Emerald Equity Acquires Four Buildings in Harlem for $24.8 Million

With real estate veteran John Salib as managing partner, Castellan Real Estate Partners acquires undervalued real estate properties and renovates them to increase their commercial value. In August 2017, Castellan Real Estate Partners sold a four-building portfolio to Emerald Equity Group for $24.8 million. It had acquired the four buildings in 2013 for $13.5 million. 

The four-building group in New York City included three buildings between First and Second Avenues and another located on 1661 Park Avenue along East 117th Street. The first three properties occupy 42,000 square feet combined and feature over 70 rental units and two commercial premises. These were sold for $15.8 million. The Park Avenue building occupies more than 22,000 square feet and features 34 rental units and one retail unit. It was sold for $9 million.

According to Castellan’s managing director Etan Slomovic, the company was able to realize a significant profit from the sale because of rising property values. These were spurred by higher market activity and both public and private investment in the East Harlem neighborhood. The company’s early acquisition of the buildings four years ago enabled it to fully capitalize on the increased demand in the neighborhood.