Tagged: East Harlem

Castellan Sells East Harlem Properties to Emerald Equity Group

 

East Harlem pic

East Harlem
Image: castellanre.com

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.

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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.