Russell Galbut, co-founder of Crescent Heights, has paid for digital advertisements in New York City’s Times Square promoting Miami Beach as a destination for those considering leaving New York. The ads, which featured an image of a Miami Beach lifeguard stand and a message from the city’s reelected mayor Steven Meiner, invited viewers with the statement: “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 that he suggested the campaign to Mayor Meiner following Zohran Mamdani’s victory in New York City’s mayoral election on November 4. On the same day, Meiner secured his second term as mayor of Miami Beach.
“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 ads appeared in Times Square over two days last week. Galbut did not disclose the cost.
Galbut joins other developers from South Florida who believe that Mamdani’s progressive platform could encourage wealthy New Yorkers to relocate to Florida. During a panel at The Real Deal Miami Real Estate Forum earlier this month, developer Kevin Maloney commented: “Mamdani, I think, is probably going to end the city.” Other panelists Ugo Colombo and Camilo Miguel Jr. noted increased interest from New York buyers but doubted there would be migration levels similar to those seen during the Covid-19 pandemic.
Some real estate professionals expressed more cautious views about potential migration trends. Bruce Menin, Galbut’s partner at Crescent Heights and a Manhattan resident, said during a multifamily panel at the forum: “I think we have to take a little bit of a wait and see.” Craig Studnicky of ISG World also remarked during another discussion that while some movement from New York could occur, expectations should be tempered: “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.”
