What is everyone's opinion of: Castellan Real Estate Partners

I see these guys posting from time to time on the cornell-baker board.

What kind of shop are they exactly? What is their reputation? Analyst/Associate comp? Exit ops? Would you want to work there, etc?

Cheers!

Real Estate Modeling Course

  • Real-life RE Modeling Tests from actual Interviews
  • Various asset classes including multi-family, commercial and more
  • Huge discount - until more tests and cases added

Comments (30)

Best Response
Dec 10, 2013 - 9:58am

interviewed with them about a year ago. like the person above said, small 4 person shop with an emphasis on multifamily.

caveat here is they acquire rent-stabilized deals in NYC. because its a small shop, you'll be doing a combination of acquisitions valuation along with "active" Asset Management for the property. meaning, you'll be part of the operations team that'll help the landlord realize its potential rent in the stabilized units.

Learn More

300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses.

Learn more
Jan 5, 2017 - 12:26pm

To expound upon what everyone has said, Paul is a good guy, mostly Northern Manhattan. Aside from acquisitions they have a bridge/hard money platform. From memory it was loan to own, but don't quote me on that. I think they syndicate their deals and are not quite institutional, a lot of value add stuff.

The requirements of a job there were ridic last time I looked at their job add. It was like 4.0 from an IVY ...etc

Jan 6, 2017 - 12:00pm

Yes - they are hiring now as seen below:

Investment Analyst – Castellan Real Estate Partners

Job Description

Seeking an undergraduate or recent graduate (0-2 years) for a full-time position to work with the acquisitions/lending/investment team to explore and underwrite new investment opportunities in the real estate market. This is an ideal opportunity for those wishing to gain exposure to the real estate acquisitions, lending, investment and management process.

Responsibilities

Analyze and prepare financial models for potential acquisition and loan opportunities

Lead due diligence process for potential acquisitions and loans

Work with equity and debt sources in funding projects

Prepare investment packages, deal memorandums, and internal documentation on various project transactions

Skills/ Qualifications

Strong desire to be in the real estate industry

Stong work ethic

0-2 Years experience

Exceptional financial modeling capabilities using Microsoft Excel

Proficiency in Microsoft Office

Strong written and verbal communication skills; experience in writing reports or investment memoranda preferred

Highly motivated, organized and detailed oriented individual eager to learn all facets of acquisitions

Only candiditates with GPA's of 3.5 and above will be considered
Jan 6, 2017 - 4:29pm

That's my guess too I remember themposting same position earlier last year.

Seems like they don't do many big deals probably buying mom and pop type stuff. Can definitely see someone getting the position and getting completely hoodwinked and it being some operational property management type role. Pay probably isn't the best either.

Jan 6, 2017 - 7:33pm

I met with Paul about a year ago - sure he's a nice guy, but this is not the kind of shop where you want to start your career. Small, northern manhattan centric, questionable deal flow. My guess is that you will spend 5% of your time underwriting and doing true acquisitions work and the rest of your time doing just what Yankss101 said: Asset Management and operational bullshit.

Apr 10, 2017 - 8:01pm

I went thru several rounds of interviews with them and ultimately did not get the job. They put me thru a rigorous excel test. They own multifamily, retail, commercial in NYC and multifamily only in other markets. They also have a bridge lending business. I believe their acquisitions and lending group are separate from property management.

Apr 10, 2017 - 10:34pm

They're the Kings of middle market rent stabilized value-add plays in Harlem. Models are actually pretty in depth for a smaller shop. Should gain decent financial modeling skills there if they have you doing real acquisitions work.

Also, funny how everyone here knows Paul. Guy must be a grade A networker or the NYC real estate world is really small.

Jun 12, 2018 - 8:01pm

Worked there for a year as an analyst. Learned a ton but it's not a very collaborative environment and they don't care much about your personal success or progression. Their acquisition strategy is a bit narrowly focused as they only buy multifamily in NYC. Learned a lot but not good people to work with.

Jun 13, 2018 - 11:19am

Worked at Castellan for two years straight out of school as both an analyst and associate. As far as exposure goes, it was a great platform to learn, with exposure in acquisitions. dispositions and lending. While they can be a little detached from the day to day, Paul and John are good guys. When I left, the investment thesis on the acquisitions side moved far away from the rent stabilized product and more towards market rate product, still with an NYC focus. Barring a few ad hoc tasks here and there, I stayed far away from any asset management functions.

Comp was decent, but was stretched quite thin at times and the environment is definitely not for everyone!

  • Analyst 1 in RE - Comm
Mar 31, 2021 - 9:19pm

Hey guys, saw recent jobs postings and wanted to see if anything has changed? I'm 1 year out of undergrad looking to move so in the range of experience, what kind of exit ops do you think you'd get from here today?

All the above comments seems great and positive, but curious their rep now 8 years later.

Apr 1, 2021 - 9:15am

Paul is a good person. I have a few friends who worked at Castellan (began their careers there) and they had good experiences - learned a lot. They have since moved on and landed in strong firms. Castellan is a strong player and would be a great firm to be at. The firm has expanded a lot from what I understand - their traditional equity program plus a lending program and they now have a LIHTC development arm. It would be a good spot to begin a career.  

Apr 1, 2021 - 9:29am

I don't know the firm but I would warn people to be wary of going to shops that specialized in "value add" in the rent stabilized space.  You run a real risk of just operating all these assets bought from 2016-2019 that they can't get out from under due to the 2019 Rent Stab law.  Not a reflection on these guys in particular, just reading up-thread and their website, if that was their strategy then they definitely got burned and you might want to factor that in.  Everyone did.

Apr 5, 2021 - 3:06pm

Paul and Etan were 2 of my professors when I was pursuing my MSRE at NYU. Great guys and mentors. I never worked at Castellan, but they used their own deals as case studies for the students. The impression I got was they are quite savvy and can adapt quickly to their environment. They started in 2009 to take advantage of the 08' crisis and made a killing from then until 2014. In 2014, deals started getting more expensive so they opened a lending platform. Recently, as lending has become more competitive, they've started doing LIHTC deals. It takes a lot of guts and experience to be able to open new platforms and switch strategies so quickly and confidently. They also have very strong international investors. A direct quote from a discussion I had from Paul in 2019 was "I wish we had the capital backing we have today in 2008. We'd be able to raise $1-2b in 2 weeks."

Start Discussion

Total Avg Compensation

April 2021 Investment Banking

  • Director/MD (9) $911
  • Vice President (34) $348
  • Associates (183) $233
  • 2nd Year Analyst (104) $151
  • Intern/Summer Associate (95) $145
  • 3rd+ Year Analyst (26) $145
  • 1st Year Analyst (390) $132
  • Intern/Summer Analyst (317) $82