A New York-based firm, Castellan Real Estate Partners is a company that manages real estate investments. Led by managing principal John Salib, Castellan Real Estate Partners is working towards developing a 24 story rental building with 49 residential units in NoMad.
NoMad, short for North of Madison Square Park, is a neighborhood located in central Manhattan and can enable a person to experience everything in New York. While the neighborhood is known to be the home of celebrities and businessmen who can afford luxury lives, people can also find budget gems as one-bedroom units start at a renting price of $1750. Commuting is reasonably easy in this area, and a person does not necessarily need to have a car as there are plenty of subway and bus lines that can be reached within a minute. People in the neighborhood are within walking distance from everything they want as they can find markets, banks, drug stores, and even churches. Additionally, people can participate in NoMad Alliance’s non-profit events that aim to raise money as the foundation often organizes sports events and concerts.
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Established in 2009 by John Salib, Castellan Real Estate Partners is a vertically-integrated firm operating from New York City, New York. An investor, developer, and financier of real estate projects, Castellan Real Estate Partners has its finger solidly on the pulse of Manhattan’s real estate market.
Manhattan real estate prices are soaring back to their pre-pandemic highs. In 2021, Manhattan posted the highest co-op and condo sales in over 30 years, with median sales prices for either a co-op or condo hitting $1,125,000. This price was 7 percent higher than 2020 and the second highest in the last three decades. The highest median price recorded was in 2017, when prices peaked at $1,140,000. Manhattan’s real estate market was greatly affected by the COVID-19 pandemic. Sales slowed, vacancy rates rose, and prices fell. However, after authorities approved vaccines and vaccination rates shot up in 2021, economies reopened, and the real estate market launched a sharp recovery. Sales activity has remained strong in the first two months of 2022 as buyers race to lock down low mortgage rates ahead of a possible rate hike. Property values have also stayed high, prompting New York City Comptroller Brad Lander to revise Mayor Eric Adams’s November 2021 tax revenue projections for 2022 by $3 billion. |
AuthorA fully integrated property investment and management firm, Castellan Real Estate Partners has served the greater New York City area for more than seven years. Archives
March 2022
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