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!important;}.has-luminous-vivid-orange-to-vivid-red-gradient-background{background: var(–wp–preset–gradient–luminous-vivid-orange-to-vivid-red) !important;}.has-very-light-gray-to-cyan-bluish-gray-gradient-background{background: var(–wp–preset–gradient–very-light-gray-to-cyan-bluish-gray) !important;}.has-cool-to-warm-spectrum-gradient-background{background: var(–wp–preset–gradient–cool-to-warm-spectrum) !important;}.has-blush-light-purple-gradient-background{background: var(–wp–preset–gradient–blush-light-purple) !important;}.has-blush-bordeaux-gradient-background{background: var(–wp–preset–gradient–blush-bordeaux) !important;}.has-luminous-dusk-gradient-background{background: var(–wp–preset–gradient–luminous-dusk) !important;}.has-pale-ocean-gradient-background{background: var(–wp–preset–gradient–pale-ocean) !important;}.has-electric-grass-gradient-background{background: var(–wp–preset–gradient–electric-grass) !important;}.has-midnight-gradient-background{background: var(–wp–preset–gradient–midnight) !important;}.has-small-font-size{font-size: var(–wp–preset–font-size–small) !important;}.has-medium-font-size{font-size: var(–wp–preset–font-size–medium) !important;}.has-large-font-size{font-size: var(–wp–preset–font-size–large) !important;}.has-x-large-font-size{font-size: var(–wp–preset–font-size–x-large) !important;}”,”type”:”list”,”__typename”:”StyleItem”}],”post”:{“id”:”cG9zdDo5OTk1ODk=”,”databaseId”:999589,”title”:”The Weekly Dirt: Mamdani effect takes center stage in Miami”,”status”:”publish”,”slug”:”developers-billionaires-blast-mamdani-effect-on-miami”,”uri”:”/miami/2025/11/09/developers-billionaires-blast-mamdani-effect-on-miami/”,”link”:”https://therealdeal.com/miami/2025/11/09/developers-billionaires-blast-mamdani-effect-on-miami/”,”dateGmt”:”2025-11-09T18:00:00″,”contentTypeName”:”post”,”contentFiltered”:”u003cpu003eu003cstrongu003eNew York City’s Mayor-elect Zohran Mamdani was on the minds of Miami developers, brokers and billionaires last week. u003c/strongu003eu003c/pu003enu003cpu003eHis win on Tuesday has fueled a number of memes and social media posts claiming that a mass exodus of wealthy New Yorkers to Florida is already underway. He’s promised to freeze rents on rent-stabilized buildings and increase corporate and income taxes.u0026nbsp;u003c/pu003enu003cpu003eAt u003cemu003eThe Real Dealu003c/emu003e’s Miami Real Estate Forum, held on Wednesday and Thursday, Mamdani was at the center of many conversations. While he disagrees with Mamdani’s politics, hospitality mogul Sam Nazarian said his campaign “hit a chord for the next generation.”u0026nbsp;u003c/pu003enu003cpu003eDeveloper Kevin Maloney joked that he contributed to Mamdani’s campaign. The joke is that his win will benefit Maloney and other developers in two ways: driving down the price of real estate in New York City and propelling more ultra-high net worth individuals to Florida, where Maloney has a number of projects underway. “Mamdani, I think, is probably going to end the city,” he u003ca href=”/miami/2025/11/05/miami-devs-talk-branding-building-in-a-saturated-market/”u003esaid on a panelu003c/au003e with developers Bruce Eichner and Carlos Rosso.u0026nbsp;u003c/pu003enu003cpu003eBut most speakers were a bit more skeptical. Mamdani’s election is prompting New Yorkers who were already considering a move, they said.u0026nbsp;u003c/pu003enu003cpu003eDevelopers Ugo Colombo, Camilo Miguel Jr. and Edgardo Defortuna, and broker Craig Studnicky all said the expected influx of New Yorkers will fall short of that seen during and immediately after the