Miami has come to be known as the sixth borough of New York City, flourishing through the pandemic as moneyed Northeasterners have made a well-publicized move south. High earners, who in any other year would be packed into subways on their way to Midtown skyscrapers, are instead filling the Miami restaurants and buying pricey Florida houses and condos as coronavirus restrictions made New York City’s winter more brutal than ever.
The migration is more than Wall Streeters. A bevy of New York City commercial real estate players, whose business stakes are firmly in the Manhattan ground, have been operating from South Florida. The weather isn’t the only draw. Miami has emerged as an easier place to work on New York deals than the Big Apple itself, industry players told
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Fried Frank’s annual holiday bash typically draws about 1,000 clients and friends to Cipriani, where they stand elbow to elbow sipping cocktails and snacking on hors d’oeuvres.
But this year may be one for the Grinch.
Planning for the firm’s annual holiday bash typically starts a year in advance. But last month, the white-shoe law firm officially pulled the plug on its celebration, seen by many as the industry’s unofficial start to the holiday season.
“As much as I like having fun and going to the parties and seeing everybody, I think this is the year of no parties.”