Russell Galbut, co-founder of Miami-based Crescent Heights, paid for digital advertisements that recently appeared in New York City’s Times Square. The ads targeted New Yorkers who may be considering leaving the city following Zohran Mamdani’s win in the mayoral election.
The billboards displayed a Miami Beach lifeguard stand and included a message from Steven Meiner, the reelected mayor of Miami Beach: “Miami Beach is open for business. Everyone welcomed! Mayor Steven Meiner.” Mayor Meiner also 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 proposed the ad campaign to Mayor Meiner after Mamdani’s victory over Andrew Cuomo and Curtis Sliwa on November 4. On that same day, 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.”
According to Galbut, the advertisements ran in Times Square over two days last week. He did not disclose how much was spent on the campaign.
Galbut is among several South Florida developers who anticipate that Mamdani’s policies—such as rent freezes for rent-stabilized buildings—could prompt affluent New Yorkers to move south. At The Real Deal Miami Real Estate Forum this month, developer Kevin Maloney commented on Mamdani’s potential impact: “Mamdani, I think, is probably going to end the city.” Other panelists at the event noted increased interest from New York buyers but doubted there would be migration levels similar to those seen during Covid-19.
Bruce Menin, Galbut’s partner at Crescent Heights and a Manhattan resident, expressed caution about predicting significant changes due to Mamdani’s election. During a multifamily panel at the forum he said: “I think we have to take a little bit of a wait and see.”
Craig Studnicky of ISG World also spoke at another panel during the event about foreign buyers and questioned whether there would be a large influx from New York. “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.”
