Based in New York City, Castellan Real Estate Partners is a vertically integrated firm recognized for its green business practices and track record of successfully rehabilitating distressed properties. Co-founded by Paul and John Salib in 2009, Castellan Real Estate Partners has acquired and sold a number of notable properties throughout the region, including a pair of East Flatbush apartment complexes.

The two Brooklyn apartment buildings, which include addresses at 1084 New York Avenue and 3506 Newkirk Avenue, feature a combined 92 residential units. All units within the portfolio are rent stabilized. The seller acquired the properties in 2013 for $8.6 million. A testament to the organization’s ability to turn around properties and enhance the value of assets in the Castellan portfolio, the New York Avenue property alone was later sold for $13.8 million. The Newkirk property sold for an additional $5.5 million for a total of $19.3 million, leading to a significant profit for the seller.

The East Flatbush apartment complexes were acquired in the transaction by the Sterling Group. Other major transactions include a $25 million, four-building sale to Emerald Equity and a $10.7 million property purchase at 90 Chambers Street.