An assistant adjunct professor at New York University, Paul Salib is founder and managing principal at Castellan Real Estate Partners in New York City. Since 2009, Paul Salib’s firm has been involved in real estate transactions exceeding $750 million in market value.
Castellan holds properties long-term and favors properties possessing long-term value potential that can be achieved through sound property maintenance and management. For the company, this equates to being receptive to the needs of its residents and dealing with them in a fair and honest manner. A great source of tension between residents and their landlord is the poor or decaying condition of the rental property.
Castellan frequently buys properties in a neglected state and devotes a significant amount of capital to bring these properties up to standard. This includes replacing boilers and converting them to natural gas for reliability and cost effectiveness, installing new dual-pane windows for improved insulation, restoring building facades, and adding video cameras for increased security, among many other improvements.
Open dialogues between tenant and owner bring to light many issues, helping to minimize building code violations. Castellan notes that responsive owners have happier residents who consequently are more likely to pay their rent on time.
Over the course of his career in New York real estate, Paul Salib has developed experience across a range of transactions. As managing principal with Castellan Real Estate Partners, Paul Salib incorporates components of value investing during the investment process.
At the most basic level, value investing refers to the trading of stocks below their intrinsic value–in other words, the actual per-share value of the underlying business. A stock’s intrinsic value may or may not align with its market price, or the actual price at which a stock is traded. Value investors look to purchase stocks when the intrinsic value rises above the market price, and sell stocks when the market price eclipses the intrinsic value.
Value investing can take a number of forms, depending on the objectives of the investor. Investing guru Warren Buffett famously invested in “cigar butt” value investments, which gave investors a few free “puffs” before the intrinsic value and market value realigned. At other points in his career, Buffett sought out value investments with more stable outlooks in the long term. These long-term value investments often straddle the border with growth investing, which attempts to identify companies with high potential for growth and invest in them for long periods of time.
New York-based investor Paul Salib is the founder of Castellan Real Estate Partners. Paul Salib’s firm sets itself apart from many other property managers by adding value to buildings through repairs, upgrades, and safety features such as security systems and window guards.
In the United States, approximately 5,000 children fall from windows annually. Simple baby proofing precautions such as child guards are an effective way to reduce this risk in your home.
Window guards are one popular option, as they provide complete protection for a variety of window styles. These steel bars can be removed by an adult in an emergency, but are very difficult for children to displace.
Window stops and locks are also effective choices. These devices prevent windows from being opened far enough for a child to fall through. Safety experts generally recommend that parents ensure that openings not exceed 4 inches.
No matter the type of window safety device, it is important to practice good safety around windows. Parents should be aware of furniture items that could be climbed upon to reach windows, as well as lighter objects that a child could stack to make a ladder.
The founder of Castellan Real Estate Partners, a real estate investment, development, and management firm, Paul Salib is a seasoned finance professional and business executive in New York City. Beyond his work, Paul Salib serves on the board of directors of the New York State Association for Affordable Housing (NYSAFAH), which serves as the trade association for New York’s affordable housing sector.
NYSAFAH’s approximately 400 members receive numerous benefits, including the ability to network with a wide range of professionals in the affordable housing sector with the aim of creating new opportunities. Beyond this, NYSAFAH advocates on behalf of its members, providing direct access to policymakers and arguing for legislation that benefits affordable housing.
Further, NYSAFAH members gain access to current news and information about the industry. Members also enjoy discounted entry to NYSAFAH events and conferences, such as the Annual New York City Conference and the organization’s Awards for Excellence.