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March 31, 2020

Landlord Yale suspends some merchant rent payments

PHOTO | New Haven BIZ

Yale University Properties has suspended March and April base rent payments for more than 100 city businesses located in university-owned buildings.

In addition, Lauren Zucker, associate vice president for New Haven Affairs and University Properties, and her office are actively working with local merchants and Yale tenants to help them negotiate the COVID-19 crisis.

“These are unprecedented times, and we are working with the city and many partners to collaboratively weather the storm,” said Zucker in an announcement. “Our local merchants are acutely feeling the loss of business and customers. We are communicating with them daily and are committed to working with them through this crisis.”

One of those merchants is Kim Pedrick, owner of the Chapel Street shops idiom and dwell.

“During this unsettling and uncertain time, I can’t begin to express how much it means for University Properties to suspend base rent for March and April,” said Pedrick in a statement. “Their partnership and ‘getting through this together’ is immensely appreciated. New Haven is a community that supports each other, and [Yale’s] assistance will have an enormous impact on enabling us to open our doors again.”

Zucker said her office has also been working to connect merchants with the U.S. Small Business Association, which over the last 10 days has rolled out multiple disaster-loan initiatives to help keep smaller enterprises afloat.

Her office, which is the largest commercial landlord, is also promoting a gift-card-buying initiative to support the downtown shops and restaurants and their employees.

“These stores create meaningful jobs for New Haven residents and contribute to our vibrant downtown as well as foster our local economy,” Zucker said. “We all need to help each other so that our community, our city, will remain intact and strong.”

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