Castellan Real Estate Partners Earned $7.8 Million on Property Sale

Managed by brothers and real estate executives Paul and John Salib, Castellan Real Estate Partners is a leading New York firm focused on equity investments, bridge lending, property and asset management, and construction development. Since the financial crisis in 2008–2009, the company poured in capital investments on distressed properties to reposition them in the market. In July 2016, Castellan Real Estate Partners combined three Washington Heights buildings located within 10 blocks of each other and sold them for $15.4 million to Guardian Realty Management, a real estate investment firm that offers asset and property management services.

Castellan acquired the pre-war buildings separately between 2012 and 2013 for a total of $7.6 million. In less than four years, the company more than doubled its initial investment. The sale was brokered by Meridian Investment Sales, specializing in multifamily, office, and retail store negotiations. With a total of 68 units spanning over 54,000 square feet, the four-story and two five-story walk-up properties offer choices ranging from studio to three-bedroom units.