{"id":1649,"date":"2025-11-09T13:50:21","date_gmt":"2025-11-09T18:50:21","guid":{"rendered":"https:\/\/www.brickellsold.com\/blog\/developers-billionaires-blast-mamdani-effect-on-miami\/"},"modified":"2026-04-13T10:41:26","modified_gmt":"2026-04-13T14:41:26","slug":"developers-billionaires-blast-mamdani-effect-on-miami","status":"publish","type":"post","link":"https:\/\/www.brickellsold.com\/blog\/developers-billionaires-blast-mamdani-effect-on-miami\/","title":{"rendered":"Developers Billionaires Blast Mamdani: 7 Proven Developers, Billionaires Blast Mamdani effect on Miami: Mistakes to"},"content":{"rendered":"<\/p>\n

Developers Billionaires Blast Mamdani<\/strong> helps improve planning, consistency, and publishing quality when teams follow a repeatable workflow.<\/p>\n

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New York City\u2019s Mayor-elect Zohran Mamdani was on the minds of Miami<\/a> developers, brokers and billionaires last week.\u00a0<\/strong><\/p>\n

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\u2019s promised to freeze rents on rent-stabilized buildings and increase corporate and income taxes.\u00a0<\/p>\n

At The Real Deal<\/em>\u2019s Miami<\/a> Real Estate Forum, held on Wednesday and Thursday, Mamdani was at the center of many conversations. While he disagrees with Mamdani\u2019s politics, hospitality mogul Sam Nazarian said his campaign \u201chit a chord for the next generation.\u201d\u00a0<\/p>\n

Developer Kevin Maloney joked that he contributed to Mamdani\u2019s 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. \u201cMamdani, I think, is probably going to end the city,\u201d he said on a panel with developers Bruce Eichner and Carlos Rosso.\u00a0<\/p>\n

But most speakers were a bit more skeptical. Mamdani\u2019s election is prompting New Yorkers who were already considering a move, they said.\u00a0<\/p>\n

Developers 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.\u00a0<\/p>\n

Agents said they\u2019re receiving calls post-election, but \u201cmost of them were people venting,\u201d Danny Hertzberg said. And contracts are still being signed in New York, residential agents in the city told my colleagues in New York. \u201cI don\u2019t want to hear any more nonsense from Florida brokers,\u201d said Serhant\u2019s Ravi Kantha.\u00a0<\/p>\n

The 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\u2019s Jamie Dimon and others spoke.\u00a0<\/p>\n

Griffin 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.\u00a0<\/p>\n

Griffin 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\u2019s homeless shelter, which opened a new 70,000-square-foot campus in Miami\u2019s Overtown.<\/p>\n

Interviewed by Fox News\u2019 Bret Baier, Griffin said he prays that Mamdani implements policies that are \u201cdifferent than the talking points he used to win the mayoral race.\u201d\u00a0<\/p>\n

\u201cI\u2019ve 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,\u201d Griffin said. \u201cI really hope that when Mamdani thinks about leadership, he thinks about the right role models. And there\u2019s a lot to copy from our great state of Florida and from this great city of Miami.\u201d\u00a0<\/p>\n

Griffin 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.<\/p>\n

Witkoff told Baier that he tells his son, Witkoff CEO Alex Witkoff, to not sell any real estate.\u00a0<\/p>\n

\u201cWe have a lot in Florida. We\u2019ve got a big, deep, long bet on Florida, for all the obvious reasons,\u201d Witkoff said. \u201cThe only downside to Florida people can think of is hurricanes.\u201d\u00a0<\/p>\n

What we\u2019re thinking about:<\/em><\/strong> If you have buyers who said they are leaving New York specifically because of Mamdani, send me a note at kk@therealdeal.com.\u00a0<\/p>\n

CLOSING TIME<\/strong><\/p>\n

Residential: <\/strong>Todd and Brandie Herbst sold the single-family home at 167 Everglade Avenue in Palm Beach for just over $21 million \u2014 about $500,000 over the asking price \u2014 to Everglade167 LLC. Todd Herbst co-founded Big Time Restaurant Group in 1993.\u00a0<\/p>\n

Commercial:<\/strong> In Palm Beach Gardens, Aventura-based Advenir offloaded an apartment complex at 4120 Union Square Boulevard, known as the Palm Beach Gardens Apartments, for $117.9 million. An LLC tied to Boston-based West Shore purchased the property.\u00a0<\/p>\n

\u2014 Research by Mary Diduch<\/em><\/p>\n

NEW TO THE MARKET\u00a0<\/strong><\/p>\n

An 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\u2019s 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\u2019s being marketed as a teardown.<\/p>\n

911 North Ocean Boulevard in Palm Beach<\/figcaption><\/figure>\n

A thing we\u2019ve learned:<\/strong><\/p>\n

Florida 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 Tallahassee Democrat.<\/p>\n

Elsewhere in Florida<\/strong><\/p>\n