In the News

Nearly 1,000 affordable rental units are headed to Fremont neighborhoods stretching from Centerville to Warm Springs, with the first anticipated to begin leasing as soon as fall 2027.

The city's updated affordable housing pipeline list shows seven developments totaling 999 units, with anticipated leasing dates from fall 2027 through fall 2028.

Safehold Inc. (NYSE: SAFE), the creator and leader of the modern ground lease industry, has closed on ground leases for the development of two affordable housing communities in Santa Cruz and Santa Clarita, California.

Santa Cruz is a vibrant coastal community located along the Monterey Bay, while Santa Clarita is a fast-growing city in northern Los Angeles County. The projects will be developed by CRP Affordable Housing & Community Development, an experienced development firm and a new Safehold customer.

CRP Affordable Housing & Community Development is building affordable housing in Los Angeles County.

The 128-unit project at Flying Tiger Drive is part of a two-development partnership that will deliver 211 affordable units by 2028.

Castellan Capital supplied the two-year loan with a one-year extension option for Klaynberg's planned 12-story, 43-unit building at 129 East 28th Street, which was initially envisioned for rental apartments before switching to condos.

Klaynberg, president of Spectra Construction & Development, filed an application for the 38,405-square-foot residential project last July, CO reported at the time.

Next year will test the sector's ability to deliver long-term affordability. Industry leaders share what will shape the path forward.

The city of San Diego Monday recommended allocating $15 million in Bridge to Home funding to four proposed housing projects which would create a total of 528 affordable homes, pending city council approval.

A Hong Kong-based investment platform has refinanced a mixed-use complex across the Pacific in Santa Monica, Calif.

GR Properties USA, the American subsidiary of China's GR Lifestyle Company, landed a $42 million refinancing loan toward 2300 Wilshire Boulevard. Manhattan-based lender Castellan Capital provided the senior loan tied to the three-story, roughly 159,000-square-foot property.

Sarah And Alice Roy Blumenthal Secure $8.5 Million Loan From Castellan Capital For Hotel In Gramercy

KSK Construction Group has landed $25 million of construction financing to develop a condominium development in Williamsburg, Brooklyn, Commercial Observer has learned.

Castellan Real Estate Partners provided the two-year, interest-only, floating-rate loan for the developer's planned 23-unit luxury condo building at 179 North 10th Street.

Castellan Real Estate Partners has sold a pair of Brooklyn apartment buildings with a combined 92 residential units to the Sterling Group for nearly $19.3 million, just five years after it acquired the buildings for $8.6 million, the seller told Commercial Observer.

The East Flatbush properties include 1084 New York Avenue for $13.8 million and 3506 Newkirk Avenue for roughly $5.5 million. The entire portfolio is rent-stabilized.

Real estate investor Isaac Kassirer’s Emerald Equity Group continues to look to the East Harlem multifamily market, having acquired a four-building portfolio of mixed-use rental properties in the neighborhood from Castellan Real Estate Partners for $24.8 million, Commercial Observer has learned.

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, exclusively represented the seller, Chambers Fish LLC and procured the buyer, Castellan Real Estate Partners. Meridian’s Lipa Lieberman, Abie Kassin, and David Schechtman, exclusively represented the seller and procured the buyer. Meridian Capital Group Vice President, Judah Hammer, negotiated the assumption of the existing loan on the property on behalf of Castellan Real Estate Partners.

Castellan Real Estate Partners has sold a five-building multifamily portfolio in Harlem for $23 million to real estate investment management firm Aulder Capital, Commercial Observer has learned.

The seller purchased 265-273 West 146th Street between Frederick Douglas Boulevard and Seventh Avenue for $11.1 million, or more than double the price it paid for them in September 2013, according to city records. The buildings comprise 100 residential units amassing a total of 47,500 square feet. The sale closed today, according to information provided by Marcus & Millichap, which represented both sides in the deal.

Castellan Real Estate Partners has sold a six-story Washington Heights property for $18.2 million, about three times what it paid for the 84-unit rental building six years ago, Commercial Observer has learned.

A joint venture of property manager Urban American and Australian real estate management company Dixon Advisory, both of which are in the residential space, are the buyers of the elevator building at 515 West 168th Street between Audubon and Amsterdam Avenues. Castellan purchased the property for just $6.27 million in September 2010, according to city records.

Changes are on the way to a piece of Alexander Hamilton’s familial legacy. On Tuesday, the Landmarks Preservation Commission approved work to be done at the Hamilton-Holly House. However, the changes won’t be exactly what was proposed, particularly on the house’s rear.

Located at 4 St. Mark’s Place, between Third and Second avenues in the East Village, the three-and-a-half-story Federal style home was built in 1831. English-born real estate developer Thomas E. Davis built it, but it’s who lived there that makes it significant.

