Real Estate Weekly
Image default
Deals & Dealmakers Featured

NYC landlord to discount rents for tenants who shop local

HAP Investments, a New York-based international real estate investment and development company, announced it will offer up to $1,000 in rent credits to building residents for shopping and dining locally in an effort to support New York City’s economic recovery.

Inspired by a leaflet from an independently owned business in East Harlem calling on community members to consider shopping locally, Eran Polack, CEO of HAP Investments notified building residents of the rent discount program in a heartfelt call to action.

By showing proof of purchase at independently owned businesses and restaurants within a mile radius of a HAP Investments’ building, residents will earn credits towards their February 2022 rent. From October through December 2021, renters will receive a $10 discount for every $100 spent locally. At the end of the three-month period, the top three residents across HAP Investment’s East Harlem properties will receive an additional rent discount: $500 for first, $250 for second, and $100 for third.

ERAN POLACK

“Local businesses have suffered tremendously as a result of the pandemic, and we feel that it is our responsibility to support them the same way they have served our communities,” said Polack. “Throughout this city’s rich history, we have seen New Yorkers band together in times of need. We have all been impacted by the pandemic, but we cannot stand idly by as local independently owned businesses struggle to make ends meet. I not only encourage HAP residents to shop locally, but all New Yorkers, and I hope other property owners will implement similar programs of their own.”

Small and locally owned business are the lifeblood of the New York City community. According to the NYC Small Business First Report, of NYC’s 200,000 businesses, 98 percent are considered small and 89 percent very small, employing fewer than 100 and 20 employees respectively, and providing work opportunities for more than half of the City’s private sector workforce.

HAP Investments’ portfolio of properties comprises 10 buildings located throughout NYC including The Maverick, a mixed-use luxury residential development comprised of two buildings located in the Chelsea neighborhood of Manhattan. 

(Visited 1 times, 1 visits today)

Related posts

Party City consolidates tri-state operation with 200,000 s/f HQ move from NY to NJ

REW

Investcorp partners with sovereign wealth funds for industrial acquisition push

REW

Apollo turbocharges retail investment strategy with Griffin acquisition

REW