Real estate investment firm Castellan Real Estate Partners leveraged opportunities presented by the 2009 financial crisis to built up an extensive real estate portfolio. Today, the company collaborates with New York City agencies to manage and implement building improvements that reduce net energy consumption and utility costs. Recently, Castellan Real Estate Partners received a $1.7 million grant from the New York State Weatherization Assistance Program to subsidize their efforts.The New York State Weatherization Assistance Program simultaneously tackles the common urban issues of excessive energy consumption and unaffordable utility costs. WAP identifies and helps low-income families whose homes may benefit from energy-saving measures, such as heating system replacements, roof insulation, and energy efficient upgrades. The Weatherization Assistance Program demonstrates the economic benefits of green initiatives, as the program produces hundreds of jobs in the green energy sector. WAP works in collaboration with nonprofits, affordable housing developers, and property managers. First established in 1977, the program has benefited the occupants of over 700,000 homes, who save an average of 20 percent on their utility bills. Governor Andrew M. Cuomo pledged 59 million dollars to the program in 2017.
Over the past decade, Castellan Real Estate Partners in New York has amassed some $750 million in equity- and debt-related investments. The company’s track record includes the acquisition of under-performing, often historically significant, properties in the city, renovating them in keeping with contemporary tenant-friendly and “green” practices, and reselling them at a substantial profit. Castellan Real Estate Partners’ focus on reducing the carbon footprint of its buildings parallels recent, similar efforts of New York City itself.The city announced one particularly notable program in early 2017. The NYC Carbon Challenge for Commercial Owners and Tenants originated in Mayor Bill de Blasio’s concern about the damage climate change was inflicting on the city.The Real Estate Board of New York is among the professional groups to join with the mayor in this effort. Other cooperating bodies include local universities, medical facilities, and hotels. The challenge aims to halt all new waste going into landfills by 2030 and reduce greenhouse gas emission levels throughout the city 80 percent below their levels in 2005 by 2050.Because about one-third of New York’s greenhouse gas emissions originate with commercial buildings, private-public partnerships in this area are essential. The new Challenge for Commercial Owners and Tenants builds on the initial NYC Carbon Challenge Program effort launched in 2007.
