MAYS J W INC

J.W. Mays, Inc.

Overview

• Business: Owns and operates a portfolio of commercial real estate properties leased to unaffiliated tenants and managed as ongoing operations.
• 2026 strategic actions: Began evaluating the sale or divestiture of one or more properties to manage liquidity. Actively marketing 25 Elm Place in Brooklyn for sale to unaffiliated buyers while continuing to lease and operate Elm Place and review current leases (renewals, modifications, relocations). Entered into new secured loans for the Fishkill, NY and Circleville, OH properties.
• Public filings: The Company files reports with the SEC (Form 10-K, Form 10-Q, Form 8-K) and posts information on its website and the SEC site.

Employees and labor relations

• Full-time employees: 26.
• Union: A contract covering approximately 19% of employees expires November 30, 2028. Management describes labor relations as good.

Tenants and customers

• Properties are leased to multiple tenants. Tenant counts by property:
  • Fulton Street / Bond Street (Brooklyn, NY): 25 tenants — seven retail, four fast food/beverage, eleven office, three dental/medical.
  • Elm Place (Jowein Building, Brooklyn, NY): 14 tenants — one fast-food, two warehouse, one retail, ten office.
  • Jamaica Property (Jamaica, NY): 11 tenants — four retail, one restaurant, six office.
  • Fishkill (Fishkill, NY): Includes a 47,000 sq ft lease to a community college and multiple other leases (storage, warehouse, a 75,500 sq ft lease commencing Sept 1, 2026).
  • Levittown (Hempstead Turnpike, NY): One restaurant tenant in a 10,000 sq ft building with two five-year renewal options.
  • Massapequa (Sunrise Highway, NY): Company is prime tenant on the leasehold; subleased to one tenant occupying 113,400 sq ft; 20,000 sq ft available for sublease.
  • Circleville (Tarlton Road, OH): One tenant occupying warehouse/distribution facilities.

Property-by-property snapshot

Fulton Street / Bond Street, Brooklyn, NY

• Area: Approx. 200,695 sq ft
• Ownership: 90% Company-owned; remaining 10% held under five leases
• Tenants: 25 (retail, fast food/beverage, office, dental/medical)
• Major tenant exposure: one department store occupies about 20.60% of rentable area
• Gross annual rent: $7,613,644
• Real estate taxes: $3,229,525/year
• Lease activity (2025–2026): multiple renewals/extensions; a 30-year renewal option exists on a December 8, 2043 lease; rent deferral agreements with landlord for two Fulton Street premises starting Oct 1, 2026
• Brokerage commissions: $125,209 (aggregate for recent activity)

Elm Place (Jowein Building), Brooklyn, NY

• Area: Approx. 143,557 sq ft
• Ownership: Owned by the Company
• Tenants: 14 (includes one fast-food restaurant, two warehouse tenants, one retail tenant, ten office tenants)
• Major tenant exposure: two tenants each occupy more than 10% of rentable area (15.64% and 12.59%)
• Gross annual rent: $4,168,504
• Real estate taxes: $891,272/year
• Lease activity: renewals and expansions (e.g., August 2025 extended 5,500 sq ft; May 2026 renewals affecting 10,569 sq ft; September 2026 rent-deferral arrangements related to existing leases)
• Brokerage commissions: $73,487

Jamaica Property, Jamaica, NY (Jamaica Avenue at 169th Street)

• Area: Approx. 227,247 sq ft
• Ownership/lease structure: Leased from an affiliated company; long-term options with renewal rights through 2050
• Tenants: 11
• Major tenant exposure: four tenants each occupy more than 10% of rentable area (two retail tenants 15.86% and 17.66%; two office tenants 17.34% and 12.83%)
• Gross annual rent: $5,867,477
• Lease terms: multiple five-year option periods exercisable through 2050; upon termination, assets revert to Landlord
• Annual rent noted for a major tenant: $1,099,445 for a 38,109 sq ft tenant (as part of a renewal/extension)

Fishkill, NY (Route 9 at Interstate Highway 84)

• Area: Approx. 203,000 sq ft owned by the Company
• Leased areas and recent activity: 47,000 sq ft leased to a community college (15-year term with two 5-year options) since 2019; short-term storage leases in 2025 and 2026 (9,500 sq ft each); 75,500 sq ft leased for 15 years starting Sept 1, 2026
• Available space: Approximately 80,500 sq ft currently available for lease
• Rent signals: small short-term leases reported at $46,526 and $62,034; 75,500 sq ft lease annual rent reported as $1,423,930
• Gross annual rent (occupancy table reference): $989,690

Levittown, NY (Hempstead Turnpike)

• Area: Building 10,000 sq ft; land 75,800 sq ft
• Ownership: Company owns the building
• Tenants: Restaurant lease on the building; tenant has two five-year renewal options
• Gross annual rent: $466,734

Massapequa, NY (Sunrise Highway)

• Area: 113,400 sq ft
• Ownership: Company is the prime tenant on the leasehold (does not own the underlying property)
• Sublease: One tenant occupying 113,400 sq ft; 20,000 sq ft available for sublease
• Gross annual rent: $816,854
• Real estate taxes: $290,940/year

Circleville, OH (Tarlton Road)

• Area: Approx. 193,350 sq ft (11.6 acres)
• Ownership: Owned by the Company
• Tenants: 1 tenant (warehouse/distribution)
• Recent activity: Expanded by 84,000 sq ft in August 2024; annual base rent after expansion reported as $877,440
• Gross annual rent (reported): $571,419
• Real estate taxes: $41,467/year

Financial snapshot highlights

• Gross annual rent by property:
  • Fulton Street: $7,613,644
  • Elm Place: $4,168,504
  • Jamaica Property: $5,867,477
  • Fishkill: $989,690 (existing) and $1,423,930 for the 75,500 sq ft lease starting Sept 1, 2026
  • Levittown: $466,734
  • Massapequa: $816,854
  • Circleville: $571,419
• Combined total of the listed gross annual rent figures: approximately $20.5 million

Other financial and asset notes

• Ownership and financing: Several properties are owned outright or held subject to mortgage; Fishkill and Circleville are identified as properties with secured financing.
• Real estate taxes: Provided for multiple properties and included in the property summaries.
• Depreciation and tax basis: The report includes tax basis and accumulated depreciation for several properties, with carrying values and depreciation methods noted (straight-line and declining balance, typical 15–40-year lives).
• Insurance: Management reports that all properties are insured.
• Capital activity: The Company has pursued financing through new secured loans for Fishkill and Circleville and is evaluating potential property sales to manage liquidity.

Summary

J.W. Mays, Inc. is a Brooklyn-based owner-operator of commercial real estate with seven properties across New York and Ohio. The portfolio is leased to a mix of retailers, restaurants, and office tenants. In 2026 the Company began evaluating asset sales to improve liquidity while continuing property operations and lease management. The filing reports 26 full-time employees and a union contract covering about 19% of the workforce. The property-level gross annual rent figures in this excerpt total approximately $20.5 million.