Stellar Management, CAMBA Housing Ventures Acquire Castleton Park on Staten Island

NEW YORK CITY — Stellar Management and CAMBA Housing Ventures has acquired Castleton Park, an affordable multifamily property located in St. George on Staten Island for an undisclosed sum. With the backing of NYC Housing Development Corp. tax-exempt bonds, the owner plans to launch a $30 million renovation and rehabilitation project for the 40-year-old development, which features 454 apartment units. In collaboration with the NYC Housing Development Corp., NYC Department of Housing Preservation and Development and the U.S. Department of Housing and Urban Development, the development team will be able to maintain long-term affordability for tenants at the property. Construction work is scheduled to begin in August and includes the rehabilitation of the building façade, parking area, elevators and mechanicals, as well as renovations to common areas and each unit’s bathroom and kitchen. The renovation is scheduled to last two years.