A ‘Wave of Defaults’ Is Coming for Retail and Hotels, NYC Developer Says
Boarded up retail stores stand closed in the SoHo neighborhood of New York, on April 11.
Photographer: George Etheredge/BloombergThis article is for subscribers only.
The developer behind the Hudson Yards project says hotels and retail stores will be hit with a “wave of defaults” as the coronavirus batters the U.S. economy.
Jeff Blau, chief executive officer of New York-based Related Cos., said that if landlords can’t collect rent, the turmoil will soon cascade to banks.