A $22.5 million Miami Beach penthouse is now the most expensive property to ever be paid for in cryptocurrency

Arte Hero
The Arte condominium in the Surfside neighborhood of Miami Beach features 16 luxury units.

  • An anonymous buyer purchased a $22.5 million Miami Beach penthouse with cryptocurrency.
  • It’s the most expensive cryptocurrency-based real estate purchase ever made.
  • The practice of purchasing real estate with crypto has become more mainstream over the last several years.
  • See more stories on Insider’s business page.

An exclusive penthouse address in the Surfside neighborhood of Miami Beach has set a record for the biggest known all-cryptocurrency real estate transaction.

In mid-May, the Arte Surfside by Antonio Citterio announced it would accept cryptocurrency as payment. Weeks later, it sold the first of its 16 units to an unnamed buyer for $22.5 million in crypto.

LPH Living room
One of its floor-through penthouses sold for $22.5 million – in cryptocurrency.

The 5,067-square-foot penthouse is located on the ninth floor of the 12-story building, and includes four bedrooms and four bathrooms. Its standout feature is a 2,960-square-foot terrace with oceanfront views.

Arte has not released the name of the buyer or the particular crypto in which the buyer paid for the deal, but the building’s developers believe they’re on the cusp of a radical shift in the real estate market.

“Cryptocurrency is the future of wealth, and we believe this is only the beginning,” said Arte’s codeveloper Giovanni Fasciano in a statement. “Arte has set the precedent for what these sales can look like, and how fast they can take place. We’re proud to have laid the groundwork for this new, burgeoning world.”

LPH Entertaining Space
The apartment is more than 5,000 square feet and boasts four bedrooms and four bathrooms.

So what does $22.5 million in crypto get you, amenities-wise? Arte offers indoor and outdoor swimming pools, a rooftop tennis court, and a gym and yoga studio, along with a sauna, a steam room, and something Arte refers to as a “beachfront meditation pond.” There’s also a children’s playroom, a catering kitchen, and temperature-controlled parking spaces.

LPH Master Bedroom Lounge
It also boasts miles of ocean views.

The all-crypto deal comes as brokerages have begun to more seriously consider cryptocurrency.

Some brokerages have begun hiring specialists to handle crypto transactions, but most developers and agents aren’t yet accepting cryptocurrency as payment and require that sellers instead convert their crypto into cash for purchases.

New companies, including a start-up called Propy, have popped up to offer crypto courses for real estate agents, creating a new industry in the process. For around $500, Propy teaches agents how to work with crypto-solvent clients.

In an interview with Forbes, Fasciano said he believes real estate will remain a strong investment opportunity even as crypto changes what that wealth looks like.

“History has proven that new wealth holders always turn to real estate as a way to preserve their wealth – as well as their legacy – for the long term,” he said. “So we expected that the world’s newest cryptocurrency millionaires and billionaires would naturally share this same logic.”

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A triplex penthouse that was once Miami’s most expensive listing just sold at a 27% discount after 6 years on the market. Take a look inside.

miami beach penthouse
The penthouse offers stunning views of South Beach and downtown Miami.

  • Real-estate developer Ian Bruce Eichner sold his Miami Beach penthouse for $35 million after 6 years on the market, per the WSJ.
  • The 11,031-square-foot condo occupies three floors at the top of a 42-story tower.
  • I toured the penthouse in May 2019, when it was the priciest listing in Miami-Dade County.
  • See more stories on Insider’s business page.
Real-estate developer Ian Bruce Eichner has sold his three-level Miami Beach penthouse for $35 million, six years after he put it on the market, Candace Taylor reported for The Wall Street Journal.

continuum miami

The 11,031-square-foot condo, at the top of the 42-story Continuum tower in the South of Fifth neighborhood, was Eichner’s personal penthouse. He first put it on the market it in 2015, and it was most recently listed for $39.9 million, per the Journal.

Eichner, who founded the Continuum Company, finished the Continuum condo in the early 2000s. 

Before selling it, Eichner had been renting out the penthouse for up to $200,000 per month, the developer told the Journal. 

In May 2019, I got a tour of the Continuum penthouse, which was then the most expensive condo for sale in Miami-Dade County, listed at $48 million.

penthouse miami beach

The final sale price was a roughly 27% discount from its 2019 asking price.

