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Rent Reduction for COVID-19

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  • Dear KRE Group/225 Grand Management,

Covid-19 has devastated the American economy and many residents of 225 Grand have either lost their income or had it substantially reduced, as of which we have a lack of clarity on our future employment, now that the economic impact trickles down to white-collar jobs and others. Some of us have been asked to take pay cuts while others are expecting the same or even worse like layoffs at organizations we work for. There are also some startups, small enterprises and entrepreneurs in our 225 community which are also severely impacted financially. We all know that we are embracing for a prolonged recessionary environment through 2020 and needless to say that it will impact everyone financially.

Meanwhile, the US Government has passed an economic stimulus package that will benefit businesses like KRE but most residents at 225 Grand will see little or no benefit. Moreover, Covid-19 has caused many of the amenity spaces to be closed.

As residents, we fully support the staff who work 24x7 here in ensuring 225 grand is safe and secure. We as residents also want to ensure that their livelihood is not impacted. Similarly, we would also expect KRE management to support the 225 tenants in these times by some kind of financial gesture towards its monthly rent.

Accordingly, we the undersigned renters at 225 Grand Street hereby request that KRE reduce our rent payment by 20% for the months of April and May.

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