Tagged: Castellan Real Estate Partners

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.

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Sound Property Management at Castellan Real Estate Partners

 

Castellan Real Estate Partners pic

Castellan Real Estate Partners
Image: castellanre.com

An assistant adjunct professor at New York University, Paul Salib is founder and managing principal at Castellan Real Estate Partners in New York City. Since 2009, Paul Salib’s firm has been involved in real estate transactions exceeding $750 million in market value.

Castellan holds properties long-term and favors properties possessing long-term value potential that can be achieved through sound property maintenance and management. For the company, this equates to being receptive to the needs of its residents and dealing with them in a fair and honest manner. A great source of tension between residents and their landlord is the poor or decaying condition of the rental property.

Castellan frequently buys properties in a neglected state and devotes a significant amount of capital to bring these properties up to standard. This includes replacing boilers and converting them to natural gas for reliability and cost effectiveness, installing new dual-pane windows for improved insulation, restoring building facades, and adding video cameras for increased security, among many other improvements.

Open dialogues between tenant and owner bring to light many issues, helping to minimize building code violations. Castellan notes that responsive owners have happier residents who consequently are more likely to pay their rent on time.

Preventing Falls from Windows with Child Guards and Locks

Castellan Real Estate Partners pic

Castellan Real Estate Partners
Image: castellanre.com

New York-based investor Paul Salib is the founder of Castellan Real Estate Partners. Paul Salib’s firm sets itself apart from many other property managers by adding value to buildings through repairs, upgrades, and safety features such as security systems and window guards.

In the United States, approximately 5,000 children fall from windows annually. Simple baby proofing precautions such as child guards are an effective way to reduce this risk in your home.

Window guards are one popular option, as they provide complete protection for a variety of window styles. These steel bars can be removed by an adult in an emergency, but are very difficult for children to displace.

Window stops and locks are also effective choices. These devices prevent windows from being opened far enough for a child to fall through. Safety experts generally recommend that parents ensure that openings not exceed 4 inches.

No matter the type of window safety device, it is important to practice good safety around windows. Parents should be aware of furniture items that could be climbed upon to reach windows, as well as lighter objects that a child could stack to make a ladder.