotels here are in a world of hurt. The rent because of the COVID-19 pandemic,” Leviton wrote: “As the need for physical he said. “This is the time to give back to the occupancy rate for hotels in Nassau and Suf- Goldman said. “By early April, we expect locations for the delivery of medical services community, clients and friends.” folk counties has dropped steadily since the that the National Association of Insurance will significantly expand over the next weeks -DAVID WINZELBERG beginning of March. Last week, the occupan- Commissioners will provide their members and months, the brokerage community will cy rate at hotels on Long Island fell to 32.1 the flexibility they need to make case-by-case be called upon by its medical and related Open space percent, less than half of the 65.2 percent modifications on performing loans without strategic clients to assist in the expansion. Opened with great fanfare just three years occupancy rate recorded two weeks prior, ac- an increase in capital charges. The Federal The lack of an essential business designation ago, the new 232,000-square-foot Dealer- cording to numbers from STR. In addition, Reserve and the Treasury Department gave for the pertinent track Technologies headquarters in North revenue per available room plunged to just banks similar guidance about a week ago.” brokerage commu- Hills was the largest single-tenanted office $37.81 last week, a substantial decline from Meanwhile, commercial real estate bro- nity will slow down complex built on Long Island in the last the $88.16 reported by STR for the first week kerage firms are trying to navigate the new the acquisition or decade. in March. COVID-19 landscape, with their brokers leasing of addi- The $120 million project, a partnership As LIBN reported last week, struggling working remotely and keeping in touch with tional space and between Tritec Development and Castagna retail tenants have been contacting their their clients.
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