Original Northeast commercial real estate news & events for New York, New Jersey, Boston, Philadelphia, and other northeastern US states, plus expert insights, commentary and analysis into secondary and tertiary regional and local markets.
On April 9, the Pennsylvania Superior Court held that a commercial landlord was entitled to recover certain portions of unpaid additional rent under a lease agreement but limited the landlord's recovery based on the statute of limitations.
JAKO leased the property to accommodate expansion. Since opening its first location in Philadelphia, the firm has expanded to more than 50 locations on the east coast.
“This infill market's high barriers to entry and tight supply dynamics combined with the property's connectivity to downtown and the broader region make it highly desirable for regional tenants," says Brodie Ruland of ASB.
One of Procida's earliest investors was Abdul Qayum, the grandfather of Omar Khan, left, who has just joined the Procida firm. The two are holding Qayum's original brochure, which Procida still keeps in his office.
“The recent pickup in the annual pace of apartment production has brought new supply roughly in line with demand, at least nationally,” says Caitlin Walter, Vice President of Research.
The developer will pay $50,000 for failing to maintain its property at 305 West End Ave. where pieces of the building fell, killing a two-year-old and injuring her grandmother.