Russell Galbut, co-founder of Crescent Heights, paid for digital billboards in New York City’s Times Square promoting Miami Beach as a destination for those considering leaving New York. The ads featured a Miami Beach lifeguard stand and included a message from the city’s reelected mayor, Steven Meiner: “Miami Beach is open for business. Everyone welcomed! Mayor Steven Meiner.”
Mayor Meiner shared images of the advertisements 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 that he proposed the ad campaign to Mayor Meiner following Zohran Mamdani’s victory in New York City’s mayoral race over Andrew Cuomo and Curtis Sliwa. On the same day as Mamdani’s win, Meiner secured his second term as mayor 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.”
The billboards appeared in Times Square over two days last week. Galbut did not disclose their cost.
Some developers in South Florida believe Mamdani’s policies could prompt an influx of wealthy New Yorkers to Florida. At The Real Deal Miami Real Estate Forum earlier this month, developer Kevin Maloney commented on Mamdani’s election: “Mamdani, I think, is probably going to end the city.” Other panelists at the event, including Ugo Colombo and Camilo Miguel Jr., noted increased interest from New York buyers but did not expect migration levels similar to those seen during Covid-19.
Bruce Menin, Galbut’s partner at Crescent Heights and a Manhattan resident, took a more cautious view during the forum: “I think we have to take a little bit of a wait and see.”
Craig Studnicky of ISG World also expressed skepticism about another large wave of migration from New York to Miami. He said during another panel discussion at the event: “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. Slow down. You’re going to get a bump. But I think you’re exaggerating the bump.”
