As a general rule, it s a good idea to invest in real estate. That s especially true when you can get into an expensive market like San Francisco or New York City early, and hold onto the property for a very long time. This is the case of the Swig family. An under-the-radar family that quietly owns billions of dollars in real estate across the United States.
Benjamin Swig was born in a suburb of Boston in 1893. His father, Simon, was a banker and politician.
In 1936 Benjamin founded The Swig Company. One of the flagship buildings Swig and his partners purchased in New York City is the 50 story W.R. Grace Building located on 42
The Swig family of San Francisco owns more than $3 billion worth of real estate.
Ten years ago, Kent Swig modernized the 80-year-old family office to resemble a corporation.
Swig told Insider why corporate governance is the key to the family fortune s longevity. Passing money on is the simplest thing to do in the world: All you have to do is die, New York real-estate developer Kent Swig told Insider. The hard part is passing money on from one generation to the next and having the company succeed.
Swig, 60, is the grandson of the real-estate scion Benjamin Swig, who started building his property empire in 1936. After his father, Melvin, died in 1995, Swig, his three siblings, and cousins, who grew up together in San Francisco, ran the board of the Swig Company. Ten years ago, Swig realized that the setup was sustainable as the next generation, spanning from 18 to 48 years old, grew larger.
KINGSPORT â The Kingsport Office of Small Business Development & Entrepreneurship (KOSBE) has announced 11 winners in the 2020 KOSBE Awards, a tradition that was started by the Kingsport Chamber in partnership with Kingsport Times News in 1994.
The KOSBEs promote economic impact by recognizing small businesses that are leading by example and making an extraordinary contribution to the communities they do business in. The winners exemplify leadership and excellence in overcoming adversity, and a passion for helping others succeed.
This year, 33 businesses vied for The Best in Small Business. Eleven rose above the rest to overcome this year s incredible challenges to achieve victory. The winners are:
Share via Shortlink
From left: The Grace Building, 250 West 57th Street, 32-42 Broadway, and One Union Square South (Photos via Wikipedia Commons, ESRT, Google Maps, and StreetEasy)
The 10 largest Manhattan loans recorded in November totaled $2.12 billion, a 16 percent increase from October’s total.
More than half of that sum came from a single massive loan: a $1.25 billion refinancing of the 49-story Grace Building north of Bryant Park, which came in the form of a single-asset/single-borrower commercial mortgage-backed security transaction.
The market for such SASB CMBS deals has lately benefited from “pullback by competing insurers and banks that often lend to trophy properties and high quality portfolios,” according to a recent Kroll report on the CMBS market. October’s second-largest loan and September’s largest loan were also SASB deals.