Castellan’s Innovative Energy-Saving Measures

A graduate of Columbia University with a master of business administration in finance, New York resident John Salib serves as managing principle with Castellan Real Estate Partners. Since joining the firm in 2007, John Salib has spearheaded efforts to improve energy efficiency and increase sustainability across the company’s real estate portfolio.

Relying on information gathered in an energy audit by Bright Power, Inc., Castellan Real Estate Partners identified several projects aimed at reducing energy usage and costs across properties. One of the key findings involved heat distribution systems in older, multi-family houses, the majority of which were heated with centrally metered systems. Because of the buildings’ age, this type of heating was inconsistent and inaccurate, often heating one unit too much while leaving another cold. As a result, landlords often turned the thermostat up to accommodate cold tenants while wasting significant amounts of energy due to open windows in other units.

One solution to this problem involved balancing heat distribution systems by recording temperatures and air flow, then installing or renovating venting systems to more evenly distribute heat. To further reduce utility costs, Castellan installed low-flow toilets and shower heads and retrofitted old fluorescent lighting with new, high-efficiency bulbs.

An Overview of Property Enhancements by Castellan Real Estate

John Salib has served as managing partner with Castellan Real Estate Partners in New York City since 2007. In this leadership position, John Salib is tasked with the oversight of all investments and operations at the firm, which encompass both property renovations and enhancements.

The Castellan team is well versed in addressing various issues of physical deterioration through comprehensive renovation projects. However, when the poor management of a property’s previous ownership has resulted not only in extensive damage, but unhappy tenants, the firm may look to make a variety of property-wide enhancements. Common examples of property enhancements include boiler replacements and conversions to natural gas, dual pane window installations, and roof replacements, which might include added insulation.

Enhancements may also involve improved security measures, such as the installation of closed-circuit cameras and intercom systems. Property-wide security measures designed to benefit tenant safety range from replacing old smoke detectors to adding child guards in front of windows.

Other enhancements focus on optimizing a property’s energy efficiency. Castellan’s efforts in this area include the use of energy efficient amenities, from refrigerators to lighting, and property-wide weather stripping. Furthermore, brick pointing is used to reseal small openings in the property’s exterior.

These are only a sampling of the renovations and enhancements the Castellan team may invest in to improve a property.

An Overview of the HCDC’s Weatherization Assistance Program

A finance and real estate investment executive, John Salib founded an alternative asset firm in New York before becoming managing partner at Castellan Real Estate Partners. At Castellan, John Salib manages the firm’s diverse real estate portfolio while overseeing company operations.

Castellan Real Estate Partners is an investment firm that focuses its business across real estate development, lending, and property management lines. An environmentally conscious company, Castellan prioritizes energy efficiency across its portfolio, and constantly seeks to cut energy costs and minimize its carbon footprint.

Castellan’s commitment to green energy initiatives led to the company becoming the first participant in the Harlem Community Development Corporation’s (HCDC) solar panel weatherization project. A subsidiary of the New York State Urban Development Corporation, HCDC facilitates community revitalization initiatives across the greater Harlem community.

The organization’s Weatherization Assistance Program (WAP) utilizes funding from the U.S. Department of Energy and the U.S. Department of Health and Human Services to reduce energy usage amongst low-income families. In addition to educational services, the program provides HVAC upgrades, insulation, window replacement, and energy-efficient lighting upgrades, among other services. For additional information on the WAP, visit www.esd.ny.gov.

Castellan Real Estate Partners’ Sale of Two Brooklyn Apartments

Castellan Real Estate Partners
Image: castellanre.com

John Salib serves as a partner of Castellan Real Estate Partners in New York, where he oversees all aspects of the company’s operations and investments. In January of 2018, John Salib led the sale of two Brooklyn apartment buildings in the East Flatbush neighborhood to Sterling Group for nearly $19.2 million. The prosperity of the East Flatbush neighborhood makes it an appealing location for purchasers of multifamily properties.

Properties in the sale included a 47,680-square-foot complex on New York Avenue and the 26,126-square-foot apartments on Newkirk Avenue. Consisting of 62 residential units, the New York Avenue building features a 1,600-square-foot retail space leased to a grocery store and options for studio, one, two, and three bedroom housing. The Newkirk Avenue property has 30 apartments, including studio, one, and two bedroom units.

The sale occurred five years after Castellan acquired the properties for a combined $8.6 million. After purchasing them, the company completed renovation projects intended to update and restore the properties. Renovations included the installation of a new boiler, emergency exit signs, and camera and intercom systems. Castellan also restored the façade of the New York Avenue apartments and installed a number of additional upgrades.