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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Since 2009, Castellan Real Estate Partners and Managing Partner John Salib have built a solid reputation for success in the debt and equity real estate market. Headquartered in New York City, Castellan Real Estate Partners has applied its market savviness to close more than $700 million in real estate transactions. In May 2017, Castellan Real Estate Partners invested in a nearly $11 million property located at 90 Chambers Street. Meridian Capital Group represented the seller in the transaction, which consists of a five-story mixed-use property in the sought-after Tribeca neighborhood. The property boasts five luxury loft apartments as well as more than 2,000 square feet of retail space on the first floor. Located in an area attractive to tourists less than a block from City Hall Park, the building’s front façade and roof recently received a face lift. The property is fully leased and even includes an elevator shaft that could be building was recommissioned by a new owner. Castellan Real Estate Partners is a fully integrated investment firm that undertakes development, lending, property management, and more. Dedicated to green development of its property portfolio, Castellan Real Estate Partners has partnered with Harlem Community Development Corporation (HCDC) to install solar panels on the roof of one of its properties and to undertake other weatherization projects. HCDC helps individuals in Harlem and surrounding communities take advantage of opportunities to improve their homes and neighborhoods. One of the major services that HCDC provides for the community is connection to the Weatherization Assistance Program (WAP), which provides federal funding for weatherization projects for qualifying families. HCDC can determine eligibility for individuals and entire buildings, and then discuss potential improvements for reducing energy consumption and making homes safer. Projects covered by WAP grants include lighting upgrades, roof insulation, heating system conversions, and smoke detector installation. Funding for the grants comes from the US Departments of Energy and Health and Human Services. Law prevents any increases in rent for improvements completed using these grants, which are meant to decrease energy demands while educating citizens about green practices. |
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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