Castellan Real Estate Partners was established in New York City in 2009 by cofounder John Salib. For more than eight years, the Castellan Real Estate team has acquired, refinanced, and sold a number of notable properties.
The firm recently sold a four-building East Harlem property to Isaac Kassirer, head of Emerald Equity Group. The acquisition is another signal of Emerald Equity’s desire to increase the organization’s presence in the local multifamily real estate market. Emerald acquired the property for just under $25 million, close to double what Castellan paid for the property just five years ago.
The East Harlem property, which includes three buildings along East 117th Street and a fourth building at 1661 Park Avenue, is comprised of more than 100 residential units. The three East 117th Street properties sold for $15.8 million and consist of 42,000 square feet and 74 residences. The fourth building sold for an estimated $9 million and will provide Emerald with an additional 22,000 square feet and 34 rental units, as well as a retail location.