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Real estate investment firm Castellan Real Estate Partners leveraged opportunities presented by the 2009 financial crisis to built up an extensive real estate portfolio. Today, the company collaborates with New York City agencies to manage and implement building improvements that reduce net energy consumption and utility costs. Recently, Castellan Real Estate Partners received a $1.7 million grant from the New York State Weatherization Assistance Program to subsidize their efforts.

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Real estate investment firm Castellan Real Estate Partners leveraged opportunities presented by the 2009 financial crisis to built up an ...

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Go Green Brooklyn Festival Showcases Local Green Initiatives

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Go Green Brooklyn Festival Showcases Local Green Initiatives

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Castellan Real Estate Partners has become a major adopter of environmentally conscious practices in New York City. Since 2009, the firm has completed more than $875 million in real estate transactions. Under managing partner John Salib, Castellan Real Estate Partners has worked closely with nonprofit organizations, including the Brooklyn office of the Community Environmental Center (CEC).

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Castellan Real Estate Partners has become a major adopter of environmentally conscious practices in New York City. Since 2009, the firm has completed more than $875 million in real estate transactions. Under managing partner John Salib, Castellan Real Estate Partners has worked closely with nonprofit organizations, including the Brooklyn office of the Community Environmental Center (CEC).

The CEC helps New York residents lessen their individual and collective impact on the environment. For more than 20 years, the CEC has offered its construction-industry partners the kind of technical know-how necessary for making buildings "green." In the two-year period from 2009 to 2011 alone, the CEC's work led to the improvement of almost 16,000 individual units.

Among the CEC's best-known sponsored events is the Go Green Brooklyn Festival. For a decade, the festival has promoted sustainability through a slate of cultural programs for the Williamsburg and Greenpoint areas.

McCarren Park is the venue for the numerous artistic, musical, and culinary activities at the Go Green Brooklyn Festival. Booths offer information on local green vendors as well as educational and volunteer opportunities.

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Go Green Brooklyn Festival Showcases Local Green Initiatives

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Castellan Real Estate Partners has become a major adopter of environmentally conscious practices in New York City. Since 2009, the firm has completed more than $875 million in real estate transactions. Under managing partner John Salib, Castellan Real Estate Partners has worked closely with nonprofit organizations, including the Brooklyn office of the Community Environmental Center (CEC).

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Meridian Investment Sales Team Sells Property at 90 Chambers Street for $10.7 Million

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Meridian Investment Sales Team Sells Property at 90 Chambers Street for $10.7 Million

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Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, exclusively represented the seller, Chambers Fish LLC and procured the buyer, Castellan Real Estate Partners. Meridian’s Lipa Lieberman, Abie Kassin, and David Schechtman, exclusively represented the seller and procured the buyer. Meridian Capital Group Vice President, Judah Hammer, negotiated the assumption of the existing loan on the property on behalf of Castellan Real Estate Partners.

The five-story mixed-use property, located at 90 Chambers Street in the heart of Manhattan’s popular Tribeca neighborhood, consists of five residential units and 2,175 square feet of ground floor retail space. The walk-up property’s second, third and fourth floors are loft apartments, the fifth floor has two residential units and the building has approximately 5,000 square feet of air rights. Each unit features an open kitchen with stainless steel appliances, in-unit washer and dryer, and marble bathrooms. Situated on a heavily trafficked block between Broadway and Church Street, 90 Chamber Street’s façade was renovated and painted, the roof was recently replaced and there is an existing elevator shaft, which can be recommissioned as a value-add opportunity by the new owner. The property is a fully leased building with strong cash flow and offers an excellent opportunity for a condominium conversion, in a neighborhood, where demand continues to outpace supply.

Located in prime Tribeca, 90 Chambers Street is less than a block from City Hall Park and offers close proximity to some of Downtown Manhattan’s most sought after tourist attractions. It is also within walking distance from a variety of restaurants, shops, a popular nightlife scene and the Hudson River Park. Tribeca has become an increasingly desirable neighborhood for home seekers, due to an abundance of reputable schools, and access to public transportation, including the A, C, N, R, J, Z, 1, 2, 3, 4, 5, and 6 subway lines.

“Tribeca is rapidly expanding and there is a strong need for additional residential and retail supply,” said Mr. Lieberman. “90 Chamber Street’s premier location offers residents and visitors some of the city’s most sought after attractions, adding foot traffic and making this fully-leased property a hard to come by investment opportunity.”

