Treating Tenants Well - Castellan Real Estate Partners

A managing principal at New York City-based Castellan Real Estate Partners, Paul Salib leads in acquiring and managing the real estate assets under Castellan’s portfolio. As a long-term owner of commercial properties, Paul Salib’s firm invests a significant amount of capital in fixed-asset-related outlays, in close alignment with its philosophy of treating its tenants in a responsive, honest, and respectful manner. 

Adept at seeing the long-term value and potential of a property, many of the buildings acquired by Castellan have been poorly maintained and neglected. This has often led to strained relationships between the previous owner and the tenants. Upon acquisition, Castellan invests the capital required to bring the building up to standard, including replacing boilers, updating fire alarm and security systems, fixing leaking roofs, and installing child safety guards on windows. 

The firm also maintains active and open dialogues with its tenants, which helps Castellan address maintenance issues and significantly reduce the number of building code violations. Well-treated residents are more content and tend to pay their rent in a timely manner, a situation beneficial to both parties.