Home That Belonged to Alexander Hamilton’s Son Sold for $10 Million

East Harlem pic
East Harlem
Image: castellanre.com

Since 2009, Castellan Real Estate Partners in New York City has handled more than $1.2 billion in transactions, guided by partners John Salib and Paul Salib.

In 2016, Castellan Real Estate Partners acquired 4 St. Marks Place, an historic home once owned by Alexander Hamilton Jr., the son of the famed Alexander Hamilton, founding father and creator of our nation’s financial system. Hamilton, Jr and his family lived there for a period of years, providing the residence with its historic cachet.

The home has retained its historic characteristics even with the dynamic growth occurring around it. It is one of the only three original structures on St. Marks Place.

St. Marks Place has long been considered one of the hippest streets of the city with a vibrant culture and personality all its own. This is a legacy that has been maintained for generations, as artists, writers, and counter-culture personalities have called this place home. Past residents have included literary heroes such as James Fenimore Cooper, W.H. Auden, and William S. Burroughs, as well as revolutionaries such as Leon Trotsky and Emma Goldman.

The street also has deep musical roots. Thelonious Monk, Miles Davis, and Billie Holiday all performed at the Five Spot jazz club. The street is also famed for its architecture with its classic brownstones being featured in films, tv shows, and even on the cover of rock albums such as Led Zeppelin’s Physical Graffiti.

Castellan Real Estate Partners Capital Division Offers Quick Financing

Castellan Capital pic
Castellan Capital
Image: castellancapital.com

Co-founded by managing partners Paul and John Salib, Castellan Real Estate Partners in New York City has conducted debt and equity transactions worth more than $1 billion in its 10 years in operation. In addition to its work in the development of investment properties, Castellan Real Estate Partners also hosts a capital lending division, through which the firm provides bridge and construction loans to clients.

The capital division of the firm is noted for its ability to quickly and easily meet borrower needs, as evidenced in the following three loan cases.

1. Acquisition in the East Village. The firm was able to produce a bridge loan of $5.5 million for a client in the course of six days to meet the borrower’s desire to acquire a multifamily building in the East Village of Manhattan. The capital vision’s team worked over Memorial Day weekend to ensure the funding was secured.

2. Mixed-Use Portfolio in Brooklyn. Providing the bridge loan in just one week, the capital division was able to help a client refinance a portfolio of five mixed-use properties in the Sunset Park neighborhood of Brooklyn. The total space of the five buildings encompassed 42,000 square feet.

3. Senior community in Maryland. The division was able to offer bridge financing worth $5.4 million much more quickly than the time required by traditional lenders for a client who wished to procure a senior community for individuals aged 55 and older. The team was able to provide the loan with remarkable speed due to the small, discretionary, and highly experienced committee at the helm.

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.

New York Agency Works to Preserve Housing and Make It More Available

 

Castellan Capital pic
Castellan Capital
Image: castellancapital.com

Noted for renovating its properties in line with best environmental practices, Castellan Real Estate Partners stands out as one of New York City’s most successful real estate investment and management companies. Since 2009, it has closed $875 million in deals based in debt and equity acquisitions. Moreover, Castellan Real Estate Partners continues to collaborate with city agencies that work to improve the energy efficiency of buildings and to reduce their carbon footprints.

Among these partner agencies is the city’s Department of Housing Preservation and Development. In operation for close to 40 years, HPD now serves as the largest city-based preservation and development agency for housing in the United States. Its charge: to encourage the growth of housing that is excellent in quality while keeping it within the financial reach of low- and medium-income citizens.

Through its work with New York’s mayor’s office, HPD engages in the monitoring and enforcement of the appropriate standards for housing and the preservation of significant buildings. Its financial initiatives include tax and loan incentives for property owners who reciprocally agree to keep rents for current and near-future tenants affordable. Its work has proven especially critical for senior adults and families transitioning away from homelessness.

The agency concentrates particularly on the construction and support of housing in communities known for their cultural diversity.