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From its headquarters in New York City, New York, Castellan Real Estate Partners oversees an extensive property portfolio and has invested in approximately $750 million of debt and equity real estate transactions since its founding in 2009. Castellan Real Estate Partners operates multiple internal platforms covering equity investments, lending, and property construction, development, and management. Employing a team of 20 construction and investment professionals, bolstered by support from an additional 60 team members, the firm leverages this extensive experience and expertise to maintain its disciplined approach to property investment and oversight.

Further, the firm has committed to installing energy efficient measures across its portfolio and has worked with organizations including the Northern Manhattan Improvement Corporation, and the Community Environmental Center in Brooklyn to make improvements to its properties. In doing so, it meets its dual aim of achieving improving property performance, while ensuring tenants receive high standards of service in relation to property management and maintenance.

Tagged Castellan Real Estate Partners

A fully integrated real estate investment firm, Castellan Real Estate Partners focuses primarily on major American metropolises, including New York City. Since the firm was founded in 2009, it has completed $750 million in transactions. The firm's initial strategy focused on taking advantage of the downturn in the market caused by the 2008 economic crisis, but the Castellan team now sees the increasing urbanization of the United States as a driving investment principle.

Castellan has dedicated lines for property management, development, investment, and financing. Property management is an important part of the firm's strategy for adding value to its portfolio. Tenant satisfaction leads to low turnover rates and on-time rent payments. The firm responds quickly to tenant requests and invests heavily in capital improvements to buildings, such as modern intercom systems, cutting-edge security features, and energy-efficient upgrades.

In addition, the firm is dedicated to improving the sustainability of its portfolio. Castellan partnered with the Harlem Community Development Corporation (HCDC) to install rooftop solar panels on properties located in the neighborhood.

Tagged Castellan Real Estate Partners

At the core of the Castellan Real Estate Partners' real estate investment philosophy is a strong emphasis on discipline, giving it a competitive edge over other firms. Castellan specializes in retail and residential properties that have yet to reach their full potential, focusing on asset management and sound capital investment strategies so they reach their true value under the company's stewardship.

A recent example of this is the trio of Washington Heights residential apartment buildings that Castellan Real Estate Partners sold to Guardian Realty Management in July 2016. The portfolio includes a 17,965-square-foot property on West 184th Street, which has 20 apartments; a 21,675-square-foot on Wadsworth Avenue between West 189th and West 190th Streets, which has 25 units; and a 15,141-square-foot building on Fairview Avenue between Broadway and Broadway Terrace, which is comprised of 24 apartments. The pre-war buildings were built between 1920 and 1928. Originally purchased for $7.6 million between 2012 and 2013, the three buildings, located within 10 blocks of each other, house 69 apartments between them and sold for a total of $15.4 million.

Tagged Castellan Real Estate Partners, Guardian Realty Management

In April 2016, Castellan Real Estate Partners purchased 4 St. Marks Place for $10 million. The townhouse was owned by Alexander Hamilton Jr., the son of the founding father who shares his name, who purchased the property in 1833 and lived there with Hamilton's widow Eliza. From 1901 to 1952, the house was owned and used in part by the musical instruments firm of C. Meisel, Inc. The building had a colorful theatrical history in the 50s and 60s, reflecting its location on St. Mark's Place during the cultural ascendancy of the East Village. Among other uses, it was the Tempo Playhouse, New Bowery Theater, and Bridge Theater, and Yoko Ono performed there among others. The property features 10,000 feet of mixed use space, including over 5,000 square feet of retail space on its ground floor, and four free-market residential apartments.

Now vacant, the building is set to be revitalized by Castellan and its team of approximately 20 managers, whose experience draws from the property, construction, and investment sectors. Its aim is to restore the prestige attached to the townhouse, while also maximizing its potential through well-managed capital investment.

Tagged alexander hamilton, east village, eliza hamilton, Hamilton-Holly House, manhattan

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From its headquarters in New York City, New York, Castellan Real Estate Partners oversees an extensive property portfolio and has invested in approximately $750 million of debt and equity real estate transactions since its founding in 2009. Castellan Real Estate Partners operates multiple internal platforms covering equity investments, lending, and property construction, development, and management.

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Castellan Real Estate Partners' Investment Philosophy

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Castellan Real Estate Partners Business Philosophyfalsefalse Castellan Real Estate Partners believes that it is important to have a set of guiding principles that

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Alexander Hamilton Jr.'s East Village house will be restored with LPC approval

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Built in 1831 by a real-estate developer, the property sold to Alexander Hamilton, Jr. in 1833, and subsequently housed many members of the Hamilton family. Ten years later the family had sold the building.

