Castellan Real Estate Partners has conducted over $750 million dollars in transactions covering a mix of commercial and residential real estate investments. The professionals at Castellan Real Estate Partners practice fair, responsible, and respectful property management and encourage two-way communication between the firm and building residents.
Occupants of a building owned by another party acquire what are known as tenants’ rights, which vary from state to state. Additionally, a number of laws in New York City outline the obligations of landlords and the rights of lessees.
Repairs: Landlords are generally responsible for major repairs, especially those that can endanger the tenant or lower his or her quality of life. This includes major electrical repairs, broken pipes and heating systems, and toxic mold infestations. If a landlord does not make repairs in a timely manner after the tenant has requested help in written form, the tenant has the option to pay for repairs out of pocket and deduct this amount from the rent.
Rent: Renters in New York City cannot be asked to pay more than the amount of rent stated on the lease during the term of the agreement. Landlords may raise the price after the lease concludes, but in rent-stabilized buildings, the increase cannot exceed a certain percentage.
