Some Wall Street investors trade NYC for South Florida

Three top execs at Elliott Management listed their luxury pads

New York /
Feb.February 23, 2021 12:55 PM
Elliott Management's Paul Singer (Getty, iStock)

Elliott Management’s Paul Singer (Getty, iStock)

It’s not just Wall Street firms that are moving to South Florida — their executives are migrating to the Sunshine State, too.

Three top executives at Elliott Management have listed their New York City residences, the Wall Street Journal reported, after the firm announced it would move its headquarters to West Palm Beach.

Paul Singer, the activist investor who helms the firm, listed his apartment in the Beresford on the Upper West Side for $40 million in September 2020. The company’s co-CEO, Jonathan Pollock, listed two Upper West Side apartments for a total of $25 million, while Jesse Cohn, a partner at the firm who heads its U.S. activism practice, listed a condo in the Financial District for $39.5 million.

The shift of Wall Street preferences toward states with lower income taxes, such as Texas and Florida, began long before the pandemic, but has intensified in its wake. In February, Scott Shleifer paid more than $120 million for an oceanfront mansion in Palm Beach — a record for Florida, and one of the most expensive home sales recorded in the U.S.

The trend has come to the fore again as states like New York consider raising taxes on the wealthy to combat a historic budget shortfall as a result of the pandemic.

Some New York City-based real estate agents, however, dismiss 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 once the pandemic-related restrictions ease.

“What’s there to do in Florida? It’s great if you’re a golfer or you 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 vias on Worth Avenue and shop? It’s pretty, but it’s not interesting.”

[WSJ] — Georgia Kromrei


Related Articles

arrow_forward_ios
Unit 55B of Central Park South and Steve Roth of Vornado Realty Trust. (Compass, Vornado, Getty)
220 Central Park South’s first resale in the works
220 Central Park South’s first resale in the works
President Joe Biden’s American Rescue Plan was passed over the weekend. (Getty / Photo Illustration by Kevin Rebong for The Real Deal)
What real estate gets in Biden’s $1.9 trillion package
What real estate gets in Biden’s $1.9 trillion package
Vince Viola and 12 East 69th Street (Getty, Google Maps)
Vince Viola’s massive UES townhouse in contract
Vince Viola’s massive UES townhouse in contract
(Getty, iStock)
Movie theaters’ future uncertain as studios focus on streaming
Movie theaters’ future uncertain as studios focus on streaming
One57's unit 51B (left) and unit 32C with Extell’s Gary Barnett (One57 photos via StreetEasy)
One57 resident pays $5.2M to swap 2-bed for duplex
One57 resident pays $5.2M to swap 2-bed for duplex
Rendering of Sonnen's ecoLinx home battery (Sonnen)
Off the grid: Developers eye “virtual power plants” for properties
Off the grid: Developers eye “virtual power plants” for properties
Suneil Setiya and the One Hyde Park complex (Photos via Wikipedia Commons/Rob Deutscher and Synergos)
Phat flat: Hedge funder nears deal for $153M London penthouse
Phat flat: Hedge funder nears deal for $153M London penthouse
Hedge fund manager Robert Citrone (Getty)
This “Tiger Cub” hedge funder owns nearly 10% of Compass
This “Tiger Cub” hedge funder owns nearly 10% of Compass
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...