Tagged: Buildings

Castellan Real Estate Earns Large Return from East Harlem Buildings


Castellan Real Estate Partners pic

Castellan Real Estate Partners
Image: castellanre.com

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.