Friedman Properties closes
Friedman Properties, the property manager of the iconic Plaza Hotel in New York City, has shut down its operations, citing the COVID-19 pandemic as a major factor.
Citing a significant downturn in the real estate market due to the pandemic, the company's CEO, Mark Friedman, announced the closure of the firm in a letter to employees.
"As you are aware, the COVID-19 pandemic has had a profound impact on the real estate industry, and our business has not been immune to its effects," Friedman wrote. "Despite our best efforts to mitigate the impact, we have been unable to overcome the challenges posed by the pandemic, and we have been forced to make the difficult decision to close the company."
The closure is expected to affect around 20 employees who will be offered severance packages. The company's assets will be liquidated, with some being sold off to other companies.
The news of the closure comes as no surprise, given the tough times facing the real estate industry. The pandemic has led to a significant downturn in property values and a decline in rental income, making it difficult for companies like Friedman Properties to stay afloat.
Resumen: El cierre de Friedman Properties es un reflejo de los difíciles tiempos que enfrenta la industria inmobiliaria. La pandemia ha llevado a una disminución significativa en los valores de las propiedades y una caída en la renta, lo que hace difícil para las empresas como Friedman Properties mantenerse en el mercado.