The financial titan is considering relocating its $8 billion-revenue-generating asset management arm to Palm Beach County or Fort Lauderdale, checking out potential real estate, chatting up local officials and weighing the Sunshine State’s tax advantages, sources told Bloomberg.
The potential development comes on the heels of several other investment companies moving from the Big Apple down South — and managing to batter New York’s bottom line with the loss of white-collar jobs.
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Manhattan now has the most office space empty and available since just after 9/11, Bloomberg said.
As The Post reported in October, billionaire Paul Singer has decided to move the headquarters of his hedge fund Elliott Management from Manhattan to Florida, according to sources, while Carl Icahn also made the switch for his offices.
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Florida offers not only warmer weather appreciated by at least some Manhattan-weary workers, but also substantial tax advantages.
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Bloomberg analysis of tax-returns by people who migrated between states suggests that New York state lost a total of $9.6 billion in resident earnings in the filing years of 2016 and 2017. The data shows that for every dollar of income brought into the state by a new arrival, $1.80 was headed the other way.
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The COVID-19 pandemic has shown that more work can be done remotely than ever before, too, so there is less of a need for costly offices, sources told Bloomberg.
Still, no concrete decision has been made by the Goldman Sachs Group Inc., which is considering Dallas, Texas, too, for its assets management division, the site said.
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“We are executing on the strategy of locating more jobs in high-value locations throughout the US, but we have no specific plans to announce at this time,” a company rep told Bloomberg in a statement on the subject.
New York’s economy has been reeling from the coronavirus, as companies battle decreased business amid government restrictions and public health fears.
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The securities and trading industry is vital to its survival.
Last year, the industry accounted for 18 percent, or more than $15 billion, of collected state taxes, and 6 percent of New York City taxes collected.
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Whether it’s wealthy people fleeing to their second homes or college students forced to move back in with their parents, the coronavirus has set off a great migration in the U.S. this year. But in many cases, it must be noted, it’s just amplifying trends that were already there.
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New York City, for example, was losing 376 residents per day to domestic migration in 2019 -- an increase of more than 100 per day from the previous year -- before it became the epicenter of the country’s virus outbreak in March this year, according to the U.S. Census Bureau’s latest survey of population shifts.
