Harlem Residential Property Holds Promise for New Owner and Tenants

 

Castellan Real Estate Partners  pic
Castellan Real Estate Partners
Image: castellanre.com

Among New York City’s leading real estate investment firms, Castellan Real Estate Partners continues to focus on quality in the acquisition, development, and management of residential rental properties. The vertically integrated company has acquired some $750 million in both debt and equity real estate transactions. In its purchases, Castellan Real Estate Partners looks for properties with high potential to earn significant returns on investment.

In March 2017, the company realized the $23 million sale of a highly desirable multi-family housing complex in Harlem. It had acquired the property for $11.1 million in 2013, with the transaction with buyer Aulder Capital thus more than doubling the purchase price.

The five-building, 100-unit, fully occupied Harlem property is situated on West 146th Street, between Seventh Avenue and Frederick Douglass Boulevard. It consists of one- and two-bedroom apartments and is rent-stabilized.

The historic neighborhood of Harlem continues to develop and thrive, with many older and historic buildings undergoing 21st century renovations. Residential complexes with smaller units, such as the one on West 146th Street, tend to attract younger and more mobile renters. As these tenants move on, owners are able to remodel and charge market rent in keeping with those renovations.

Robin Hood Foundation to Participate in TCS New York City Marathon

Robin Hood Foundation pic
Robin Hood Foundation
Image: robinhood.org

Established in 2009 and headquartered in New York, Castellan Real Estate Partners invests in residential and retail properties and has invested in more than 1.5 million square feet of property domestically and internationally. Castellan Real Estate also supports the Robin Hood Foundation and contributes to its poverty-fighting programs. The organization’s initiatives include team participation in the annual TCS New York City Marathon.

The TCS New York City Marathon has become the world’s largest and most popular marathon since its creation 45 years ago, with more than 51,000 runners finishing in 2016. The course traverses through the city’s five boroughs, which include Brooklyn, Queens, Staten Island, the Bronx, and Central Park. Runners are given three options for signing up: individual registration, international travel partners, or running with a charity. In addition, individuals with a physical disability may apply for entry as an Athlete with Disability.

Team Robin Hood participants gain guaranteed entry into the race and a series of additional benefits that include guidance from a professional running coach, personalized virtual training, and invitations to the Team Robin Hood Launch Party and Pasta Party. Team members may also create their own customized fundraising page and join others members in weekly team runs. On race day, team members will receive an exclusive Team Robin Hood race shirt and other swag items.

Participation in Team Robin Hood requires team members to pledge a $5,000 donation goal, which they must fulfill through fundraising or personal donation. Although donations are tax deductible, deductibles must be submitted by November 19, 2017, and require the use of a valid credit card. Furthermore, team members must make up any remaining balance that they cannot collect through fundraising.

The 2017 TCS New York City Marathon will take place November 5, 2017.

FUEL Lays Foundation for Robin Hood Foundation Programs

 

Fund For Early Learning pic
Fund For Early Learning
Image: robinhood.org

Vertically integrated real estate firm Castellan Real Estate Partners invests in more than 1.5 million square feet of domestic and international retail, residential, and office space with assistance from its affiliates. Beyond its everyday operations from its New York headquarters, Castellan Real Estate Partners donates to poverty-fighting programs administered by the Robin Hood Foundation. Programs this organization offers include Fund For Early Learning (FUEL).

FUEL addresses the somber statistic that conditions of extreme poverty put children at a disadvantage for a successful future, particularly children in the early stages of development. Extreme poverty puts children at risk of falling behind their peers, and gaps in abilities may appear as early as 18 months. In order to increase opportunities for impoverished children, FUEL consults with over 80 leaders in various fields and utilizes a three-part investment approach.

The investment approach focuses on three areas: creating community partnerships, promoting innovation, and strengthening existing programs. Focus on these areas enables FUEL to establish a strategic foundation for effective programming that suits the needs of both children and parents.

Benefits of Installing Solar Panels

Castellan Real Estate Partners pic
Castellan Real Estate Partners
Image: castellanrealestatepartners.com

Staffed by a team of dedicated and skilled professionals who possess a deep understanding of the market, Castellan Real Estate Partners has invested in $750 million worth of debt and equity transactions since 2009. Castellan Real Estate Partners understands the importance of investing in its own properties, as reflected in its decision to partner with Harlem Community Development Corporation to install solar panels on the roof of a portfolio property on West 141st Street.

Installing solar panels on a residential building has a number of benefits, perhaps the most obvious of which is the savings on electricity bills. Depending on the energy needs of the building and the number of panels installed, electricity bills could be altogether eliminated, or at least significantly lowered. Outside of the energy savings, solar panels can significantly increase the value of a property. Lowered or nonexistent energy bills are a major selling point when the property goes on the market.

Individuals should also think about the environmental benefits of installing solar panels. Electricity use generates a great deal of carbon dioxide, and solar energy is much cleaner. In addition, the installation of solar panels reduces reliance on foreign and/or nonrenewable sources of energy.