New York’s Covid-fueled retail apocalypse hits condo and co-op owners

As luxury stores remain shuttered, the pandemic and economic fallout are sparking a rift among owners of residential and retail property in one of the country’s top real estate markets.

For many condominium and co-op buildings in Manhattan, Brooklyn and Queens, adding spaces for retail tenants was good business. But as one of the toughest years in decades comes to a close, many of the cafes, gyms and shops in those spaces are struggling to pay rent or have shut down until further notice...
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RSK: This is a major problem if your condo association has a retail component. They probably do not have the sales or are closed down making it difficult to pay their share of the condo fees...