"The third-party management we do today is for private owners, condos, HOAs," Edward Kalikow, president of Kaled, tells GlobeSt.com. "The new division is being set up to capitalize on what we perceive to be a need from the institutional and lender side, or private owners who have gotten burned by overly aggressive projections on rent-stabilized properties." The division, Kaled Residential Asset Management, will be led by Jordan Platt, the company's VP of operations.

In a release, Kaled says its new division will specifically serve owners of individual apartment buildings and portfolios of rent-stabilized housing "to insure the successful maintenance of the property and enhance each asset for long-term ownership or disposition." It will offer the accounting and back-office operational services, as well as on-site property management, and asset maintenance, including the planning and execution of capital improvements.

In a release, Platt says "rent stabilized housing is vital to New York, and is an asset class that will always have value if it's managed properly. There have been a number of opportunistic investors that viewed rent-stabilized housing as a treasure trove opportunity, with overly aggressive plans to destabilize the units into market-rate rentals. But we view these assets as serving an important purpose--providing work force housing to New Yorkers--and also provide an evergreen, conservative income when managed by people who know what they're doing, and how to work well with their tenants and within the confines of the complex stabilization regulations."