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Castellan Real Estate Partners Acquires Mixed-Use Tribeca Property

Castellan Real Estate Partners

Undertaking diverse real estate debt and equity investments, Castellan Real Estate Partners and its affiliates have completed more than 1.5 million square feet of investments over the years. In May 2017, Castellan Real Estate Partners completed the $10.7 million purchase of a high-profile Manhattan property at 90 Chambers Street.

The seller of the five-story mixed-use Tribeca property was Meridian Capital Group’s commercial property sales division Meridian Investment Sales. In undertaking the acquisition Castellan took on the property’s existing loan. The property sits on a busy street between Church Street and Broadway and features a recently replaced roof and newly renovated and repainted facade. With proven cash flow, the building is fully leased and presents potential for a condominium conversion in a neighborhood where housing supply is outpaced by demand.
Selling points of the locale include not only close proximity to subway and bus lines, but also excellent public schools. The area also features a vibrant dining and nightlife scene and is within walking distance of the Hudson River Park.

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