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.
0 Comments
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. Established in 2009 by Paul and John Salib, Castellan Real Estate Partners is a real estate investment company that operates multiple business lines relating to property development, management, and investment. Castellan Real Estate Partners’ strategy at its inception centered on acquiring distressed properties in the wake of the financial crisis, with a particular focus on those that had underperformed under previous management. It possesses a unique team of skilled professionals that combines market knowledge with deep experience and the ability to execute effectively.
The firm's property management division focuses on improving the firm’s collections while ensuring tenant satisfaction. In recent years, the firm has undertaken an extensive improvement program that has seen it install energy efficient fixtures and appliances, in addition to a range of safety and security measures, into its buildings. Further, it maintains open dialogue with building residents, allowing it to confront maintenance issues as they occur while remaining in compliance with building codes. |
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
Categories
All
|