{"id":33009,"date":"2025-11-04T16:40:55","date_gmt":"2025-11-04T16:40:55","guid":{"rendered":"https:\/\/columbusintl.com\/miami-developers-court-wealthy-new-yorkers-amid-mamdani-election-fears\/"},"modified":"2025-11-04T16:48:23","modified_gmt":"2025-11-04T16:48:23","slug":"miami-developers-court-wealthy-new-yorkers-amid-mamdani-election-fears","status":"publish","type":"post","link":"https:\/\/columbusintl.com\/en\/miami-developers-court-wealthy-new-yorkers-amid-mamdani-election-fears\/","title":{"rendered":"Miami Developers Court Wealthy New Yorkers Amid Mamdani Election Fears"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\" id=\"h-l-esodo-anticipato-dopo-la-vittoria-attesa-del-candidato-socialista-rimane-in-gran-parte-non-confermato-dai-dati-di-mercato\">Anticipated exodus following socialist candidate&#8217;s expected victory remains largely unconfirmed by market data<\/h1>\n\n<p class=\"\">As New York&#8217;s mayoral election approaches, Miami luxury real estate developer Isaac Toledano quipped that many in Florida might soon recognize Mamdani &#8220;as the best real estate salesman of the year.&#8221;<\/p>\n\n<p class=\"\">Toledano represents a cohort of South Florida developers positioning themselves to benefit from what they predict will be a wave of affluent New Yorkers relocating if democratic socialist Zohran Mamdani secures the mayor&#8217;s office this week.<\/p>\n\n<p class=\"\">Anxiety about Mamdani driving away New York&#8217;s wealthy has intensified since the 34-year-old candidate&#8217;s surprising Democratic primary victory in June. Prominent critics like billionaire hedge fund manager Bill Ackman, who has funded opposition efforts against Mamdani&#8217;s campaign, have forecasted a corporate and individual migration to Florida. <\/p>\n\n<p class=\"\">Multiple Miami luxury property agents told the Financial Times they&#8217;re witnessing increased interest from prospective New York buyers\u2014what they&#8217;ve dubbed the &#8220;Mamdani effect.&#8221;<\/p>\n\n<p class=\"\">However, hard data tells a different story.<\/p>\n\n<p class=\"\">According to realtor.com senior economist Jake Krimmel, searches originating from Manhattan for South Florida properties dropped 5 percent year-over-year during the third quarter. Similarly, Zillow reported that Miami property page views from New York users fell from 7.5 percent last September to 7.3 percent this year. <\/p>\n\n<p class=\"\">Juan Arias, National Director of US Industrial Analytics at real estate data firm Costar, expects any actual increase in New York-to-Miami relocations &#8220;will be marginal.&#8221;<\/p>\n\n<p class=\"\">Yet Toledano, whose BH Group has developed high-end properties including Ritz-Carlton residences in West Palm Beach, claims his firm closed over $100 million in contracts with New Yorkers during the past four months\u2014roughly twice last year&#8217;s comparable period. Still, most developers acknowledge it remains premature to definitively measure wealthy New Yorkers&#8217; Miami interest ahead of potential Mamdani administration. <\/p>\n\n<p class=\"\">South Florida real estate professionals report that New York prospects express concerns about declining safety, hostile business conditions, and rising taxes under Mamdani. The progressive candidate proposes increasing New York&#8217;s corporate tax from 7.25 to 11.5 percent while raising levies on millionaires. <\/p>\n\n<p class=\"\">Developers contrast this with Florida&#8217;s advantages: a 5.5 percent corporate tax rate, zero personal income tax, and Miami&#8217;s tropical climate.<\/p>\n\n<p class=\"\">Edgardo Defortuna, CEO of Fortune Group, described recently selling a North Miami Beach luxury unit to a New Yorker seeking a Florida &#8220;safety place&#8221; should Mamdani win.<\/p>\n\n<p class=\"\">Douglas Elliman has intensified Miami marketing toward New York buyers, according to senior vice president of new developments Sharon Navotny.<\/p>\n\n<p class=\"\">Some brokers suggest this anticipated New York migration is influencing other markets. Defortuna noted that at a recent Mexico City real estate expo, buyers considered accelerating purchases before the expected New Yorker influx. Navotny mentioned a client contemplating ending a four-month property search for similar reasons.  <\/p>\n\n<p class=\"\">Agents point to billionaire Ken Griffin relocating hedge fund Citadel from Chicago to Miami in 2022, and activist investor Carl Icahn&#8217;s New York-to-South Florida move, as evidence of Wall Street&#8217;s growing Miami interest.<\/p>\n\n<p class=\"\">Yet Costar&#8217;s Arias offers an alternative explanation for Miami brokers&#8217; enthusiasm about New York wealth flowing toward beachfront condominiums with private dining and extensive amenities. With international migration to South Florida slowing and pressuring the apartment market, &#8220;the broker community wants to have something positive to say,&#8221; he observed. <\/p>\n\n<p class=\"\">New York-based Corcoran broker Kirsten Jordan noted that wealthy New Yorkers&#8217; &#8220;initial reaction&#8221; to Mamdani&#8217;s primary win &#8220;was much stronger.&#8221;<\/p>\n\n<p class=\"\">&#8220;Now we&#8217;re in wait-and-see mode,&#8221; she said.<br\/><br\/>Source: <a href=\"https:\/\/www.ft.com\/content\/eef9fa26-1f18-4c9f-b952-9ee5033d3092\">Financial Times <\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Anticipated exodus following socialist candidate&#8217;s expected victory remains largely unconfirmed by market data As New York&#8217;s mayoral election approaches, Miami luxury real estate developer Isaac Toledano quipped that many in Florida might soon recognize Mamdani &#8220;as the best real estate salesman of the year.&#8221; Toledano represents a cohort of South Florida developers positioning themselves to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":25605,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[12,14],"tags":[],"class_list":["post-33009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-insights","category-miami","entry","has-media"],"acf":[],"yoast_head":"<!-- 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