Tagged: Brooklyn Properties

Castellan Makes $10.7M in Profit During Sale of Brooklyn Properties

Castellan Real Estate Partners pic

Castellan Real Estate Partners
Image: castellanre.com

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.