A Washington Heights Success Story

washington heights, Castellan Real Estate PartnersAt the core of the Castellan Real Estate Partners’ real estate investment philosophy is a strong emphasis on discipline, giving it a competitive edge over other firms. Castellan specializes in retail and residential properties that have yet to reach their full potential, focusing on asset management and sound capital investment strategies so they reach their true value under the company’s stewardship.

A recent example of this is the trio of Washington Heights residential apartment buildings that Castellan Real Estate Partners sold to Guardian Realty Management in July 2016. The portfolio includes a 17,965-square-foot property on West 184th Street, which has 20 apartments; a 21,675-square-foot on Wadsworth Avenue between West 189th and West 190th Streets, which has 25 units; and a 15,141-square-foot building on Fairview Avenue between Broadway and Broadway Terrace, which is comprised of 24 apartments. The pre-war buildings were built between 1920 and 1928. Originally purchased for $7.6 million between 2012 and 2013, the three buildings, located within 10 blocks of each other, house 69 apartments between them and sold for a total of $15.4 million.

Purchasing the Hamilton House

Hamilton-Holly House
Source: Wikipedia user Beyond My Ken

In April 2016, Castellan Real Estate Partners purchased 4 St. Marks Place for $10 million. The townhouse was owned by Alexander Hamilton Jr., the son of the founding father who shares his name, who purchased the property in 1833 and lived there with Hamilton’s widow Eliza. From 1901 to 1952, the house was owned and used in part by the musical instruments firm of C. Meisel, Inc. The building had a colorful theatrical history in the 50s and 60s, reflecting its location on St. Mark’s Place during the cultural ascendancy of the East Village. Among other uses, it was the Tempo Playhouse, New Bowery Theater, and Bridge Theater, and Yoko Ono performed there among others. The property features 10,000 feet of mixed use space, including over 5,000 square feet of retail space on its ground floor, and four free-market residential apartments.

Now vacant, the building is set to be revitalized by Castellan and its team of approximately 20 managers, whose experience draws from the property, construction, and investment sectors. Its aim is to restore the prestige attached to the townhouse, while also maximizing its potential through well-managed capital investment.