Joint Venture: Preservation deal rehabilitating a community asset
CHV partnered with Stellar Management to purchase and rehabilitate Castleton Park, a 40-year-old, Mitchell-Lama housing complex on Staten Island. The $91 million partnership features 454 homes and consists of two buildings which offer a mix of studios and one-, two-, and three-bedroom apartments. CHV and Stellar committed to Castleton Park’s long-term affordability and invested $36 million into renovations throughout the aging property. The rehabilitation work included new roofs, apartment windows, apartment kitchens, apartment bathrooms, public corridor repairs, new elevators, new boilers, façade repairs, garage waterproofing, new landscaping, and new children’s play areas.