When I visited, the penthouse was listed with Eloy Carmenate and Mick Duchon of Douglas Elliman. Both agents are now at Corcoran and held the listing there, according to the Journal. 

 

During my visit, my first look at the triplex penthouse was the grand entryway.

miami beach penthouse

Source: Douglas Elliman

During my tour, I found that the living room, pictured below, was decorated in neutrals with black and gold accents.

miami beach penthouse

Source: Douglas Elliman

The formal dining room stuck to the white-and-marble theme.

miami beach penthouse

Source: Douglas Elliman

The eat-in kitchen has stainless-steel appliances and marble countertops to match the floors …

miami beach penthouse

Source: Douglas Elliman

… as well as three ovens and a built-in espresso machine.

miami beach penthouse

Source: Douglas Elliman

The penthouse has seven bedrooms, each of which has floor-to-ceiling windows and sweeping views.

miami beach penthouse

Source: Douglas Elliman

This bedroom opens up to a long terrace that connects to the master suite.

miami beach penthouse

Source: Douglas Elliman

In the master suite, wraparound floor-to-ceiling windows fill the room with sunlight and open up to views of the ocean.

penthouse miami beach

Source: Douglas Elliman

A private terrace off the suite overlooks South Beach and downtown Miami.

miami beach penthouse

Source: Douglas Elliman

It also offers views of Fisher Island, the richest ZIP code in the US, where the average income is $2.2 million and the beaches have sand imported from the Bahamas.

fisher island miami

Source: Insider

The master bathroom features marble floors, double vanities, and large mirrors.

penthouse miami beach

Source: Douglas Elliman

A marble soaking tub overlooks the ocean.

miami beach penthouse

Source: Douglas Elliman

The bathroom also has a walk-in double shower and its own small terrace.

miami beach penthouse

Source: Douglas Elliman

And then there’s the penthouse’s main terrace, a massive 6,091-square-foot outdoor space.

miami beach penthouse

Among the home’s other amenities is a screening room.

The penthouse also has a private pool, which sits on the level above the main terrace and overlooks the Atlantic Ocean.

miami beach penthouse

Eichner, who’s based in New York City, told the Journal that he was looking for another vacation home in the Miami area.

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Police used sound cannons and pepper balls to disperse curfew violators in Miami Beach. Black community leaders are concerned.

Miami Beach
Miami Beach police officers direct people away from the area as an 8pm curfew is in place on March 21, 2021 in Miami Beach, Florida.

  • Leaders in Miami Beach, Florida, instituted a curfew Saturday night to dispel large crowds.
  • Spring breakers have been the focus of viral photos and videos and made headlines for causing chaos.
  • The police response was called out by Black leaders in South Florida, the Miami Herald reported.
  • See more stories on Insider’s business page.

Leaders in the Black community in South Florida are raising concerns over the way police responded to spring breakers on Miami Beach after a curfew was imposed this weekend following large crowds and chaotic behavior from tourists and partiers.

“When I saw what happened on Saturday night, the only thing I could do was shake my head in sadness and disgust,” Stephen Hunter Johnson, the chairman of the Miami-Dade Black Advisory Board, told Insider.

Many of the spring breakers in Miami Beach this year appeared to be young and Black, he said.

“My objection isn’t that Miami Beach is policing the beach,” Johnson added. “My objection is that we’re not doing it in what I think is a sensible way, given the circumstances and given the mood of the country.”

Prior to Saturday, Johnson said he didn’t mind the police response to spring breakers this year. But, he said, he was “disappointed” to hear of a curfew that was imposed by Miami Beach Mayor Dan Gelber at 4 p.m. Saturday.

Officials said the curfew was imposed after spring break vacationers damaged restaurants, gathered without masks or social distancing, and fought in the streets, Insider previously reported.

It went into effect four hours later, at 8 p.m. Not long after, the Miami Beach police were blasting sound cannons and using pepper balls to disperse crowds. The tactics appeared to work. At 9:37 p.m., the crowd seemed entirely gone, according to a photo of a typically crowded intersection tweeted by police.

Glendon Hall, the chairman of Miami Beach Black Affairs Advisory Committee, told the Miami Herald on Sunday he was on the beach’s famed Ocean Drive when police arrived. He said he and some of the city’s “goodwill ambassadors” – volunteers who were helping pass out masks – were helping remove people from the street after the curfew was in effect.

