I was quoted in this article that ran in the Boston Globe today. I think it is a very fair and important article, but I flinched a bit when I came across my own words: “When it comes to a lot of Main Street retailers, we’ve been telling our clients they’re not going to get April rent anyways.”
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We’ve spent more time this week talking to Landlords (locally and nationally), reading policy pieces from other professionals, and tracking the scale of economic damage to tenants, which is rapidly bleeding over from food, beverage and entertainment to other segments of our economy.
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We remain in touch with both legal and insurance experts and the most recent communication to share here is from Attorney Eric Allon of Bernkopk Goodman LLP.
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I’ve stayed in touch with Abby from Licata Risk Advisors since posting our Business Interruption Insurance piece earlier this week and she just forwarded me a memo her firm released to clients.
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We have had dozens of conversations over the past serval days with both small business owners and landlords and one specific topic seems to be on everyones mind of late: Business Interruption Insurance (“BII”).
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What if there was a state program that pumped money into restaurants by buying back their liquor licenses at a fixed rate and replacing all such licenses with original issue, no-value, non-transferable licenses?
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With Governor Baker’s order last night for MA (and other similar orders across the country) we have more clarity re: the days ahead as related to regulations surrounding places of public accommodation & public gatherings.
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This just in earlier this morning from East Cambridge Business Association. At around the same time the Mayor of Cambridge called for closing of all restaurants, bars and non-essential business in Cambridge.
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We believe it is necessary that we, as a real estate community, immediately grasp the gravity of the threat to the retail and service businesses in our projects and neighborhoods and act swiftly to accommodate as best we can, understand, and respond to inevitable requests of relief from tenants.
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We will do our best to be clear and honest, which means, at times, sharing the news we are getting in real-time that is not yet apparent to most of you.
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