Castellan Real Estate Partners’ Focus on Energy Efficiency

From its headquarters in New York City, New York, Castellan Real Estate Partners oversees an extensive property portfolio and has invested in approximately $750 million of debt and equity real estate transactions since its founding in 2009. Castellan Real Estate Partners operates multiple internal platforms covering equity investments, lending, and property construction, development, and management. Employing a team of 20 construction and investment professionals, bolstered by support from an additional 60 team members, the firm leverages this extensive experience and expertise to maintain its disciplined approach to property investment and oversight.

Further, the firm has committed to installing energy efficient measures across its portfolio and has worked with organizations including the Northern Manhattan Improvement Corporation, and the Community Environmental Center in Brooklyn to make improvements to its properties. In doing so, it meets its dual aim of achieving improving property performance, while ensuring tenants receive high standards of service in relation to property management and maintenance.

Fully Integrated Real Estate Investment Firm in New York

A fully integrated real estate investment firm, Castellan Real Estate Partners focuses primarily on major American metropolises, including New York City. Since the firm was founded in 2009, it has completed $750 million in transactions. The firm’s initial strategy focused on taking advantage of the downturn in the market caused by the 2008 economic crisis, but the Castellan team now sees the increasing urbanization of the United States as a driving investment principle.

Castellan has dedicated lines for property management, development, investment, and financing. Property management is an important part of the firm’s strategy for adding value to its portfolio. Tenant satisfaction leads to low turnover rates and on-time rent payments. The firm responds quickly to tenant requests and invests heavily in capital improvements to buildings, such as modern intercom systems, cutting-edge security features, and energy-efficient upgrades.

In addition, the firm is dedicated to improving the sustainability of its portfolio. Castellan partnered with the Harlem Community Development Corporation (HCDC) to install rooftop solar panels on properties located in the neighborhood.

A Washington Heights Success Story

washington heights, Castellan Real Estate PartnersAt the core of the Castellan Real Estate Partners’ real estate investment philosophy is a strong emphasis on discipline, giving it a competitive edge over other firms. Castellan specializes in retail and residential properties that have yet to reach their full potential, focusing on asset management and sound capital investment strategies so they reach their true value under the company’s stewardship.

A recent example of this is the trio of Washington Heights residential apartment buildings that Castellan Real Estate Partners sold to Guardian Realty Management in July 2016. The portfolio includes a 17,965-square-foot property on West 184th Street, which has 20 apartments; a 21,675-square-foot on Wadsworth Avenue between West 189th and West 190th Streets, which has 25 units; and a 15,141-square-foot building on Fairview Avenue between Broadway and Broadway Terrace, which is comprised of 24 apartments. The pre-war buildings were built between 1920 and 1928. Originally purchased for $7.6 million between 2012 and 2013, the three buildings, located within 10 blocks of each other, house 69 apartments between them and sold for a total of $15.4 million.

Purchasing the Hamilton House

Hamilton-Holly House
Source: Wikipedia user Beyond My Ken

In April 2016, Castellan Real Estate Partners purchased 4 St. Marks Place for $10 million. The townhouse was owned by Alexander Hamilton Jr., the son of the founding father who shares his name, who purchased the property in 1833 and lived there with Hamilton’s widow Eliza. From 1901 to 1952, the house was owned and used in part by the musical instruments firm of C. Meisel, Inc. The building had a colorful theatrical history in the 50s and 60s, reflecting its location on St. Mark’s Place during the cultural ascendancy of the East Village. Among other uses, it was the Tempo Playhouse, New Bowery Theater, and Bridge Theater, and Yoko Ono performed there among others. The property features 10,000 feet of mixed use space, including over 5,000 square feet of retail space on its ground floor, and four free-market residential apartments.

Now vacant, the building is set to be revitalized by Castellan and its team of approximately 20 managers, whose experience draws from the property, construction, and investment sectors. Its aim is to restore the prestige attached to the townhouse, while also maximizing its potential through well-managed capital investment.