He told the Herald the crowd had been calm until a Coral Gables SWAT truck arrived, which heightened tensions. A brief stampede ensued when police began to fire pepper balls at the crowd.

Johnson told Insider the images and video showing rowdy partygoers weren’t that unusual for spring break in Miami Beach. But what made matters worse this year, he said, were local COVID-19 restrictions that allowed full capacity at hotels but capped capacity at restaurants and bars to 50%.

“It’s not the first time someone’s run out on the bill at someplace on a beach during spring break,” Johnson told Insider. “It’s not the first time that people have gotten into drunk fights on spring break on the beach. It’s not even the first time that someone has danced on top of a car. That’s spring break on Miami Beach.”

But restrictions led more spring breakers to party in the streets, he said, creating some of the chaotic scenes and the headline-making viral images and videos of tightly-packed and maskless partiers standing atop cars.

Miami Beach Police Chief Richard Clements told the Miami Herald the police department would review the Saturday incident internally.

“I think officers felt threatened at the time,” Clements told the Herald. “There has to be an element there of either the crowd fighting or coming at officers.”

During a Sunday appearance WPLG’s “This Week in South Florida” Clements said the protests that occurred since George Floyd was killed by a police officer in Minneapolis last year have made confrontations between officers and the public more common.

Miami beach
People gather while exiting the area as an 8pm curfew goes into effect on March 21, 2021 in Miami Beach, Florida.

“If you spent the summer protesting police treatment of Black people nationwide, you’re going to be sensitive to police treatment of Black people while you’re on vacation,” Johnson said. “And what we don’t want – because Miami was spared some of the more disruptive protests the rest of the country experienced – is that reoccurring here on our beach.”

He said police should’ve been more prepared to disperse the crowd in a less confrontational way.

“It leaves one to question are we overly focused on these kids because these kids are Black,” Johson said, referencing similar scenes of maskless partiers in South Padre Island, Texas, another popular destination among college spring breakers.

While many Miami Beach residents applauded the curfew, Connolly Graham, a member of the Miami Beach Black Affairs Advisory Committee, told the Miami Herald last week “we have to realize that we are definitely fighting an undertone of racism” in the community.

Looking toward Memorial Day, Johnson said the Miami-Dade Black Advisory Board, Miami Beach Black Affairs Advisory Committee, and the local chapter of the NAACP planned to meet with police to avoid a repeat of the Saturday incident.

“In the past, that’s exactly what the Miami Beach Police Department did,” he said. “They were very proactive. And we want to make sure that we get back to them being proactive about discussing their plan.”

Miami Beach city commissioners on Sunday extended the curfew, in effect from 8 p.m. to 6 a.m. Thursday-Sunday, until April 12.

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Miami Beach extends emergency curfew as spring break crowds lead to arrests, violence

miami baech spring break
Police detaining a person while enforcing the new Miami Beach, Florida curfew on March 20.

  • Miami Beach, Florida extended its curfew in the city’s South Beach entertainment district until April 12.
  • An 8 p.m. curfew and limited causeway access into the city will go into effect from Thursdays through Sundays.
  • Miami Beach’s spring break crowds have become increasingly rowdy, leading to violence and arrests.
  • See more stories on Insider’s business page.

Miami Beach, Florida has extended its 8 p.m. curfew in a bustling part of the city until April 12 as the hot destination continues to see an influx of travelers “disregarding the law” during this year’s spring break season, the Miami Herald reported.

Local city officials have been concerned about spring break travelers for several weeks now, and the city initially implemented several safety protocols ahead of this “high impact period.”

“If you are coming here with an anything-goes party attitude, change your flight reservation now and go to Vegas,” Raul Aguila, Miami Beach’s city manager previously said during a city council meeting before the travel surge, The Wall Street Journal reported. “Miami Beach is not going to tolerate anarchy.

However, it seems like “anarchy” is exactly what’s now unfolding. Videos and images from Miami Beach have shown packs of people without face masks or social distancing. These crowds have also “demonstrated a disregard for the rule of law,” resulting in fights, injuries, and property damage, according to the city’s state of emergency declaration.

As a result, over the last few days, Miami Beach police officers have shot pepper balls into crowds and arrested more than 100 people, all in an attempt to curb a rowdy spring break group that has descended upon the warm-weather destination.

“I have personally had trouble even sleeping at night, worrying about what’s going to happen in the city,” Dan Gelber, mayor of Miami Beach, said, according to the Washington Post.

