Castellan seeking nearly $63M for five Harlem buildings

233-unit rental portfolio spans 194K sf

From left: 117-145 West 141st Street in Harlem and Victor Sozio (credit: Ariel Property Advisors)
From left: 117-145 West 141st Street in Harlem and Victor Sozio (credit: Ariel Property Advisors)

UPDATED, 3:01 p.m., Feb. 5: Castellan Real Estate Partners is asking $62.5 million for a five-building residential portfolio along 141st Street in Central Harlem, The Real Deal has learned.

Four of the mid-rise rental properties – 111-115, 117-125, 127-135 and 137-145 West 141st Street – are contiguous, while 148 West 141st Street is located across the street. The portfolio, consisting of five-and-six-story walk-up and elevator buildings, spans nearly 194,000 square feet and contains 233 apartments – many of which are rent-stabilized.

Seventy-one of the units are three-bedrooms, more than any other unit type.

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An Ariel Property Advisors team led by Victor Sozio and Shimon Shkury is marketing the buildings.

Castellan, which could not be reached for comment, acquired the properties for more than $25 million in three separate deals over the past six years. The Columbus Circle-based real estate investment firm, led by Paul Salib, bought three of them for a total of more than $20 million in 2013. It had earlier purchased 111 West 141st Street for $4 million in 2010 and 148 West 141st Street for $1.6 million in 2009, records show.

Since assembling the portfolio, Castellan has made renovations and reduced the number of Department of Building violations, Sozio said.

In 2014, Castellan agreed to a settlement with the state over a probe into whether the firm demanded to see Spanish-speaking tenants’ passports, proof of citizenship and pay stubs as a condition of their tenancy — demands that are illegal under state law.

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