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.
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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. 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
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