In response to this, during an emergency meeting on Sunday, the city approved an extension on both its 8 p.m. curfew in the South Beach entertainment district and decreased causeway access to Miami Beach. These protocols will be implemented from Thursday through Sunday until the end of spring break, April 12, the Miami Herald reported.

Read more: Executives and companies fleeing to Miami from Wall Street and Silicon Valley are fueling a real estate boom

“This is a spring break like no other,” Aguila said, according to a report from NBC News.

The city has attributed this surge of spring break visitors to three areas: reduced flight, hotel, and rental costs. In Miami specifically, hotels have been looking at 90% occupancy rates for Thursday-through-Sunday stays through the spring break season, Wendy Kallergis, president and CEO of the Greater Miami and the Beaches Hotel Association, told Insider earlier this month.

As a result, Jan Freitag – the national director for hospitality market analytics at STR, a hospitality data and analytics group – predicted that Miami, and all of South Florida, will be doing “quite well” during the spring break travel season into the impending summer travel boom.

“I believe it’s a lot of pent-up demand from the pandemic and people wanting to get out,” David Richardson, a Miami Beach City Commission member, said, the New York Times reported. “And our state has been publicly advertised as being open, so that’s contributing to the issue.”

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Miami Beach police shot pepper balls at unruly spring break crowds who were breaking the emergency 8 p.m. curfew

miami spring break
People enjoy themselves as they walk along Ocean Drive on March 18, 2021 in Miami Beach, Florida. College students have arrived in the South Florida area for the annual spring break ritual.

  • Miami Beach police threw pepper balls at an unruly spring break crowd on Saturday, WPLG reported.
  • The city declared a state of emergency and set a curfew from 8 p.m. to 6 a.m. starting Saturday.
  • The crowds were mostly maskless and out past the city’s curfew.
  • See more stories on Insider’s business page.

Police in Miami Beach shot pepper balls at spring break crowds that refused to abide by the city’s 8 p.m. curfew on Saturday night, local outlet WPLG reported.

Earlier on Saturday, the city of Miami Beach declared a state of emergency and set a curfew from 8 p.m. to 6 a.m. starting that night, in response to the thousands of people who had traveled to the popular spring break destination.

Officials said Sunday the measures will remain in place for Thursday to Sunday until April 11, when the spring break crowds thin, The Washington Post reported.

“I have personally had trouble even sleeping at night, worrying about what’s going to happen in the city,” Mayor Dan Gelber said Sunday, according to The Post. “And that shouldn’t be the state of any mayor or any commissioner or any manager or any police chief.”

Police arrested at least a dozen people on Saturday after hundreds of mostly maskless tourists stayed out past the curfew, CNN reported.

Hours after the curfew was announced and went into place people were still roaming around, WPLG reported.

“At night there is no question that it became a little out of control or a lot out of control,” Gelber told the outlet.

Footage of the night from WPLG shows a stampede unfolding after police threw pepper balls into the large crowd.

In a tweet, police said they arrested over 50 people since Friday. This comes after over 100 people were arrested last weekend, as police clamped down on spring breakers.

Two police officers were injured after a large unruly crowd surrounded officers who were making an arrest last Friday. Police also used pepper balls in that instance.

While Florida lifted all COVID-19 restrictions in September, the city of Miami Beach still mandates that people wear face coverings in public.

Miami Beach spokeswoman Veronica Payssé told CNN last week that the state does not allow the city to fine those who violate mask orders, which she said has made it harder for police to patrol the destination.

Florida hit a new pandemic milestone of 2 million coronavirus cases on Saturday, according to data compiled by Johns Hopkins University.

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100 people have already been arrested at Miami Beach this weekend as people head down for spring break

miami beach spring break
Miami Beach during spring break in 2017.

  • Around 100 people have been arrested in Miami Beach over the weekend, CNN reported.
  • Two police officers were injured breaking up a crowd of around 200 people on Friday.
  • A Miami Beach spokeswoman told CNN the pandemic has made it more difficult to handle vacationers.
  • See more stories on Insider’s business page.

Altogether around 100 people have been arrested over the weekend in Miami Beach, Florida, as police clamp down on what they described as unruly spring breakers, CNN reported.

On Saturday, 30 people were arrested Miami Beach Police said. The night prior, two officers were injured and taken to the hospital after a large unruly crowd surrounded officers making an arrest.

