Marks Paneth places clients' real estate investment success at the forefront
Prime real estate in the United States continues to lure foreign investments, offering investors strong fundamentals and steady income streams amid a volatile global marketplace. In New York City, Asian buyers, particularly Chinese investors, are a major driving force behind rising real estate values.
Prime real estate in the United States continues to lure foreign investments, offering investors strong fundamentals and steady income streams amid a volatile global marketplace. In New York City, Asian buyers, particularly Chinese investors, are a major driving force behind rising real estate values.
Spurred by supportive government policies, cross-border property investments have become less complex and much more rewarding for Asian investors who have enlisted the right real estate adviser. Such a specialist role is played by Marks Paneth, a leading Manhattan-based accounting, tax and consulting firm with more than 100 years of delivering attentive and responsive client service to the real estate sector.
"We are well entrenched in the New York property market, having strong links with the vast majority of real estate companies that have been building and managing properties in the city for decades," says William Jennings, partner-in-charge of Marks Paneth's real estate group. "We are a one-stop shop with tremendous network reach and depth of industry expertise, making us the partner of choice for those coming to invest in the US. What we offer is service from the point of shovel to the point of occupancy and beyond."
With a history dating back to 1907, Marks Paneth ranks as the 35th largest certified public accounting firm in the US and the ninth largest in the Mid-Atlantic region. The real estate industry is a core focus of the firm, with a dedicated group providing a wide range of services that includes accounting, auditing and due diligence; guidance on acquisitions and joint ventures; and tax planning and tax compliance audits.
Renowned for its cross-disciplinary approach to service delivery, Marks Paneth has earned the trust of a broad spectrum of domestic and international clients, ranging from high-net-worth individuals and public and private businesses to trusts and estates to non-profit organisations and governmental entities.
Seeing a growing trend among China's richest to venture into the US market, Marks Paneth established its China Desk to specialise on advising Chinese businesses and individuals seeking to work, invest, raise capital or conduct business in the US.
Manned by practitioners who are mostly native Putonghua speakers, the China Desk helps investors navigate through complex real estate transactions and tax issues and other pressing business concerns such as registration with the US Securities and Exchange Commission and access to capital.
"We are a medium-sized firm delivering services at par with those of powerhouses, but at a more competitive rate," says Alexander Wang, partner in the tax practice. "That is a key differentiator for us. We also realise that for our Asian customers, our client-centred culture is a strategic strength. We strive to provide personalised attention, tailored beginning-to-end solutions and staff continuity to gain the trust and loyalty of our clients."
In addition to its headquarters in New York City, Marks Paneth has offices in Washington, DC, New Jersey, Long Island, Westchester County and the Cayman Islands. The firm serves its international client base through its affiliation with Morison International (MI), a global association of top independent accounting and consulting firms. Marks Paneth delivers its services on the ground in China through MI's offices in Beijing, Shanghai and Hong Kong. Its MI membership also allows the firm to work in partnership with other outstanding professional services organisations around the world.
"We take pride in being a specialist firm," Jennings says. "We have established a strong track record as an adviser to the real estate industry, particularly in the New York market. Our main priority is to un-muddy the waters for our clients so they can make smart decisions and ultimately find success."
