Castellan Real Estate Partners has sold a multifamily property at 452 West 164th Street for $4.5 million. The property is a five-story walk-up with 20 residential units comprised of approximately 19,500 square feet. The building is well located in the Washington Heights neighborhood, only two blocks away from the New York Presbyterian / Columbia Medical Center and the New York Presbyterian Morgan Stanley Children’s Hospital. It is two blocks from the C subway stop, and four blocks from the A, C and 1-line subway stops.
Castellan acquired the property for $2.7 million in January 2014, and sold it for $4.5 million in March 2018. Castellan invested approximately $185,000 towards major capital improvements and upgrades to the building. Improvements included a new boiler/burner, new heat sensors, new cameras and apartment renovations. At acquisition, there were 9 HPD violations affecting the property. At sale there was only one remaining violation, which represented an 89% reduction.
Castellan Real Estate Partners is a full-service, vertically integrated real estate investment firm with internal platforms covering bridge lending, equity investments, property asset management, and construction and development. Since 2009, Castellan has been invested in debt and equity real estate transactions with a market value of approximately $900 million.