Castellan Real Estate Partners
With a postgraduate degree in real estate finance and investment at New York University, Paul Salib held top-level positions throughout his career, including his role as the senior vice president of Red Stone Partners. Today, Paul Salib serves as the managing partner of Castellan Real Estate Partners, which he founded.
In January of 2018, Castellan made $10.7 million in profit after selling two apartment complexes in the East Flatbush area of Brooklyn. The sale came only five years after the group purchased them for $8.6 million. Together, the buildings offered 92 residential spaces consisting of studio, one-, two-, and three-bedroom units. In addition to residencies, the larger of the two properties also included 1,600 feet of commercial retail space rented to a grocery store at the time of sale.
In recent years, Flatbush has experienced growing interest from both people and businesses looking to relocate in Brooklyn. According to a report from the New York State Comptroller, total job growth climbed 70 percent in just eight years between 2009 and 2017.
As managing principal of Castellan Real Estate Partners in New York City, Paul Salib oversees the firm’s investments in debt and equity real estate transactions. At Castellan, Mr. Salib has overseen real estate transactions with a market value in excess of $700 million. When away from Castellan, Paul Salib also works at Schack Institute of Real Estate at New York University as an assistant adjunct professor.
Castellan recently sold a four-building portfolio of East Harlem rental properties to the Emerald Equity Group in August 2017 for $24.8 million. Three of the buildings on East 117th Street feature a few commercial units along with more than 100 residential units. Of the $24.8 million, Emerald paid $9 million for the 1661 Park Avenue location that features 34 rental units and a single retail unit in 22,000 square feet of space.
Castellan bought the properties in 2013 for $13.5 million, believing that there would be an increase in demand for real estate in the neighborhood. As property values rose in Upper Manhattan, families started looking to East Harlem for housing. There is a perception that the neighborhood has improved since the acquisition.
Weatherization Assistance Program
With extensive experience in property development and management, Paul Salib is the founder and managing partner of Castellan Real Estate Partners in New York City. Dedicated to improving energy efficiency across Castellan’s real estate portfolios, Paul Salib has attracted more than $1.7 million in grants from the New York State Weatherization Assistance Program (WAP).
WAP funding helps outfit residential buildings with energy-saving enhancements that lead to an average yearly cost savings of more than 20 percent. Residents who earn 60 percent of the state median income or less are eligible to apply for WAP funds.
Developers and property managers of affordable housing can also apply for assistance in upgrading their properties. Those receiving WAP assistance are given an “energy audit” to identify specific steps they need to take to increase their building’s energy efficiency.
According to the audit results, WAP-funded property enhancements may include sealing cracks and holes, adding increased insulation in attics and walls, installing energy-efficient lighting and refrigerators, replacing or repairing heating systems, and similar energy-saving fixes.
Castellan Real Estate Partners
Castellan Real Estate Partners is led by its founder and managing partner, Paul Salib. Backed by a significant amount of private capital, Paul Salib’s company is known for making sizable profits on in-demand real estate properties.
Castellan Real Estate Partners recently sold an East Harlem multifamily property to Emerald Equity Group, led by real estate investor Isaac Kassirer. Emerald Equity paid Castellan Real Estate Partners nearly $25 million for the four-building portfolio of mixed-use rental properties, according to the Commercial Observer, New York’s expert source on commercial real estate deals. Castellan acquired all four of the early 20th-century walk-up buildings for a combined $13.5 million in 2013.
With a total of more than 100 residential units and three commercial units, the three buildings on East 117th Street have a combined 42,000 square feet. The fourth property is on Park Avenue and covers 22,000 square feet.