JEMB Realty to buy Daffy’s real estate
By Sarah Trefethen
Affiliates of JEMB Realty Corporation have agreed to purchase real estate interests from the struggling discount retailer Daffy’s, the company announced Thursday.
“JEMB Realty Corporation is looking forward to capitalizing on its long-term experience and knowledge in the greater New York area and to have the opportunity to work with Daffy’s with respect to the orderly wind up of Daffy’s operations and to provide payment in full to all of Daffy’s creditors,” Morris Bailey, CEO of JEMB Realty, said in a statement.
Daffy’s filed for Chapter 11 bankruptcy protection in the Southern District of New York Wednesday.
This paper previously reported that real estate investors Aurora Capital Associates had purchased the clothing retailer. Retail brokers in the city had told REW they had been approached by Aurora about subletting Daffy’s space. Aurora declined to comment at that time.
However, this morning a spokesman for JEMB said Aurora was not involved in the Daffy’s deal.
One of Daffy’s stores was in Herald Center, a building owned by JEMB. According to the investment group it has bought out Daffy’s lease, and the space is currently being marketed by Susan Kurland of CBRE for a potential retail tenant.
The company will also purchase three properties owned by Daffy’s in New Jersey and Pennsylvania, and take over 16 other leases with the intent to sublease, it said through a spokesperson.
Other posts by REW Staff