“25% is a starting point”: Indoor dining returns to NYC today

September 30, 2020 – Media Mention
The Real Deal

Real estate partner, Patrick O'Sullivan, was quoted in The Real Deal in an article discussing the opening of indoor dining in New York City on September 30th. 

The article states, "Since New York City began reopening in phases this summer, many restaurateurs have been anxiously awaiting the return of indoor dining. When it begins today, there will be strict regulations — notably that eateries will only be allowed to operate at 25 percent of indoor capacity. Some say that may not be enough to survive as New York enters the winter. Even with outdoor dining, which has been extended indefinitely..."

Patrick discussed the possibility of landlords and tenants entering into percentage rent agreements saying, "In the instance of outdoor and indoor, if it works, then the landlord can participate and get some of the rent that it was not expecting. But if it doesn’t, then the tenant is not coming out of pocket for rent it doesn’t otherwise have."