New York Agency Works to Preserve Housing and Make It More Available


Castellan Capital pic
Castellan Capital

Noted for renovating its properties in line with best environmental practices, Castellan Real Estate Partners stands out as one of New York City’s most successful real estate investment and management companies. Since 2009, it has closed $875 million in deals based in debt and equity acquisitions. Moreover, Castellan Real Estate Partners continues to collaborate with city agencies that work to improve the energy efficiency of buildings and to reduce their carbon footprints.

Among these partner agencies is the city’s Department of Housing Preservation and Development. In operation for close to 40 years, HPD now serves as the largest city-based preservation and development agency for housing in the United States. Its charge: to encourage the growth of housing that is excellent in quality while keeping it within the financial reach of low- and medium-income citizens.

Through its work with New York’s mayor’s office, HPD engages in the monitoring and enforcement of the appropriate standards for housing and the preservation of significant buildings. Its financial initiatives include tax and loan incentives for property owners who reciprocally agree to keep rents for current and near-future tenants affordable. Its work has proven especially critical for senior adults and families transitioning away from homelessness.

The agency concentrates particularly on the construction and support of housing in communities known for their cultural diversity.