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Castellan Real Estate Partners’ $24.8 Million Sale to Emerald Equity

Castellan Real Estate Partners

An influential investment firm based in New York, Castellan Real Estate Partners has created profitable debt- and equity-investment platforms for the last 10 years. As one of the founders and managing principals of the firm, John Salib oversees its lending and investment operations including real estate acquisitions in New York and other metropolitan areas. For a total of $15.4 million, four prewar buildings in East Harlem were among the biggest acquisitions that Castellan Real Estate Partners made in 2013. Emerald Equity, an investment company that is focused on repositioning underperforming properties, acquired the buildings for a total of $24.8 million.

Known for structuring solutions to complicated transactions, Castellan proved once again its ability to close a deal that earned the company $9.4 million in profits only four years after the initial investment. East Harlem has become a prime location in Manhattan due to its proximity to several parks and commercial establishments. Built in the early 1900s, the four-building portfolio consists of four buildings spanning more than 64,000 square feet, with 108 rental units, two commercial units, and one retail unit.

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