pandemic.u0026nbsp;u003c/pu003enu003cpu003eAgents said they’re receiving calls post-election, but “most of them were people venting,” Danny Hertzberg said. And contracts are u003ca href=”/new-york/2025/11/05/nyc-resi-players-dismiss-fears-over-zohran-mamdanis-victory/”u003estill being signed in New Yorku003c/au003e, residential agents in the city told my colleagues in New York. “I don’t want to hear any more nonsense from Florida brokers,” said Serhant’s Ravi Kantha.u0026nbsp;u003c/pu003enu003cpu003eThe political divide between more liberal cities like New York and Miami was on full display at another big conference last week, where President Trump, developer Steve Witkoff (now United States Special Envoy to the Middle East), billionaire hedge fund manager Ken Griffin, JPMorgan Chase’s Jamie Dimon and others spoke.u0026nbsp;u003c/pu003enu003cpu003eGriffin relocated his multibillion-dollar hedge fund Citadel to Miami from Chicago in 2022, driven by politics and a lack of state income tax in Florida.u0026nbsp;u003c/pu003enu003cpu003eGriffin has spent and plans to invest billions of dollars in South Florida. On Friday, the hedge funder announced a $20 million gift to Vizcaya Museum and Gardens and the relocation of a historic house on his waterfront Miami property to Vizcaya. Also last week, Griffin announced a $5 million gift to Lotus House, the biggest women’s homeless shelter, which opened a new 70,000-square-foot campus in Miami’s Overtown.u003c/pu003enu003cpu003eInterviewed by Fox News’ Bret Baier, Griffin said he prays that Mamdani implements policies that are “different than the talking points he used to win the mayoral race.”u0026nbsp;u003c/pu003enu003cpu003e“Iu0026#8217;ve lived in a failed city state. I lived in Chicago for 30 some years. I have two colleagues who had bullets fly through cars and a colleague stabbed outside the front door of her office,” Griffin said. “I really hope that when Mamdani thinks about leadership, he thinks about the right role models. And thereu0026#8217;s a lot to copy from our great state of Florida and from this great city of Miami.”u0026nbsp;u003c/pu003enu003cpu003eGriffin plans a nearly $2 billion headquarters for Citadel and Citadel Securities in Miami. In New York, Griffin, Vornado Realty Trust and Rudin are also building a 1.7 million-square-foot tower at 350 Park Avenue, which will be anchored by Citadel and Citadel Securities.u003c/pu003enu003cpu003eWitkoff told Baier that he tells his son, Witkoff CEO Alex Witkoff, to not sell any real estate.u0026nbsp;u003c/pu003enu003cpu003e“We have a lot in Florida. Weu0026#8217;ve got a big, deep, long bet on Florida, for all the obvious reasons,” Witkoff said. “The only downside to Florida people can think of is hurricanes.”u0026nbsp;u003c/pu003enu003cpu003eu003cstrongu003eu003cemu003eWhat weu0026#8217;re thinking about:u003c/emu003eu003c/strongu003e If you have buyers who said they are leaving New York specifically because of Mamdani, send me a note at u003ca href=”mailto:[email protected]”[email protected]/au003e.u0026nbsp;u003c/pu003enu003cpu003eu003cstrongu003eCLOSING TIMEu003c/strongu003eu003c/pu003enu003cpu003eu003cstrongu003eResidential: u003c/strongu003eTodd and Brandie Herbst sold the single-family home at 167 Everglade Avenue in Palm Beach for just over $21 million — about $500,000 over the asking price — to Everglade167 LLC. Todd Herbst co-founded Big Time Restaurant Group in 1993.u0026nbsp;u003c/pu003enu003cpu003eu003cstrongu003eCommercial:u003c/strongu003e In Palm Beach Gardens, Aventura-based Advenir offloaded an apartment complex at u003ca href=”/miami/2018/02/08/advenir-scores-80m-loan-to-renovate-palm-beach-gardens-rental-complex/”u003e4120 