Related Companies, owner of New York City’s Hudson Yards mall and The Shops at Columbus Circle, is collecting just over 50% of retail rents from tenants in its Manhattan malls, the company’s CEO, Jeff Blau, told CNBC in an interview.
“We expect that to pick up post [re]opening,” he said.
The city hasn’t yet said when malls will be allowed to reopen, but Blau is hopeful that the company will be able to reopen The Shops at Columbus Circle and Hudson Yards, as early as next week.
Besides those malls, Related is a major office landlord, who has been urging other corporate chiefs to bring their workers back into city offices.
Blau expects that office buildings we become “less dense” in a post-pandemic environments, but still sees a demand for office real estate.
“Innovation only happens when people are together,” he said. ” I don’t think the demand of office space is going away.”
REITs with NYC exposure: SL Green (SLG +2.4%), Vornado Realty (VNO +2.6%), Boston Properties (BXP +2.5%).
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