Danielle Py-Salas, counsel in Flaster Greenberg’s Real Estate & Land Use Practice Group, has seen the business world from almost every angle. She has worked as a lawyer, broker, investor, and entrepreneur, giving her a perspective that goes well beyond the legal side of a transaction. She understands what it means to advise a client, negotiate a deal, evaluate an investment and make decisions about a business of her own.
That range of experience has shaped the way Danielle approaches her work today.
For women entrepreneurs, that perspective can be particularly valuable. Building a business requires more than expertise in one area. It requires the ability to recognize opportunities, assess risk, build relationships, ask for help and draw on the experiences of the people around you. And sometimes, the experiences that seem unrelated at one point in your career become the very things that give you an advantage later.
We sat down with Danielle to talk about her unconventional path, what she's learned along the way, the role relationships have played in her success, and how women entrepreneurs can use their own experiences to build with greater confidence.
You've worked as a lawyer, broker, and entrepreneur and you also have invested in companies and real estate. How have those different experiences shaped the way
Having been on different sides of the table, as a lawyer, broker, business owner, and investor, I have learned to look at a deal from both a legal and a business perspective. I understand what clients are really focused on: where the risks are, what could cost them money, and what might keep them up at night. My job isn’t just to identify legal issues; it’s to understand the client, what they are trying to accomplish, and help them get there while protecting what matters most to them.
You've been on both sides of real estate transactions—as an advisor and as someone making investment and business decisions yourself. What does that perspective allow you to see that others might miss?
Being an investor myself has given me a financial awareness that I think is incredibly valuable in my legal practice. Not every legal risk is necessarily a dealbreaker, sometimes a business owner understands the risk and is willing to accept it because the potential financial reward makes sense. My role is to make sure clients understand the legal risks and their potential consequences, while also recognizing that ultimately, they are making a business decision. I try to help clients evaluate the whole deal, not just the legal issues in isolation.
I am sure, when you were a broker, you saw businesses purchase and sell real estate with and without an attorney. What did your experiences (as a broker and as a real estate attorney) teach you about the benefits of hiring an attorney to help with a commercial real estate agreement?
That’s correct. I’ve seen investors forgo hiring an attorney to save money, only to have it cost significantly more when an issue arises that they didn’t anticipate—whether it involves environmental concerns, licensing, title, or something else they simply didn’t know to look for. An attorney’s job is not necessarily to eliminate every risk, but to identify those risks, explain the potential consequences, and give the client the information they need to decide whether the reward outweighs the risk. In my experience, the biggest problems often arise when that legal review is skipped altogether.
What other issues may arise, besides the purchase agreement, that may require the business owner to hire an attorney?
The purchase agreement is really just one piece of a real estate transaction. There may be environmental concerns, licensing or zoning requirements, title issues, financing, and other matters that can significantly impact the deal. Lenders also offer increasingly sophisticated financial products, and a business owner should understand not only what they are signing, but what is customary and what could happen in a worst-case scenario. A good attorney helps the client see the entire picture so there are fewer surprises after the deal is done.
For a woman entrepreneur growing her business, how should she think about real estate in her business? Did you have a physical office when you owned your business? Was that important to your brand image or productivity?
It really depends on the business and the individual. When I owned my brokerage, I had a physical office because I valued having a place where people could work together, collaborate, and build a sense of community. At the same time, the way we work has changed, and I see tremendous value in the flexibility of remote work, particularly for people balancing family, caregiving, or other responsibilities. Whether you choose a physical office, remote environment, or something in between, the key is to be intentional and make sure that choice supports your business, your people, and your overall brand strategy.
Are there risks in a business owning real estate and how can a business protect themselves from such liability?
Of course, there is always some risk in owning real estate. Properties require maintenance, improvements, insurance, and ongoing attention, and market values can fluctuate, but you are also building an asset that may appreciate or be sold in the future. The key is to understand what you are buying, avoid overpaying, maintain appropriate insurance coverage, including umbrella coverage where appropriate, and consider holding the property in a properly structured entity to help limit personal liability. As with any investment, it comes down to understanding the risks and putting the right protections in place.
How would you approach the analysis of whether to lease or purchase real estate for your business? How would you assist a women business owner with raising capital or obtaining financing to purchase the real estate?
That analysis really depends on the business, the market, and how long the owner expects to stay in the property. In some high-cost markets, purchasing may not make financial sense, while in other circumstances, owning the real estate can be an important part of building long-term wealth. For women business owners, I also think it is important to explore WBE certification and other available programs, which may create opportunities for financing, contracting, and business growth. Ultimately, I would look at the numbers, the long-term business strategy, and all available resources before deciding whether leasing or purchasing makes the most sense.
If a woman owned business does not have the capital to support the purchase of real estate and leasing is the only option, how can the business owner navigate the request to provide a personal guaranty?
A personal guaranty may be required, particularly for a newer business or one without significant assets, but that does not necessarily mean the terms are non-negotiable. A business owner may be able to negotiate a cap on the guaranty, have it expire after a certain period of successful performance, or limit it in other ways depending on the circumstances. The important thing is to understand exactly what you are personally guaranteeing and what your exposure could be if the business is unsuccessful. This is another area where having an attorney who understands both the legal and business sides of the transaction can be especially valuable.
What advice would you give to women that are considering investing in real estate, either as a business asset or for personal financial growth?
I am a big believer in real estate as a way to build long-term wealth, but it has to be the right property, and the numbers must make sense. I’ve spent much of my career buying and selling multifamily, commercial, and residential properties, and I’ve learned that some investments will inevitably perform better than others. I always approach an investment with a financial plan, a long-term strategy, and a “what happens if everything goes wrong?” analysis. Look at the deal from every angle, understand your downside as well as your upside, and then decide whether the opportunity is worth the risk.
Your Experience Is Part of Your Advantage
There is no perfect roadmap for building a business. Careers change. Opportunities come from unexpected places. And the experiences that seem unrelated today can become invaluable tomorrow.
For women entrepreneurs, the goal isn't to have every answer. It's to keep learning, build meaningful relationships, recognize the value of your own experience—and know when to bring the right people to the table.
Danielle's story is one example of what that can look like.
Whatever you're building, you don't have to build it alone.
Flaster Greenberg's attorneys work with entrepreneurs at every stage—from formation and financing to real estate, intellectual property, employment, litigation, succession planning and beyond.
