Castellan Real Estate Partners’ $23 Million Property Sale in Harlem

 

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

Currently valued at $900 million, Castellan Real Estate Partners has invested heavily in residential and retail properties in New York and other metropolitan cities since 2008. Led by brothers Paul and John Salib, the company often targets mid-sized properties valued at $5 -$30 million. Committed to creating a margin-of-safety strategy when it comes to investment, Castellan Real Estate Partners structures deals that are highly profitable. In March 2017, Castellan sold five buildings in Harlem for $23 million to Aulder Capital, another real estate investment firm with portfolio holdings in Manhattan, Brooklyn, New Jersey, and Connecticut.

Encompassing a total of 100 residential units, the five buildings situated between Frederick Douglass Boulevard and Seventh Avenue were first acquired by Castellan for $11.1 million in 2013. The influx of residents to New York and the increasing demand for rental apartments, particularly in Harlem, made the investment extremely valuable. Although the buildings are comprised of one- or two-bedroom units only, they are occupied at 100 percent. With proper maintenance and consistent renovation to cater to younger demographics, the new owners can expect these buildings to rise in market value.

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