Russell Galbut, co-founder of Crescent Heights, paid for digital advertisements in New York City’s Times Square promoting Miami Beach as a destination for New Yorkers. The ads appeared after Zohran Mamdani won the New York mayoral election and Steven Meiner was reelected as mayor of Miami Beach.
The billboards featured a Miami Beach lifeguard stand and included the message: “Miami Beach is open for business. Everyone welcomed! Mayor Steven Meiner.” On social media, Meiner shared images of the ads with the caption: “New Yorkers: look up … Miami Beach is open for business. A world-class destination to live, work, and invest capital!”
Galbut told the Miami Herald he suggested the ad campaign to Meiner following Mamdani’s victory over Andrew Cuomo and Curtis Sliwa on November 4. That same day, Meiner secured his second term by defeating city commissioner Kristen Rosen Gonzalez.
“It cost a little bit of money, but it’s worth it because it’s ridiculous what’s happening in New York,” Galbut said. “I just think that this is such a unique opportunity for South Florida.”
He stated that the advertisements ran over two days in Times Square but did not disclose their cost.
Some real estate professionals in South Florida believe Mamdani’s policies could prompt wealthy residents to move from New York to Florida. During The Real Deal Miami Real Estate Forum this month, developer Kevin Maloney said, “Mamdani, I think, is probably going to end the city.” Ugo Colombo and Camilo Miguel Jr., who also participated in the panel, observed increased interest from New York buyers but expressed doubt about seeing migration levels similar to those during Covid.
Other industry figures expressed caution regarding predictions of large-scale migration from New York. Bruce Menin of Crescent Heights commented during a multifamily panel at the forum: “I think we have to take a little bit of a wait and see.” ISG World’s Craig Studnicky also noted at another forum panel that while there may be some increase in people moving from New York, expectations should be tempered. He said: “I’ve heard a lot of people say we’re going to get this huge wave of people from New York, and I think the comparable in their heads or in their hearts is what happened five years ago during Covid,” adding, “Slow down. You’re going to get a bump. But I think you’re exaggerating the bump.”
