Since establishing New York City-based Castellan Real Estate Partners in 2009, Paul Salib has performed debt and equity real estate transactions totaling over $1.2 billion in worth. Part of Castellan’s portfolio is managing residential complexes in the New York City metropolitan area. Paul Salib and his team have added value through property enhancements, such as new windows, and various energy efficiency measures.
As communities worldwide continue to develop at a rapid pace, energy-saving and other environmental building practices are becoming increasingly important. According to conservative estimates, buildings account for 30 percent of landfill waste and 68 percent of the total electric consumption in the United States. From planning and design to the construction process, green and sustainable buildings utilize environmentally responsible and resource-efficient processes that reduce negative impacts on human health and the environment. Implementing green building practices can preserve ecosystems and natural resources, improve air quality, and reduce waste. Additionally, such practices can reduce operating costs and increase profits through greater efficiency. Through strategies such as converting oil-burning boilers to duel-fuel boilers, Castellan has saved energy, minimized its carbon footprint, and lowered operating costs. These energy-saving measures are a core part of the firm’s ESG business practices and they are an essential part of being a good corporate citizen.
Castellan Real Estate Partners
With a postgraduate degree in real estate finance and investment at New York University, Paul Salib held top-level positions throughout his career, including his role as the senior vice president of Red Stone Partners. Today, Paul Salib serves as the managing partner of Castellan Real Estate Partners, which he founded.
In January of 2018, Castellan made $10.7 million in profit after selling two apartment complexes in the East Flatbush area of Brooklyn. The sale came only five years after the group purchased them for $8.6 million. Together, the buildings offered 92 residential spaces consisting of studio, one-, two-, and three-bedroom units. In addition to residencies, the larger of the two properties also included 1,600 feet of commercial retail space rented to a grocery store at the time of sale.
In recent years, Flatbush has experienced growing interest from both people and businesses looking to relocate in Brooklyn. According to a report from the New York State Comptroller, total job growth climbed 70 percent in just eight years between 2009 and 2017.
As managing principal of Castellan Real Estate Partners in New York City, Paul Salib oversees the firm’s investments in debt and equity real estate transactions. At Castellan, Mr. Salib has overseen real estate transactions with a market value in excess of $700 million. When away from Castellan, Paul Salib also works at Schack Institute of Real Estate at New York University as an assistant adjunct professor.
Castellan recently sold a four-building portfolio of East Harlem rental properties to the Emerald Equity Group in August 2017 for $24.8 million. Three of the buildings on East 117th Street feature a few commercial units along with more than 100 residential units. Of the $24.8 million, Emerald paid $9 million for the 1661 Park Avenue location that features 34 rental units and a single retail unit in 22,000 square feet of space.
Castellan bought the properties in 2013 for $13.5 million, believing that there would be an increase in demand for real estate in the neighborhood. As property values rose in Upper Manhattan, families started looking to East Harlem for housing. There is a perception that the neighborhood has improved since the acquisition.