More transactions are probably on the horizon, as existing owners who are strapped for cash and struggling with soaring borrowing costs look to offload their buildings at a discount.
With large institutional buyers pulling back on deals, high-net-worth families and little-known developers are bargain-hunting for Manhattan office buildings.
We see both positives and negatives to President Biden s proposals. It all comes back to a family’s balance sheet, how their wealth is structured and importantly, their goals and objectives. Some moves the president is making on the tax front will of course impact a family’s tax liabilities negatively. However, family assets
should also continue to grow at a healthy clip as a result of other initiatives, so there are growth opportunities that can help offset some of the new tax exposure. From a balance sheet perspective, we would hope the increase in assets offset the increase in liabilities.
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Most family offices aim for wealth preservation, not moonshots.
But with millennial heirs taking a seat at the table, old-money families are warming up to crypto.
As banking giants like Goldman Sachs jump into the fray, more families are willing to take the risk.
Steve Sokić has spent nearly three decades in wealth management. Earlier in his career when he met with affluent families, he would meet only with the patriarch, sometimes the matriarch as well.
But now he sees heirs in their 20s and 30s sitting at the table, and some of these tech-savvy millennials suggest cryptocurrency as a way to diversify the family fortune.
The 2020 election did not result in the massive blue wave that many predicted, but there are definitely still blue ripples reaching shore especially now that Democrats won both Senate seats in the Georgia runoff elections. With the Democrats controlling the White House and now both houses of Congress, there are certainly changes in tax policy and other areas that ultra-wealthy families should expect and watch closely. That said, we believe the pendulum probably will not swing as far left as some people fear. There will be elements of the Democratic party pushing in that direction, but historically, Joe Biden has governed as a centrist. Additionally, a couple of Democratic senators, who already voted against the Green New Deal in 2019, probably will not agree to tax changes as originally espoused by the Biden Tax Plan.