About Castellan Real Estate Partners

A respected property investment and management firm, Castellan Real Estate Partners has operated out of New York City since 2009. Over the years, it has invested in debt and equity transactions with a combined market value of roughly $750 million. The firm performs assessments on all buildings that it acquires to ensure that they are energy efficient and environmentally proactive.

The firm has found that the single most effective way to reduce fuel consumption is to convert building boilers from oil to natural gas. In addition to its reduced cost, natural gas burns cleaner and, therefore, presents less of a threat to the environment. Natural gas currently heats 64 percent of Castellan properties.

By contracting with the third-party engineering firm Bright Power, Castellan performs extensive energy audits on each of its properties. The recommendations of these audits have led to repairs and improvements that range from the optimization of HVAC distribution ducts to the installation of low-flow toilets.

Going Green

Castellan Real Estate Partners are firm believers in going green. As such, Castellan has exerted considerable effort in improving energy efficiency across its portfolios. Its goal has been to identify ways to save energy, minimize its carbon footprint, and reduce operating costs.

As long- time, responsible owners of real estate in the City, we have developed good relationships with various city agencies such as the Department of Housing, Preservation and Development (HPD), the Department of Buildings (DOB), and the Department of Environmental Conservation (DEC), among others. These relationships have helped Castellan in a number of ways, from helping obtain weatherization grants to deal flow.

Castellan Real Estate Partners’ ongoing relationships with the Northern Manhattan Improvement Corporation, Harlem Community Development Corporation (“HCDC”), and Community Environmental Center (Brooklyn) have also resulted in weatherization grants used to improve buildings’ energy efficiency and make enhancements to the firm’s properties such as converting old oil-burning boilers to new duel fuel boilers that have the capacity to burn oil or natural gas. Castellan has been awarded over $1.7 million in grants from the New York State Weatherization Assistance Program (WAP).

Due to Castellan Real Estate Partners’ strong commitment and support of these weatherization initiatives, Castellan was selected by the HCDC to install solar panels on the roof of 148 West 141st St. This gave Castellan the distinction as being the first owner to take part in a solar panel project sponsored by the HCDC. As an active participant and supporter of this program, Managing Partner Paul Salib was called upon by these agencies to lobby on their behalf to members of state and federal legislative bodies for increased funding.

Managing Partner John Salib noted, “Castellan Real Estate Partners was pleased to play a part in reducing the contribution of our properties on climate change. This was a win for our tenants as they receive the benefit of building improvements without having to bear the major capital improvement rent increases that would typically be associated with these improvements; Castellan got the benefit of having these improvements subsidized by HCDC funds; HCDC assigned the work to local contractors, which helped create work in the local economy; and importantly, the work resulted in lower greenhouse gas emissions from our buildings, which helps the environment.”