Magid Properties pays $2.5M to Castellan Real Estate for 26-unit rental in Flatbush

Magid Properties through the entity 2156 Cortelyou Road Partners LLC paid $2.5 million to Castellan Real Estate Partners through the entity Crp Cortelyou LLC for the 26-unit residential walkup building (C1) at 2156 Cortelyou Road in Flatbush, Brooklyn. The expected use is cash flowing.
The deal closed on December 4, 2025 and was recorded on December 12, 2025. The property has 8,641 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $289 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, 2012, for $1.4 million. The signatory for Castellan Real Estate Partners was Joel Hammer . The signatory for Magid Properties was Zach Magid . The contract date was August 15, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Magid Properties had purchased any other properties and has no record it 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. The former owners according to the Department of Housing Preservation and Development includes Rick Serrapica, head officer and Leocadio Rodriguez, agent. The business entities are Liberty Place Property Mgt. and Crp Cortelyou Llc. The 8,641-square-foot property generated revenue of $550,284 or $64 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 26 residential units in Flatbush has 8,641 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 28 feet and is 100 feet deep with a total lot size of 2,856 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received two housing violations and $100 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 15 of the 29 commercial properties representing 152,628 square feet of the 203,825 square feet. The largest owner is Atkins & Breskin, followed by Brookdale Hospital Medical Center and then Joseph Landau.
There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 203,825 square feet of built space are mixed-use buildings, with walkup buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Castellan Real Estate Partners owned at least 13 commercial properties with 223 residential units in New York City with 186,534 square feet and a city-determined market value of $27.7 million. (Market value is typically about 50% of actual value.) The portfolio has $38.7 million in debt, with top three lenders as Lument, Preferred Bank, and New York Community Bank respectively. Within the portfolio, the bulk, or 54 percent of the 186,534 square feet of built space are walkup properties, with elevator properties next occupying 34 percent of the space. The bulk, or 52 percent of the built space, is in Manhattan, with Bronx next at 43 percent of the space.

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