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Impact of Phase 2 on Commercial and Residential Real Estate

By Andrew Luftig, Esq.

Phase 2 arrived in New York. This meant a lot of changes! What are some of them? Well, the general gist is that indoor dining, hair salons, retail locations, offices, real estate services, and more are allowed to operate as long as specific hygiene and other conditions are satisfied.  Although we still must be cautious! By playing it safe, New York has drastically reduced the new cases of people infected with COVID-19.  But how does all this play out in the context of NY real estate? 

Residential: 

One of the most significant changes that took place is for residential real estate. When making what is typically the biggest purchase of their lives, purchasers were hesitant to buy property when they could not physically see it. During Phase 2, in-person showings are once again allowed as long as all parties wear face coverings and the showings are of vacant or unoccupied units 

Commercial: 

Commercial properties that involve businesses such as dining, offices, and retail all must comply with spacing and capacity requirements such as workers remaining six feet apart and limitations of 50 percent capacity in an area. Many restaurants are outdoor seating only. Despite such limitations on business, consumers have returned to these spaces, which indicates a desire to return to normalcy.