Led by managing principal John Salib, Castellan Real Estate Partners is a full-service, vertically integrated real estate investment firm in New York City. Since 2009, Castellan Real Estate Partners has focused on debt and equity real estate transactions in New York City and other major metropolitan markets.
The COVID-19 pandemic has left both New York tenants and landlords in precarious financial situations. Recently, New York announced a $2.7 billion emergency rental assistance program to help tenants and small landlords who have fallen behind on rent or mortgage payments over the last 15 months. In March 2020, the state enacted an eviction moratorium that prevented landlords from evicting tenants for non-payment of rent. As a result, landlords themselves were then unable to pay mortgages, utilities, and maintenance costs. The New York State Emergency Rental Assistance Program aims to resolve this issue by providing up to 12 months of past-due rent, three months of rental assistance, and a year of utility arrears directly to the landlord or utility company. To qualify for this assistance, the landlord must waive late fees and agree to refrain from raising rent for a year. The program should help up to 200,000 households, prioritizing in its first month individuals who are unemployed or earn below 50 percent of the area’s median income.
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AuthorA fully integrated property investment and management firm, Castellan Real Estate Partners has served the greater New York City area for more than seven years. Archives
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