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Brothers Paul and John Salib of Castellan Real Estate Partners have sold a trio of contiguous mid-rise primarily rent-stabilized multifamily buildings in Central Harlem to a partnership between Guardian Realty Management and father-and-son Irving and Michael Langer of E&M Associates for $42.1 million, Commercial Observer has learned.

There are 144 residential units in the elevator buildings, which are at 117-125 West 141st Street, 127-135 West 141st Street and 137-145 West 141st Street, between Lenox Avenue and Adam Clayton Powell Jr. Boulevard.

The Real Deal reported in February 2015 that Castellan tapped Ariel Property Advisors to sell five buildings along West 141st Street, including the three that sold today, for $62.5 million. Last November, BZ Investments bought the other buildings in the portfolio, 111 West 141st Street and 148 West 141st Street.

Castellan acquired the three properties it just sold, which are comprised of 156,870 square feet, in 2013 for $20.3 million. The sales price in today's deal comes to about $290,000 per unit.

"Since 2013, the portfolio has increased in value by 107 percent due to ownership's implementation of a capital improvement plan and Central Harlem's continued growth," said Victor Sozio of Ariel who brokered the deal along with colleagues Shimon Shkury, Michael Tortorici, Josh Berkowitz and Matthew Gillis. "The properties are well positioned for continued appreciation in the years to come."

Since accumulating the portfolio, Castellan "has reduced the number of New York City Department of Buildings violations and provided capital improvements including boiler conversions and intercom upgrades," according to a release from Ariel.

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Castellan Real Estate Partners Sells West Harlem Portfolio for $42.1M

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Brothers Paul and John Salib of Castellan Real Estate Partners have sold a trio of contiguous mid-rise primarily rent-stabilized multifamily buildings in Central Harlem to a partnership between Guardian Realty Management and father-and-son Irving and Michael Langer of E&M Associates for $42.1 million, Commercial Observer has learned.

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Tickets to Broadway's Hamilton just keep going up and up, but the famous surname didn't seem to help Alexander Hamilton Jr.'s former East Village home in the price department. The founding father's son was the first owner of the Federal-style townhouse at 4 St. Mark's Place, which hit the market back in November for $12 million. But the Commercial Observer reports that the landmarked property (and recent home of famous punk store Trash and Vaudeville) sold for only $10 million to Castellan Real Estate Partners.

The Hamilton-Holly House in a 1939 tax photo when musical instruments firm C. Meisel, Inc. occupied it

As 6sqft previously reported, "In 1833, three decades after his father died in a duel with Aaron Burr, Hamilton Jr. bought the home and moved in with his mother Elizabeth Schuyler Hamilton (who was riddled with debt after her husband's death), wife Eliza, and his sister Eliza Holly and her husband Sidney. Known as the Hamilton-Holly House, it features Flemish Bond, a signature of the Federal style, as well as a marble English basement level, high stoop with Gibbs surround entryway, and two dormer windows." The Hamiltons sold the house in 1843, and by mid-century, as the neighborhood fell out of fashion, the homes along St. Mark's were split into multiple dwellings. Interestingly, in the 1950s and '60s, the home was used an experimental theater, including the Tempo Playhouse, New Bowery Theater, and Bridge Theater.

The building totals 10,000 square feet, 5,668 of which encompasses the retail space on the first and lower levels, which Castellan plans to keep. Above are four market-rate apartments that are currently vacant. Eastern Consolidated's Ron Solarz, who represented the seller, said in a statement, "it is in effect a blank canvas, offering the buyer a unique opportunity to renovate the building and realize a tremendous amount of upside."
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Tags : 4 St. Mark's Place, Alexander Hamilton Jr., Hamilton-Holly House

Neighborhoods : East Village

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Former Home of Alexander Hamilton Jr. on St. Mark's Place Sells for $10M | 6sqft

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Tickets to Broadway's Hamilton just keep going up and up, but the famous surname didn't seem to help Alexander Hamilton Jr.'s former East Village home in the price department. The founding father's son was the first owner of the Federal-style townhouse at 4 St. Mark's Place, which hit the market back in November for $12 million.

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Castellan Real Estate Partners is a real estate debt and equity investment and asset management platform. Castellan and its affiliates have invested in over 1.5 million square feet of residential, retail, office, and hotel properties both domestically and internationally.

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Maintaining a team of skilled and motivated real estate professionals, Castellan Real Estate Partners has invested in projects worth more than $750 million since...