Remainder of West Harlem Portfolio Sells for $42.2 Million
Castellan Real Estate Partners invests in debt and equity real estate transactions in New York and other metropolitan areas from its headquarters in New York, New York. A vertically integrated company that focuses on assets in the residential and retail markets, Castellan Real Estate’s transactions include the sale of the West Harlem Portfolio in March 2016.
The portfolio consisted of three mid-rise multifamily buildings located in Central Harlem, which sold for $42.2 million to partnership between Guardian Realty Management and E&M Associates.
Originally purchased in 2013 for $20.3 million, the properties feature 144 residential units and approximately 156,870 square feet of space. All three are located on 141st Street between Lenox Avenue and Adam Clayton Powell Jr. Boulevard. Improvements to the properties prior to sale included intercom upgrades, boiler conversions, and renovations to reduce building code violations with the New York City Department of Buildings.
The three properties were part of a set of five buildings along 141st Street. BZ Investments purchased the first two buildings the year prior.