Union Square Boulevardu003c/au003e, known as the Palm Beach Gardens Apartments, for $117.9 million. An LLC tied to Boston-based West Shore purchased the property.u0026nbsp;u003c/pu003enu003cpu003eu003cemu003e— Research by Mary Diduchu003c/emu003eu003c/pu003enu003cpu003eu003cstrongu003eNEW TO THE MARKETu0026nbsp;u003c/strongu003eu003c/pu003enu003cpu003eAn oceanfront estate in Palm Beach hit the market for $185 million. The late real estate developer Murray Goodman and his wife, Joanie Goodman, owned the 2.2-acre property at 911 North Ocean Boulevard. It’s on the market with their daughter, Illustrated Properties agent Marley Overman. The property has 250 feet of frontage along the Atlantic Ocean and a nearly 24,000-square-foot multi-structure estate with 12 bedrooms, 16 full bathrooms and four half-bathrooms, according to the listing. It’s being marketed as a teardown.u003c/pu003enu003cfigure class=”wp-block-image size-full”u003eu003cimg loading=”lazy” decoding=”async” width=”1500″ height=”1000″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/47-40-DJI_0273-Edit.jpg” alt=”” class=”wp-image-999591″ srcset=”https://static.therealdeal.com/wp-content/uploads/2025/11/47-40-DJI_0273-Edit.jpg 1500w, https://static.therealdeal.com/wp-content/uploads/2025/11/47-40-DJI_0273-Edit-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/47-40-DJI_0273-Edit-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/47-40-DJI_0273-Edit-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/47-40-DJI_0273-Edit-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/47-40-DJI_0273-Edit-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/47-40-DJI_0273-Edit-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/47-40-DJI_0273-Edit-50×33.jpg 50w” sizes=”auto, (max-width: 1500px) 100vw, 1500px” /u003eu003cfigcaption class=”wp-element-caption”u003e911 North Ocean Boulevard in Palm Beachu003c/figcaptionu003eu003c/figureu003enu003cpu003eu003cstrongu003eA thing we’ve learned:u003c/strongu003eu003c/pu003enu003cpu003eFlorida is one of the hardest hit states by the federal government shutdown. About 95,000 federal workers in the Sunshine State have lost an average of $10,363 each, according to the u003ca href=”https://www.tallahassee.com/story/news/2025/11/07/florida-federal-pay-losses-surge-amid-ongoing-shutdown-analysis-airport-veterans/87145067007/”u003eTallahassee Democratu003c/au003e.u003c/pu003enu003cpu003eu003cstrongu003eElsewhere in Floridau003c/strongu003eu003c/pu003ennu003cul class=”wp-block-list”u003enu003cliu003eRoughly 268,000 Venezuelans in the U.S. lost their Temporary Protected Status on Friday, stripping them of legal status and work authorization and leaving them vulnerable to deportation, the u003ca href=”https://www.miamiherald.com/news/nation-world/world/americas/venezuela/article312826312.html”u003eMiami Heraldu003c/au003e reports. u003c/liu003ennnnu003cliu003eStarting on Friday, the government shutdown led to more than 110 flight cancellations and nearly 600 delays across major Florida airports, including Orlando, Fort Lauderdale, Miami and Tampa, the u003ca href=”https://www.palmbeachpost.com/story/news/2025/11/07/faa-flight-cancellations-florida-airport-list/87142620007/”u003ePalm Beach Postu003c/au003e reports. u003c/liu003ennnnu003cliu003eBillionaire developer Jorge Pérez and other investors plan to replace a crucial 700,000-barrel fuel depot on Fisher Island with luxury condo towers, sparking concern from Miami-Dade officials about the effect on the port and local economy, according to u003ca