Survey finds nearly 40 percent of NYC restaurants didn’t pay rent in July
A recent survey of 471 restaurants conducted by the NYC Hospitality Alliance found that 80 percent of the establishments queried did not pay full rent for the month of July. And nearly 40 percent couldn’t pay any rent at all, according to Eater. The study was conducted between July 15 and July 28, and included restaurants, bars, and nightclubs across the city. Only around 30 percent of landlords waived some portion of the rent, and a striking 90 percent of restaurant tenants haven’t been successful at all in renegotiating commercial leases during the pandemic. While many restaurants have closed their doors permanently as a result of Covid-19, rent moratoriums are set to expire on August 20, and more closures are likely to follow.
