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.
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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
March 2022
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