It’s not just Wall Street companies who are moving to South Florida – their executives are also migrating to the sunny state.
The top three Elliott Management executives have named their residences in New York, the Wall Street Journal said after the company announced that move her headquarters in West Palm Beach.
In September 2020, Paul Singer, a company-leading activist investor, installed his $ 40 million apartment in Beresford on the Upper West Side. The company’s co-founder, Jonathan Pollock, listed two apartments on the Upper West Side for a total of $ 25 million, while Jesse Cohn, a partner in the company that runs its activist practice in the United States, listed an apartment in the financial district for $ 39.5 million.
The shift of Wall Street preferences to lower income tax states such as Texas and Florida began long before the pandemic, but has intensified as a result. In February, Scott Shleifer paid more than $ 120 million for a seaside residence in Palm Beach – a record in Florida and one of the most expensive home sales recorded in the US
This trend has come to the fore again as states like New York consider raising taxes for the rich in the fight against the historic budget deficit due to the pandemic.
However, some New York-based real estate agents reject the idea that the city will lose its tax base to states like Florida. While older investors may prefer to live there, younger investors will replace them as soon as the restrictions associated with the pandemic ease.
“What can be done in Florida?” It’s great if you’re a golfer or want to play tennis, but it’s a cultural wasteland, “said Donna Olshan, a real estate agent who publishes a weekly report on the luxury market. “How many times can you go in and out of the passages on Worth Avenue and shop?” It’s nice, but it’s not interesting. “
[WSJ] – Georgia Kromrei