A real estate industry veteran, Paul Salib is founder and managing principal at Castellan Real Estate Partners based in New York City. Paul Salib’s firm actively began acquiring real estate properties in 2009 with the goal of taking advantage of depressed asset prices brought about by the financial crisis. Castellan continuously seeks properties that provide long-term value and practices responsible property management.
In 2013, it purchased three properties in Central Harlem for $20.3 million. The three contiguous mid-rise multifamily buildings are located on West 141st Street between Lenox Avenue and Adam Clayton Powell Jr. Boulevard and comprise a total of 144 residential units. Castellan invested in capital improvements including boiler conversions and modernizing intercom systems, among others.
The firm also rectified numerous New York City Department of Buildings code violations relating to the properties, while Central Harlem continued to experience growth during this time. In early 2016, Castellan sold the three properties for $42.1 million, or more than twice the acquisition price or around $290,000 per unit, translating to an increase in value of 107 percent.
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