Brooklyn-based Guardian Realty Management has scooped up a trio of Washington Heights buildings from Castellan Real Estate Partners, Commercial Observer has learned. The new buyer paid about $15.4 million for the three multifamily buildings in a sale that closed yesterday, according to a press release from Meridian Investment Sales. All within less than 10 blocks of each other, the buildings have a combined 69 rentals units.

Tickets to Broadway’s Hamilton just keep going up and up, but the famous surname didn’t seem to help Alexander Hamilton Jr.’s former East Village home in the price department. The founding father’s son was the first owner of the Federal-style townhouse at 4 St. Mark’s Place, which hit the market back in November for $12 million. But the Commercial Observer reports that the landmarked property (and recent home of famous punk store Trash and Vaudeville) sold for only $10 million to Castellan Real Estate Partners.

As 6sqft previously reported, “In 1833, three decades after his father died in a duel with Aaron Burr, Hamilton Jr. bought the home and moved in with his mother Elizabeth Schuyler Hamilton (who was riddled with debt after her husband’s death), wife Eliza, and his sister Eliza Holly and her husband Sidney. Known as the Hamilton-Holly House, it features Flemish Bond, a signature of the Federal style, as well as a marble English basement level, high stoop with Gibbs surround entryway, and two dormer windows.” The Hamiltons sold the house in 1843, and by mid-century, as the neighborhood fell out of fashion, the homes along St. Mark’s were split into multiple dwellings. Interestingly, in the 1950s and ’60s, the home was used an experimental theater, including the Tempo Playhouse, New Bowery Theater, and Bridge Theater.

Eastern Consolidated has arranged the $10 million sale of the landmarked Hamilton-Holly House at 4 St. Mark’s Place, whose historic lineage can be traced to its first owner in 1833, the son of Founding Father Alexander Hamilton.

Ron Solarz, Executive Managing Director and Principal of Eastern Consolidated, and Nataliya Stelmakh, Director, represented the owner, a private real estate investor. Solarz procured the buyer, Castellan Real Estate Partners. Gary Meese, Senior Director of Financial Services, served as the analyst for the deal. To market the building’s retail space, Castellan has named James Famularo, Senior Director and Principal at Eastern Consolidated as the exclusive retail leasing broker.

Castellan Real Estate Partners has completed the disposition of a multifamily building located at 511 W. 151st St. in Manhattan’s Hamilton Heights neighborhood. The five-story asset sold for $8.5 million, or $320 per square foot.

The 26,630-square-foot building features 31 apartment units with an average size of 730 square feet. Robert Shapiro, Clint Olsen and Josh Lipton of Cushman & Wakefield represented the seller in the transaction. The name of the buyer was not disclosed.

Brothers Paul and John Salib of Castellan Real Estate Partners have sold a trio of contiguous mid-rise primarily rent-stabilized multifamily buildings in Central Harlem to a partnership between Guardian Realty Management and father-and-son Irving and Michael Langer of E&M Associates for $42.1 million, Commercial Observer has learned.

There are 144 residential units in the elevator buildings, which are at 117-125 West 141st Street, 127-135 West 141st Street and 137-145 West 141st Street, between Lenox Avenue and Adam Clayton Powell Jr. Boulevard.

Manhattan, NY Ariel Property Advisors arranged the $8 million sale of 701 West 135th St., a two-story commercial building located in the borough’s West Harlem neighborhood.

Exclusive agents Victor Sozio, Shimon Shkury, Michael Tortorici and Josh Berkowitz represented the seller, a private investor and procured the buyer, Castellan Real Estate Partners.

BZ Investments, a landlord and property management company, has purchased a 90-unit, two-building residential rental portfolio in Hamilton Heights for $14.5 million, Commercial Observer has learned. The seller is Manhattan-based investment firm Castellan Real Estate Partners.

The five-story structures, located at 111 and 148 West 141st Street, are situated across from each other between Malcolm X and Adam Clayton Powell Boulevards. The buildings have a total of 36,935 square feet of space.

Manhattan-based commercial real estate firm Castellan Real Estate Partners has purchased a luxury condominium building known as Hamilton Court in the Hamilton Heights section of Manhattan at 545 West 148th Street for nearly $6.9 million, city records show.

The seven-story Hamilton Court property consists of 36 renovated two- and three-bedroom homes with high ceilings and oak flooring throughout.

Cushman & Wakefield Sonnenblick Goldman has arranged acquisition loans for affiliates of Castellan Real Estate Partners to fund their purchases of 295 West 150th Street and 2108 Amsterdam Avenue in Manhattan. The loans were provided by a New York-based savings bank.

Castellan Real Estate Partners is a fast-growing real estate company that focuses on the ownership and management of well-located, value-add multi-family and mixed-use properties in New York City and surrounding areas. Its current holdings include 23 buildings with over 1.1 million square feet of space, including approximately 1,200 apartment units.