City Skyline pays $6M to Castellan Real Estate for 35-unit walkup in East Harlem

City Skyline Realty through the entity 524 E 119 LLC paid $6 million to Castellan Real Estate Partners through the entity Crp 524 East 119th Street LLC for 35-unit residential walkup building at 524 East 119th Street in East Harlem, Manhattan.
The deal closed on January 28, 2022 and was recorded on February 18, 2022.
The property has 21,100 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $284 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on September 13, 2013, for $4.5 million.
The signatory for Castellan Real Estate Partners was Joel Hammer. The signatory for City Skyline Realty was Anthony Simari.
Prior to this transaction, the buyer City Skyline Realty purchased nine properties in eight transactions for a total of $56 million and had not sold any properties over the past 24 months.
The seller Castellan Real Estate Partners had not purchased any other properties and had not sold any properties over the same time period.

In East Harlem, the majority, or 51 percent of the 63.1 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 21 percent of the space. In sales, East Harlem has 2.1 times the average sales volume among other neighborhoods with $571.7 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, East Harlem is the 9th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 46 percent of the 97,393 square feet of built space are residential walkup buildings, with 1-4 family buildings next occupying 22 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Paul Salib, head officer and Rick Serrapica, officer. The business entities were Liberty Place Property Management and CRP 524 East 119th Street Llc.

Direct link to Acris document. link