Retail giant Best Buy retailer won’t pay for fridge flood its own contractor caused | 7 On Your Side

ELTINGVILLE, Staten Island (WABC) — When a new fridge flooded and caused thousands of dollars in damage, a young couple says a retail giant turned its back on them.

“To be honest I was so upset, I couldn’t even handle it,” Jason Anello said.

Welcome to Jason and Abby Anello’s newlywed nightmare. Their new home was ruined before he could even carry her over the threshold.

“It’s just been a big headache,” Anello said.

He’s talking about the thousands in water damage due to a faulty fridge installation.

The listing for their Staten Island home caught their eye and features an open floor plan with a big kitchen and hardwood floors. So, they bought it.

“We put a lot of money into the house with renovations,” said Anello.

RELATED | 7 On Your Side: Young car-buyer wrangled into a ripoff

One of the expenses included a fancy new fridge from

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Federal Realty: The Best Multi-Tenant Retail Real Estate Is On Sale (NYSE:FRT)

Investment Thesis

In the eyes of the market, Dividend King Federal Realty Trust (FRT) has lost much of its luster in the COVID-19 pandemic. Despite an astounding 53-year dividend growth streak, the stock has shed 43% of its value this year. The REIT owns and manages well-located mixed-use real estate and high-end open air shopping centers in major (mostly coastal) metropolitan markets across the United States. The focus on quality also extends to FRT’s balance sheet, as it is one of only six REITs that has earned an “A” credit rating.

I first bought FRT shares early this year after selling my rapidly appreciated shares of Taubman Centers (TCO) after the Simon Property Group (SPG) buyout agreement. After feeling very happy with myself for locking in a ~50% gain, it didn’t take long to see most of that value plummet in my FRT position.

Today, I am more bullish than

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Investor Jonathan Litt on NYC real estate post-pandemic, what’s booming and the future of retail

Jonathan Litt, chief executive officer of Land & Building Investment Management.

Peter Foley | Bloomberg | Getty Images

A View from the Top is a Q&A series exclusively available on CNBC Pro. CNBC reporters will regularly speak with a business leader about decision-making, investing and industry news. 

Land & Buildings Investment Management founder and CIO Jonathan Litt has been closely tracking the ups and downs in the real estate industry, including office, industrial, retail, residential and hotel space, during the coronavirus pandemic. 

Litt has grown L&B, founded in 2008, into a prominent activist hedge fund in the real estate world. In more recent years, he has waged battles with the high-end shopping mall owner Taubman Centers, Forest City Realty Trust (now owned by Brookfield Properties) and office and multifamily property owner Mack-Cali Realty Corp. In 2017, he targeted Saks Fifth Avenue owner Hudson’s Bay, arguing the best use of

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As Florida Reopens, Brokers Confident Retail Closures Will Be Filled

Despite the fact that COVID-19 is still spreading in Florida — a tracking group’s dashboard reported 3,266 new cases and 106 deaths on Tuesday — and warnings from health officials that there could be a resurgence in cases this fall, Florida has mostly reopened under political and economic pressures. Gov. Ron DeSantis on Friday signed an executive order bringing the state into Phase 3 of his reopening plan, lifting occupancy restrictions on restaurants and businesses.

Miami’s Wynwood neighborhood is home to small boutiques, bars and restaurants.

The retail real estate market in South Florida has seemed to reflect an eagerness to get back to business. Although some business owners expressed nervousness that mask-wearing and social distancing requirements would now fall to individual establishments to decide, Florida Restaurant and Lodging Association CEO Carol Dover told the Miami Herald that bar and restaurant owners were thrilled at reopening, and patrons packed into

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Harbor Group International’s Midtown retail property poised for foreclosure

Payments were due on the 10th of each month, but when HGI missed its May payment, the bank took the cash out of the reserve fund; HGI never restored the balance. Reserves are typically used to supplement mortgage payments when the borrower can’t pay the full monthly amount and must be replenished to a minimum amount depending on the size of the loan. It is a practice similar to that of residential landlords who use security deposits when tenants don’t pay rent.

May 22 CIBC let the property owner know it had defaulted, but HGI has yet to make a payment. The investment firm “lacked sufficient revenue” to make the monthly payments, according to the complaint.

“New York retail properties are facing serious challenges due to current market conditions, where rents have dropped significantly,” said Richard Litton, HGI’s president. “We believe in the long-term prospects of this property and will

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CTO Realty Growth Announces Purchase of 106,000 Square Foot Grocery-Anchored Retail Property in Hialeah, Florida for $21 Million

The MarketWatch News Department was not involved in the creation of this content.

CTO Realty Growth (NYSE American: CTO) (the “Company”) today announced the acquisition of an approximately 108,000 square foot retail property in Hialeah, Florida (the “Property”) for $21 million, or approximately $194 per square foot. The Property is situated on approximately 8 acres and is master-leased to a national retail developer (“Master Tenant”). The property, which serves a 3-mile population of over 225,000, is occupied by Aldi, Ross Dress for Less (S&P rated: BBB+), Bed, Bath & Beyond and dd’s Discount (S&P rated: BBB+). The 25-year master lease has an initial investment yield within the range of the 2020 Guidance and includes annual rental rate escalations as well as certain future purchase rights by the Master Tenant. The transaction was purchased through a 1031 like-kind exchange using

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