While most categories of investors are withdrawing from the Manhattan office sector in a frozen lending market, family offices are moving in to pick up some discounted buildings.
Shuttered lending windows are not a problem for wealth managers at cash-rich family offices. High-net-worth families and a few well-heeled developers have been bargain-hunting for Manhattan office-buildings and making an increasing share of purchases, according to Savills.
We won't call them tourist investors, but Savills said many wealthy players outside New York are making snap decisions to buy properties in Manhattan, without the oversight of an institutional board to weigh in on whether acquiring NYC office towers is a good long-term investment right now.
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