Co-founded by John Salib and Paul Salib, Castellan Real Estate Partners is a fully-integrated real estate investment firm headquartered in New York. By combining all aspects of real estate investments under one roof, from property acquisition to development, management, and financing, Castellan Real Estate Partners has developed unique expertise in scouring the market for opportunities and exploiting them.
Castellan has acquired many propertiesthat were poorly managed by previous owners and has undertaken significant changes to improve their physical condition and internal operations. These include installing new dual-pane glass windows, replacing boilers, replacing roofs to prevent water leakage and adding insulation, installing energy-efficient lighting and fixtures, and installing video cameras and upgrading intercom systems. These, alongside better management, have greatly improved the value of their properties, enabling the company to sell them at top dollar. Two examples of this are a 92-unit Brooklyn portfolio it sold in 2018 and a 100-unit Harlem portfolio it sold in 2017.
The 2018 sale was for two residential buildings in Brooklyn with 92 units combined. The real estate firm sold them for close to $19.3 million, five years after buying them for only $8.6 million. The 2017 sale was for five multifamily buildings in Harlem that went for $23 million, double what the real estate firm had paid for them in 2013.
Headquartered in New York City, Castellan Real Estate Partners is a firm that specializes in renovating and selling undervalued properties. As part of Castellan Real Estate Partners’ community outreach, co-founders John Salib and Paul Salib are actively engaged in the Robin Hood Foundation, a non-profit organization that fights poverty and homelessness in New York City.
The organization provides funding for over 210 agencies that fight poverty in the city. To make sure the money is spent wisely, the foundation uses a system of metrics to determine the effectiveness of donations.
For instance, Robin Hood analyzes the costs and benefits for each service provider and quantifies their social impact for comparison with other groups. It also employs a counter-factual method of evaluation determining what would have happened to recipients if they had not obtained assistance. These 163 metrics consider a range of performance measures; for example, the foundation looks at the number of participants who attend a high-quality preschool whose families could not have otherwise afforded it and examined their educational outcomes.
Statistics show that, years later, the preschool program had a positive impact across several markers including rates of high school graduation, participants’ health, juvenile delinquency, child abuse, enhanced parenting, the cost of child care, and working parents’ increased productivity.
For more information about the Foundation and ways you can support , please visit www.robinhood.org/.
Castellan Real Estate Partners is a New York-based fully-integrated investment firm that deals with real estate investments and development, lending, and property management. Co-founders John Salib and Paul Salib established Castellan Real Estate Partners during the U.S. 2008/2009 financial crisis to invest in distressed real estate investment opportunities.
Distressed property sales are associated with unique challenges that every investor should be aware of. For starters, it is best to seek the services of an expert who understands the intricacies associated with distressed properties.
Numerous certifications sharpen the skills of real estate agents that want to focus on the sale of distressed properties. For instance, the National Association of Realtors introduced a Short Sale and Foreclosure Certification program in 2009 where realtors familiarize themselves with both federal and state laws associated with foreclosures and short sales. In addition, there is a Certified Distressed Property Expert Certification offered by the Distressed Property Institute. When investing in distressed properties, it is vital to seek the services of an agent who whether they’re certified or not, has previously closed deals on distressed properties and is capable of successfully guiding you through the process.
Since 2009, Castellan Real Estate Partners in New York City has handled more than $1.2 billion in transactions, guided by partners John Salib and Paul Salib.
In 2016, Castellan Real Estate Partners acquired 4 St. Marks Place, an historic home once owned by Alexander Hamilton Jr., the son of the famed Alexander Hamilton, founding father and creator of our nation’s financial system. Hamilton, Jr and his family lived there for a period of years, providing the residence with its historic cachet.
The home has retained its historic characteristics even with the dynamic growth occurring around it. It is one of the only three original structures on St. Marks Place.
St. Marks Place has long been considered one of the hippest streets of the city with a vibrant culture and personality all its own. This is a legacy that has been maintained for generations, as artists, writers, and counter-culture personalities have called this place home. Past residents have included literary heroes such as James Fenimore Cooper, W.H. Auden, and William S. Burroughs, as well as revolutionaries such as Leon Trotsky and Emma Goldman.
The street also has deep musical roots. Thelonious Monk, Miles Davis, and Billie Holiday all performed at the Five Spot jazz club. The street is also famed for its architecture with its classic brownstones being featured in films, tv shows, and even on the cover of rock albums such as Led Zeppelin’s Physical Graffiti.