Washington Heights Sale Shows Castellan’s Strengths

 

Washington Heights  pic
Washington Heights
Image: castellanre.com

A vertically integrated real property investment company, Castellan Real Estate Partners in New York has earned a reputation for delivering significant returns on investment. Since 2009, the firm has made a total of some $750 million in equity and debt transactions. In 2016, Castellan Real Estate Partners tripled its original investment in a Washington Heights property, selling it amidst competitive bidding for $18.2 million six years after acquisition.

The residential rental property, situated on 168th Street close to an express subway station and New York-Presbyterian/Columbia University Medical Center, consists of more than 80 individual units. With a total square footage of just over 40,000, it offers studio and one-bedroom apartments.

Castellan’s sale reflects the company’s focus on purchasing undervalued properties in neighborhoods with high potential, performing extensive upgrades, and choosing the most opportune time to re-enter the market. In selecting Washington Heights, the firm found a community that has recently attracted growing numbers of young professionals as renters. The neighborhood’s relatively inexpensive rents are part of that package, as well as its proximity to trendy restaurants and its multicultural atmosphere.

Advertisements

Harlem Residential Property Holds Promise for New Owner and Tenants

 

Castellan Real Estate Partners  pic
Castellan Real Estate Partners
Image: castellanre.com

Among New York City’s leading real estate investment firms, Castellan Real Estate Partners continues to focus on quality in the acquisition, development, and management of residential rental properties. The vertically integrated company has acquired some $750 million in both debt and equity real estate transactions. In its purchases, Castellan Real Estate Partners looks for properties with high potential to earn significant returns on investment.

In March 2017, the company realized the $23 million sale of a highly desirable multi-family housing complex in Harlem. It had acquired the property for $11.1 million in 2013, with the transaction with buyer Aulder Capital thus more than doubling the purchase price.

The five-building, 100-unit, fully occupied Harlem property is situated on West 146th Street, between Seventh Avenue and Frederick Douglass Boulevard. It consists of one- and two-bedroom apartments and is rent-stabilized.

The historic neighborhood of Harlem continues to develop and thrive, with many older and historic buildings undergoing 21st century renovations. Residential complexes with smaller units, such as the one on West 146th Street, tend to attract younger and more mobile renters. As these tenants move on, owners are able to remodel and charge market rent in keeping with those renovations.

Robin Hood Foundation to Participate in TCS New York City Marathon

Robin Hood Foundation pic
Robin Hood Foundation
Image: robinhood.org

Established in 2009 and headquartered in New York, Castellan Real Estate Partners invests in residential and retail properties and has invested in more than 1.5 million square feet of property domestically and internationally. Castellan Real Estate also supports the Robin Hood Foundation and contributes to its poverty-fighting programs. The organization’s initiatives include team participation in the annual TCS New York City Marathon.

The TCS New York City Marathon has become the world’s largest and most popular marathon since its creation 45 years ago, with more than 51,000 runners finishing in 2016. The course traverses through the city’s five boroughs, which include Brooklyn, Queens, Staten Island, the Bronx, and Central Park. Runners are given three options for signing up: individual registration, international travel partners, or running with a charity. In addition, individuals with a physical disability may apply for entry as an Athlete with Disability.

Team Robin Hood participants gain guaranteed entry into the race and a series of additional benefits that include guidance from a professional running coach, personalized virtual training, and invitations to the Team Robin Hood Launch Party and Pasta Party. Team members may also create their own customized fundraising page and join others members in weekly team runs. On race day, team members will receive an exclusive Team Robin Hood race shirt and other swag items.

Participation in Team Robin Hood requires team members to pledge a $5,000 donation goal, which they must fulfill through fundraising or personal donation. Although donations are tax deductible, deductibles must be submitted by November 19, 2017, and require the use of a valid credit card. Furthermore, team members must make up any remaining balance that they cannot collect through fundraising.

The 2017 TCS New York City Marathon will take place November 5, 2017.