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.
The Real Deal reported in February 2015 that Castellan tapped Ariel Property Advisors to sell five buildings along West 141st Street, including the three that sold today, for $62.5 million. Last November, BZ Investments bought the other buildings in the portfolio, 111 West 141st Street and 148 West 141st Street.
Castellan acquired the three properties it just sold, which are comprised of 156,870 square feet, in 2013 for $20.3 million. The sales price in today’s deal comes to about $290,000 per unit.
“Since 2013, the portfolio has increased in value by 107 percent due to ownership’s implementation of a capital improvement plan and Central Harlem’s continued growth,” said Victor Sozio of Ariel who brokered the deal along with colleagues Shimon Shkury, Michael Tortorici, Josh Berkowitz and Matthew Gillis. “The properties are well positioned for continued appreciation in the years to come.”
Since accumulating the portfolio, Castellan “has reduced the number of New York City Department of Buildings violations and provided capital improvements including boiler conversions and intercom upgrades,” according to a release from Ariel.