Why Family Offices Are Becoming Property Companies, Not Fund LPs The mechanics now favor direct ownership over fund LP positions on every axis that matters to a family office. Three reasons why. Structure beats speed. Family offices closed 55 direct real estate transactions in the first half of 2026, across 39 buyers, according to FINTRX. Thirty-one of those buyers were single-family offices, versus eight multi-family offices. SFOs have no investment committee cycle, no fund duration clock,...
24 days ago • 1 min read
While I generally believe that rent control is a bad idea, there are gradiations of horrible. That said, rent control done well and rent control done badly are sitting side by side right now, and the contrast is instructive. Jersey City ties its annual cap to CPI or 4%, whichever is lower. Capital improvements at vacancy get a fixed, self-executing surcharge, $1.35 per $100 of cost up to $5,000 and $1.55 per $100 above that, no board hearing required. Spend $10,000 renovating a unit at...
about 1 month ago • 1 min read
Alright, this one's fun. I've been knee-deep in battery storage proposals lately. While I get the basic concept of "buy electricity when it's cheap, and use it when it would be expensive", we're a long way from just going to Home Depot, buying one, and plugging it in. I've been evaluating a battery energy storage system (BESS) installation at an office building we manage in New Jersey for a family office client through my property management company, Metropolitan America. Three vendors, three...
about 2 months ago • 1 min read
It's been a while since my last newsletter. Life and deal flow got in the way, but I'm back. Three things. I'm looking for real estate family business or family office principals and executives willing to sit for a short interview. These conversations feed directly into the "Real Estate Family Business Management" course I teach at New York University. I'm looking for anecdotes, stories, and context on succession, governance, and control. If you or someone in your network fits that profile...
about 2 months ago • 1 min read