Castellan Sells Washington Heights Residential Properties at Profit

Castellan Real Estate Partners is a New York firm that pursues opportunistic transactions spanning equity investment, development, and property asset management. Among Castellan Real Estate Partners’ noteworthy deals was the July 2016 sale of a trio of residential buildings in Washington Heights for $15.4 million. 

The multifamily properties are situated within a 10-block radius and were described as a perfect buying opportunity within a local investment landscape that combines high demand and an expanding number of competitive financing options. 

Constructed in the 1920s, the three buildings include a 20-unit property at 649 West 184th Street, 25-unit building at 325 Wadsworth Avenue, and 24-unit building at 85 Fairview Avenue. These properties were purchased separately by Castellan between October 2012 and February 2013 for a combined price of $7.6 million, or less than half of what was achieved in the 2016 transaction. The deal, involving the same buying and selling parties, marked the second such transaction in Upper Manhattan within a six-month period.