href=”https://www.bloomberg.com/news/articles/2025-11-07/miami-condo-king-drops-180-million-for-lot-to-build-towers-on-fisher-island”u003eBloombergu003c/au003e. County commissioner Raquel Regalado called it an “existential crisis.”u003c/liu003enu003c/ulu003en”,”noAds”:false,”alternativeHeadline”:{“subheadline”:”Top developers, brokers and billionaires said the shift in New York will bring more wealth to South Florida”,”__typename”:”AlternativeHeadline”},”updatedPost”:{“updated”:false,”date”:”2025-11-09T18:08:00+00:00″,”__typename”:”UpdatedPost”},”aiSummary”:{“summary”:null,”reviewed”:false,”disabled”:false,”autoGenerate”:false,”__typename”:”AISummary”},”audioArticleSettings”:{“audioUrl”:”https://eleven-public-cdn.elevenlabs.io/audio-native/a24c95b71e45d877e2798ceb32ef0ff8b1d79dced18bffc58f5b3a0c6e8468ac/FEF2nMHWsjqdfEEudvDH/FEF2nMHWsjqdfEEudvDH.mp3″,”__typename”:”AudioArticleSettings”},”mainArt”:{“mediaType”:”image”,”image”:{“node”:{“sourceUrl”:”/wp-content/uploads/2025/11/weekly-dirt-9.7-1400×932.jpg”,”srcSet”:”/wp-content/uploads/2025/11/weekly-dirt-9.7-1400×932.jpg 1400w, /wp-content/uploads/2025/11/weekly-dirt-9.7-300×200.jpg 300w, /wp-content/uploads/2025/11/weekly-dirt-9.7-700×466.jpg 700w, /wp-content/uploads/2025/11/weekly-dirt-9.7-200×133.jpg 200w, /wp-content/uploads/2025/11/weekly-dirt-9.7-768×511.jpg 768w, /wp-content/uploads/2025/11/weekly-dirt-9.7-1024×682.jpg 1024w, /wp-content/uploads/2025/11/weekly-dirt-9.7-50×33.jpg 50w, /wp-content/uploads/2025/11/weekly-dirt-9.7.jpg 1500w”,”sizes”:”(max-width: 1400px) 100vw, 1400px”,”caption”:”u003cpu003eUgo Colombo, Camilo Miguel Jr. and Sam Nazarian with Zohran Mamdani (Getty; Illustration by Kevin Reu0026#8230;u003c/pu003en”,”altText”:”Ugo Colombo, Camilo Miguel Jr. and Sam Nazarian with Zohran Mamdani”,”__typename”:”MediaItem”},”__typename”:”AcfMediaItemConnectionEdge”},”video”:null,”caption”:”Ugo Colombo, Camilo Miguel Jr. and Sam Nazarian with Zohran Mamdani (Getty; Illustration by Kevin Rebong/The Real Deal)”,”__typename”:”MainArt”},”featuredImage”:{“node”:{“sourceUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/11/weekly-dirt-9.7-1400×932.jpg”,”srcSet”:”https://static.therealdeal.com/wp-content/uploads/2025/11/weekly-dirt-9.7-1400×932.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/weekly-dirt-9.7-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/weekly-dirt-9.7-700×466.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/weekly-dirt-9.7-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/weekly-dirt-9.7-768×511.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/weekly-dirt-9.7-1024×682.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/weekly-dirt-9.7-50×33.jpg 50w, https://static.therealdeal.com/wp-content/uploads/2025/11/weekly-dirt-9.7.jpg 1500w”,”sizes”:”(max-width: 1400px) 100vw, 1400px”,”caption”:”u003cpu003eUgo Colombo, Camilo Miguel Jr. and Sam Nazarian with Zohran Mamdani (Getty; Illustration by Kevin Reu0026#8230;u003c/pu003en”,”altText”:”Ugo Colombo, Camilo Miguel Jr. and Sam Nazarian with Zohran Mamdani”,”mediaDetails”:{“sizes”:[{“width”:”1400″,”height”:”932″,”__typename”:”MediaSize”}],”__typename”:”MediaDetails”},”__typename”:”MediaItem”},”__typename”:”NodeWithFeaturedImageToMediaItemConnectionEdge”},”__typename”:”Post”,”template”:{“templateValue”:”right-rail”,”__typename”:”DefaultTemplate”},”seo”:{“title”:”Developers, Billionaires Blast Mamdani effect on Miami”,”fullHead”:”u003c!