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.