NYC Summer Rent Payments: Using Your Security Deposit & Other Solutions

A Note from Vicus Partners Founder On NYC Summer Rent Payments: Using Your Security Deposit & Other Solutions

As New York City approaches full reopening, we’ve all heard and read that many companies are choosing to extend the remote work mandate until September (and some into 2021). Given this, we’ve been speaking to our clients and tenants alike about how to handle Summer rent payments, especially given the recently passed PPP bill that reduces mandated spend on payroll from 75% to 60% and allocates more forgivable spend to rent. If this is something you’re considering as well, we hear you and you are far from alone. We understand the challenges, complexities, and difficult decisions many of you have to make as we are doing the same.

Among other solutions we’ve communicated, we’ve now seen Landlords willing to use the security deposit in total or partial lieu of Summer rent, with the understanding that you as the Tenant will replenish when you can. If this is something you’re open to, we’d love to share our guidance on how to communicate with your Landlord and what questions you need to ask your bank before committing to this. As always, our continued message to clients and tenants remains:

Communicate with your landlord: each tenant and landlord relationship will warrant a different solution, but stopping rent payments altogether could result in a lawsuit or situation where you are held personally accountable and, at best, a damaged relationship that can affect your long term plans.

We’re here to help guide you to a solution that fits your unique situation, whether it’s rent payments and communicating with your landlord or connecting you to trusted partners to help with social distancing office redesign, fogging and other approved cleaning measures, and updating IT for remote work balance as you plan for reopening. 

2020 has been a challenging year for New York City and we are more committed than ever to bringing you any benefit we can as we enter the hot summer months. We remain your unwavering trusted advocate in both your short-term and long-term success, and as always our services come at no cost to you.

If we can help with the above or answer any other questions you have, please don’t hesitate to reply to this email or reach out to me at brosenblatt@vicuspartners.com.

In Good Health,
Bert Rosenblatt
Cofounder, Vicus Partners
brosenblatt@vicuspartners.com