Paul Salib is a professor at Schack Institute of Real Estate – New York University School of Professional Studies. In 2009, he founded fully integrated real estate investment firm Castellan Real Estate Partners. One of Paul Salib’s contributions as the company’s top executive is the decision to focus on green initiatives.
Many property owners neglect to invest in capital improvements at their properties, thus resulting in a decay that can be damaging to both a property’s value and the surrounding community. Unlike many other property managers, Castellan prioritizes building upkeep and makes significant effort to improve energy efficiency in its properties. Its initiatives have reduced the costs of operating its properties, lowered tenant utility bills, saved energy, and minimized properties’ carbon footprints.
Castellan also works to develop relationships with various city government agencies such as the NYC Department of Housing, Preservation, and Development and the New York State Department of Environmental Conservation. These connections have been instrumental in helping Castellan obtain weatherization grants to help improve buildings’ energy efficiency.
A managing principal at New York-based Castellan Real Estate Partners, Paul Salib leads the company’s efforts in acquiring assets and overseeing its portfolio. Paul Salib’s firm takes financial viability into consideration as it maximizes every opportunity to reduce energy and resource usage throughout its numerous real estate holdings.
With the knowledge gained from energy audits it contracted Bright Power, Inc., to perform, Castellan has undertaken major projects including balancing and tuning of heat distribution in buildings, converting to natural gas boilers, and installing sophisticated heat monitoring and management systems. It has also undertaken smaller projects to improve energy and resource usage.
These small-scale projects include insulating roof cavities, air-sealing common door areas, using high efficiency bulbs in common area lighting, installing new toilets that control water usage per flush, and installing low-flow shower heads. Based on projected payback periods, Castellan will enjoy these projects’ economic returns during the firm’s ownership holding period. Many of these projects qualify for New York State Energy Research and Development Authority rebates as well, further reducing payback periods.
Paul Salib is managing principal at Castellan Real Estate Partners, a real estate investment firm. A co-founder of the firm, Paul Salib has been involved in real estate transactions totaling more than $1 billion. Castellan concentrates its investments in New York City and other major urban areas, primarily in the residential and retail sectors.
As more people migrate to urban centers, issues have been raised that these densely populated areas have a negative impact on the environment. Yet studies made by the European Commission Joint Research Center and the Center for Neighborhood Technology reveal that cities having the highest population densities actually emit the lowest volumes of greenhouse-gases per capita.
Irrespective of income level, the carbon footprint of city dwellers are smaller than their corresponding suburbanites. Since city dwellers live in buildings with multiple units having smaller living quarters and typically make frequent use of the mass transport system, among others things, there is a sharing of resources and thus fewer resources are used on a per person basis than among those living in single family homes.
Cities like New York are also taking carbon-reducing measures such as deploying trains and buses that use renewable energy. Castellan, for its part, has been taking steps to improve energy efficiency in its real estate portfolio, including converting to more efficient natural gas boilers in its buildings and installing energy-conserving dual pane windows.
The founder and managing partner of Castellan Real Estate Partners, Paul Salib oversees a wide range of New York City real estate investments. In March of 2017, Paul Salib facilitated the $23 million sale of a 100-unit Harlem portfolio spanning five multifamily buildings.
With the rental properties encompassing 100 units and 47,500 square feet, the value of the residential holdings has increased significantly over the past several years. When purchased in 2013, the 265-273 West 146th Street properties sold for $11.1 million, or less than half of the current price.
As described in a press release, the buyers saw this acquisition as a unique opportunity to take on a sizable portfolio with a younger demographic that frequently moves in and out of units. Each time a tenant moves out, the landlord has the opportunity to renovate, upgrade, and obtain the current market price on the rental. With one-bedrooms renting on average for $1,442 per month, the buildings currently enjoy a 100-percent occupancy rate.