How to Value a Property in the Time of COVID-19
Real estate partner and chair of Herrick's Leasing practice, Jonathan Adelsberg was quoted in The Real Deal discussing property values in the time of COVID-19. Considering how property value could be determined by any method in a time of profound economic distress, particularly for commercial or multifamily properties that rely on rent, Jonathan said, "if a house is burning, the fire department is still putting out the fire. You’re not going through the ashes to determine what the value of the property is."
Jonathan went on to discuss how deals that do continue will likely run into problems, "It’s going to be a profound amount of work cleaning it up," he predicted. "There will be people in trouble who will be losing their properties when the dust settles."