Why Deferred Rent May be the Downfall of Restaurants
(iStock/Illustration by Kevin Rebong for The Real Deal) In an effort to survive the financial fallout of the coronavirus pandemic, thousands of New York City restaurateurs entered into a perilous agreement with their landlords: deferring rent in the hopes that they’d be able to pay when their fortunes improved. Thirty-seven percent of restaurants have deferred their rent due to the coronavirus pandemic, according to a recent report by the New York City Hospitality Alliance. But that pales in comparison to the number of restaurateurs who could not pay part or all of their rent: 92 percent in...
Source: therealdeal.com