A New York-based investment firm established in 2008, Castellan Real Estate Partners is managed by brothers and founding principals Paul and John Salib. Often referred to as Castellan, the company saw an opportunity following the 2008 financial crisis and created an acquisition platform to target undervalued assets and reposition them as valuable investments. In January 2018, Castellan Real Estate Partners sold a 1926 62-unit building at 1084 New York Avenue in Brooklyn to Sterling Group, a family-owned real estate investment service known for specializing in multifamily housing and storage facilities. Acquiring the property through bankruptcy, Castellan first purchased the walk-up apartment building in March 2013 for $6.1 million. The company invested in restoring the building’s exterior, installing intercoms and upgrading security systems to secure capital growth. Five years later, the 47,680-square-foot building, which also houses a 1,600-square-foot retail store, was sold for $13.8 million as part of a portfolio sale. This resulted in more than a 50 percent profit for Castellan. According to StreetEasy, a New York real estate listing site, the average rent for this building is $1,487 per month, with studio to three-bedroom apartments available.
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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
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