– This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v26.1.1) – https://yoast.com/wordpress/plugins/seo/ –u003enu003cmeta name=”description” content=”New York City’s Mayor-elect Zohran Mamdani was on the minds of Miami developers, brokers and billionaires last week.” /u003enu003cmeta name=”robots” content=”index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1″ /u003enu003clink rel=”canonical” href=”https://therealdeal.com/miami/2025/11/09/developers-billionaires-blast-mamdani-effect-on-miami/” /u003enu003cmeta property=”og:locale” content=”en_US” /u003enu003cmeta property=”og:type” content=”article” /u003enu003cmeta property=”og:title” content=”The Weekly Dirt: Mamdani effect takes center stage in Miami” /u003enu003cmeta property=”og:description” content=”New York City’s Mayor-elect Zohran Mamdani was on the minds of Miami developers, brokers and billionaires last week.” /u003enu003cmeta property=”og:url” content=”https://therealdeal.com/miami/2025/11/09/developers-billionaires-blast-mamdani-effect-on-miami/” /u003enu003cmeta property=”og:site_name” content=”The Real Deal” /u003enu003cmeta property=”article:publisher” content=”https://www.facebook.com/therealdealmedia/” /u003enu003cmeta property=”article:published_time” content=”2025-11-09T18:00:00+00:00″ /u003enu003cmeta property=”og:image” content=”https://static.therealdeal.com/wp-content/uploads/2025/11/weekly-dirt-9.7.jpg” /u003entu003cmeta property=”og:image:width” content=”1500″ /u003entu003cmeta property=”og:image:height” content=”999″ /u003entu003cmeta property=”og:image:type” content=”image/jpeg” /u003enu003cmeta name=”author” content=”Katherine Kallergis” /u003enu003cmeta name=”twitter:card” content=”summary_large_image” /u003enu003cmeta name=”twitter:description” content=”New York City’s Mayor-elect Zohran Mamdani was on the minds of Miami developers, brokers and billionaires last week.  His win on Tuesday has fueled a number of memes and social media posts claiming that a mass exodus of wealthy New Yorkers to Florida is already underway. He’s promised to freeze rents on rent-stabilized buildings and increase corporate and income taxes.u0026nbsp; At The Real Deal’s Miami Real Estate Forum, held on Wednesday and Thursday, Mamdani was at the center of many conversations. While he disagrees with Mamdani’s politics, hospitality mogul Sam Nazarian said his campaign “hit a chord for the next [u0026hellip;]” /u003enu003cmeta name=”twitter:creator” content=”@trdny” /u003enu003cmeta name=”twitter:site” content=”@trdny” /u003enu003cmeta name=”twitter:label1″ content=”Written by” /u003entu003cmeta name=”twitter:data1″ content=”Kevin Rebong” /u003entu003cmeta name=”twitter:label2″ content=”Est. reading time” /u003entu003cmeta name=”twitter:data2″ content=”5 minutes” /u003enu003cscript type=”application/ld+json” class=”yoast-schema-graph”u003e{“@context”:”https://schema.org”,”@graph”:[{“@type”:”NewsArticle”,”@id”:”https://therealdeal.com/miami/2025/11/09/developers-billionaires-blast-mamdani-effect-on-miami/#article”,”isPartOf”:{“@id”:”https://therealdeal.com/miami/2025/11/09/developers-billionaires-blast-mamdani-effect-on-miami/”},”author”:[{“@type”:”Person”,”@id”:”https://therealdeal.com/#/schema/person/2ec87f8cf2214bd77d8b7913c476cf43″,”name”:”Katherine Kallergis”,”image”:{“@type”:”ImageObject”,”url”:”https://secure.gravatar.com/avatar/c2c25fd6c44919923b90a57ca205e61f043ea5fe246acf98f17af994b2103337?s=96u0026#038;d=mmu0026#038;r=g”},”description”:”Katherine Kallergis is residential bureau chief and a senior reporter at The Real Deal. Katherine, who has won awards from NAREE and the Society of Professional Journalists, reports on the South Florida market, with a focus on residential real estate and new development. She also works with reporters across TRD’s markets covering the resi beat, and writes The Weekly Dirt newsletter. 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