NEW YORK, June 25, 2014 (GLOBE NEWSWIRE) -- Moses & Singer LLP hosted a major event on May 24, 2014 aimed at Family Office executives and their advisors who oversee private wealth management firms dedicated to the investment needs of families with $50 million or more in financial assets. More than 100 people representing prominent families throughout the New York area attended this sold-out event.
Moses & Singer's panel discussion, led by Jon Carroll of Family Office Metrics LLC focused on several elements of successful real estate investment.
Richard E. Strauss, Co-Chair of the firm's Real Estate practice, kicked-off the evening with advice on performing due diligence when buying property and ways to protect the investment between the time of contract and closing. Strauss emphasized the importance of due diligence prior to purchase commitment as key to buyer protection. The contract can offer further protection by allowing the buyer to terminate without liability, before closing, if certain adverse events occur, such as a title problem, a new violation or a fire. Protections are also needed to ensure the buyer realizes the promised cash flow on commercial property from existing tenants.
James Sullivan, Partner in the Moses & Singer's Business Reorganization practice, provided ways to minimize risk when investing in distressed assets. "RE investors should not shy away from including a mix of distressed properties in their portfolio" he noted. Properties acquired through bankruptcy are typically free of liens, claims and encumbrances and can be free of transfer and mortgage taxes. "Opportunities exist to cherry pick contracts related to the property." He further explained how joint ventures can be effective arrangements but require vigilance as to procedures, responsibility and decision-making authority for each party and potential remedies.
"Many of New York's most successful families have built their fortunes on real estate," concluded the attorneys. "Smart investing in RE requires smart preparation in the negotiation and contract phase in consultation with experienced counsel."
Since 1919 Moses & Singer LLP has provided legal services to diverse businesses, professionals and prominent individuals and their families. Attorney Advertising. In certain jurisdictions, this may be viewed as solicitation.
Photos accompanying this release are available at:http://www.globenewswire.com/newsroom/prs/?pkgid=26146 http://www.globenewswire.com/newsroom/prs/?pkgid=26147
CONTACT: Eileen Alterbaum
Moses & Singer LLP
Source: Moses & Singer LLP