Russell Galbut, co-founder of Crescent Heights, has paid for digital billboards in New York City’s Times Square that promote Miami Beach as a destination for those looking to leave the city. The ads feature a Miami Beach lifeguard stand and include a message from reelected Mayor Steven Meiner: “Miami Beach is open for business. Everyone welcomed! Mayor Steven Meiner.”
Mayor Meiner shared images of the ads on his Instagram account 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 campaign to Meiner following Zohran Mamdani’s recent victory in New York’s mayoral race over Andrew Cuomo and Curtis Sliwa. On the same day, Meiner secured a second term as mayor by defeating 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.”
The billboards ran over two days last week, though Galbut did not disclose their cost.
Some developers in South Florida believe Mamdani’s win could prompt wealthy New Yorkers to move south due to his progressive policies, including proposed rent freezes on rent-stabilized buildings. At The Real Deal Miami Real Estate Forum this month, developer Kevin Maloney commented, “Mamdani, I think, is probably going to end the city.” Other panelists like Ugo Colombo and Camilo Miguel Jr. noted increased interest from New York buyers but doubted there would be migration on par with what occurred during Covid-19.
Bruce Menin, Galbut’s partner at Crescent Heights and Manhattan resident, expressed caution about predicting significant changes following Mamdani’s election. During a multifamily panel at the forum he stated: “I think we have to take a little bit of a wait and see.”
Craig Studnicky of ISG World also urged moderation during another discussion at the event about foreign buyers: “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,” Studnicky said. “Slow down. You’re going to get a bump. But I think you’re exaggerating the bump.”
