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News

NJ Landlord Waives 3 Months Rent During Pandemic

David Placek
David Placek Photo Credit: NJ Governor's Office

A Montclair landlord is waiving rent payments for three months to help ease his tenants' financial burdens during the coronavirus pandemic.

David Placek originally waived rent for April and May and recently added June.

Overall, his BDP Holdings LLC and Community Investment Partners is eating about $50,000 -- at an average of $1,200 to $1,500 a unit per month.

The goal is to show tenants "some compassion and feelings for what they might be going through," Placek told ABC7. We didn't ask them what financial position they're in."

The father of three "exemplifies the spirit we need to see right now of people stepping up to make sure others can come out of this emergency stronger," Gov. Phil Murphy tweeted.

Placek, 39, is the managing partner of BDP Holdings LLC and Community Investment Partners and oversees all of the company’s investments and operations.

He has more than 16 years of experience in property acquisitions, financing and management spanning multiple product types, including multi-family, retail, office, industrial, redevelopment and mixed-use properties, according to hi reume.

He's worked on the acquisition and financing of more than 140 properties throughout the United States valued in excess of $3.5 billion, it says.

"It's hard to help, you can't go physically do a lot of things, you probably don't have the financial resources to write a check," Placek said, "so what can you do?"

All he's asked is that his tenants pay it forward to local businesses or charities.

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