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Joe Sitt and Charles Scribner’s Sons Building in Midtown (Thor, Google Maps)

Thor’s $150M loan on 597 Fifth heads to special servicing

Thor Equities’ troubles at 597 Fifth Avenue are mounting. The firm’s $105 million commercial mortgage-backed securities loan tied to...

Thor’s $150M loan on 597 Fifth heads to special servicing
As workers trade in suits for sweatpants, 1 in 6 dry cleaners has closed or gone bankrupt (Getty)
National

Pandemic takes drastic toll on dry cleaners

At J’s Cleaners, business had clawed up to 40 percent of pre-pandemic levels last month. But now, with Covid-19 soaring again, that number is expected to plummet. “If this thing keeps dragging, many small...

Pandemic takes drastic toll on dry cleaners
Pharrell Williams and David Lerner with a photo of 2545 Northwest Third Avenue and a rendering of the Billionaire Boys Club exterior (Getty, Google Maps, Lerner Family Properties)
Miami

Pharrell’s Billionaire Boys Club to open store in Wynwood

Billionaire Boys Club plans to open a store in Miami’s trendy Wynwood neighborhood. The Pharrell Williams-owned clothing brand inked...

Pharrell’s Billionaire Boys Club to open store in Wynwood
The second-largest movie theater operator in the U.S. is hunting for a financial lifeline (iStock)
National

Regal Cinemas in talks for rescue deal

The parent company of Regal Cinemas, the second-largest movie theater operator in the U.S., is hunting for a financial lifeline. U.K.-based Cineworld is in talks with investors for rescue financing or debt to fund...

Regal Cinemas in talks for rescue deal
For many movie theaters, Covid-19, which has kept viewers at home and new releases from the screen, feels like the final curtain. (iStock)
National

Curtains: What to do with movie theaters

Even before the pandemic, Ari Benmosche realized that running his movie theater in a traditional sense wasn’t sustainable. The owner of the Lafayette Theater, a small venue in Suffern, New York, has shown the...

Curtains: What to do with movie theaters
Target COO John Mulligan (Getty)
National

Target to open 40 new stores a year; Q3 income jumps

While Amazon is adding giant fulfillment centers to satisfy online orders, Target is bulking up on smaller stores to...

Target to open 40 new stores a year; Q3 income jumps
Andrew Rigie, executive director of the NYC Hospitality Alliance (Photos via Getty; Institute of Culinary Education)

88% of NYC restaurants could not make October rent

Despite the return of indoor dining, restaurants are still struggling to make rent. A record high 88 percent could...

88% of NYC restaurants could not make October rent

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