Castellan East Flatbush Deal Worth $19.2 Million

Guided by prominent real estate developers Paul and John Salib, Castellan Real Estate Partners is a property development and management company that maintains a portfolio of properties throughout New York City. A key to Castellan’s success is its focus on buying undervalued properties and selling them for a substantial profit after conducting renovations and improvements.

Among other recent transactions, in January of 2018 Castellan made industry headlines when the company sold two Brooklyn apartment buildings for a combined $19.3 million. The two buildings, located in the East Flatbush neighborhood, comprise 92 rent-stabilized residential units. The first of the pair, sited at 1084 New York Avenue, sold for $13.8 million, while the second building, located at 3506 Newkirk Avenue, went for $5.5 million.

In addition to the residential units, the New York Avenue building includes a large retail space currently filled by a grocery store. According to reports, Castellan purchased the two buildings for just over $8 million in 2013. Since then, the company has made numerous improvements to the buildings, including renovating apartments, installing new boilers, and adding new intercom systems. Additionally, the facade of the New York Avenue building was completely redone.