Police said in a tweet that they “forced to utilize pepper balls to disperse members of the crowd.”

Miami Beach Police did not reply to Insider’s email request for comment at the time of publication but told the Associated Press that as of Saturday, the two officers were released from the hospital but are still off-duty as they recover.

WSVN reported that a video surfaced of an officer body-slamming a man as he tried to arrest him on Friday. Miami Beach Police Officer Ernesto Rodriguez told the outlet that the man was inciting a crowd of around 200 people.

Miami Beach spokeswoman Veronica Payssé told CNN that drugs and weapons were seized from those who were detained.

Local outlet WPLG reported that officers are working 12-hour shifts. Payssé told CNN that while this conduct is common during spring break, the pandemic has made it difficult to police.

The city still mandates that people wear face coverings in public, but Payssé told CNN the state doesn’t allow those who don’t follow mask orders to be fined.

“We are dealing with the behavior,” Chief of Police Richard Clements told WPLG. “All we want to do is for people who want to come down here to have a good time, enjoy themselves, but obey the rules.”

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Spring breakers spreading COVID-19 variants could ‘spell disaster’ for the country, expert warns

miami florida spring break
Spring breakers at Miami Beach, Florida in March 2016.

  • Spring breakers could increase the spread of the highly-transmissible B117 variant, CNN reported.
  • Global health expert Dr. Peter Hotez has warned that these vacations could “spell disaster” for the country.
  • Florida, a popular spring break location, has more cases of the B117 variant than any other sate.
  • Visit the Business section of Insider for more stories.

Spring break, which begins for many colleges this month, could trigger the rampant spread of new COVID-19 variants across the US, a world-leading global health expert told CNN.

While CDC advice remains to stay at home and avoid travel, students opting to vacation at spring break hotspots might accelerate the transmission of highly contagious strains.

“It’s the perfect storm,” Dr. Peter Hotez, founding dean of the National School of Tropical Medicine, told CNN.

Hotez said he is particularly concerned that college students heading to Florida’s beaches could result in a surge of cases of the B117 coronavirus variant, also known as the UK variant.

“You’ve got the B117 variant accelerating in Florida. You’ve got all these 20-year-old kids. None of them are going to have masks. They’re all going to be drinking. They’re having pretty close, intimate contact,” he told CNN. “And then, after that’s all done, they’re going to go back to their home states and spread the B117 variant.”

The B117 variant is believed to be up to 74% more contagious than the original virus. Florida, one of the most popular spring break locations, is currently the epicenter of the highly transmissible strain.

There are 642 cases of the variant in the Sunshine State, more than any other state in the nation, according to the CDC.

“Spring break in Florida could spell disaster for the country,’ Hotez told CNN. 

“This is not the time to have a superspreader event for that UK variant, which is what spring break in Florida would look like,” Hotez added. “This is not the time to be sending a bunch of 20-year-olds to Florida, then sending them back, disseminating it across the country.”

Mayor Dan Gelber of Miami Beach, Florida, shares these concerns. He told CNN that spring breakers congregating at bars, hotels, and restaurants “might become the kinds of super-spreaders that I think we saw a year ago.” 

Miami Beach has launched an ad campaign urging young people to vacation responsibly, reported The Wall Street Journal.

Bars, restaurants, and clubs will remain open because the city is unable to keep them closed due to a state executive order from Gov. Ron DeSantis, the paper reported.

Gelber said that he would “love to have the governor’s voice urging people to be responsible.” But, he told CNN that this is not happening.

Gov. Ron DeSantis chose never to implement statewide mask mandates. Last year, Florida became of the biggest states to loosen COVID-19 restrictions when DeSantis reopened all restaurants, hotels, and bars at full capacity.

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Local Florida officials are warning spring breakers to stay away from Miami and ‘go to Vegas’ if they don’t plan on following new rules

miami florida spring break
Spring breakers at Miami Beach, Florida in March 2016.

  • A Miami Beach, Florida official is asking spring breakers to go to Las Vegas instead.
  • College students have historically flocked to Florida’s beaches for spring break.
  • Miami Beach has implemented several health and safety protocols from February 22 to April 12.
  • Visit the Business section of Insider for more stories.

Florida’s beaches have always been a go-to destination for college students on spring break. But this year, a Miami Beach, Florida official is asking spring breakers to instead head to Las Vegas amid concerns of COVID-19 spread from partygoers. 

“If you are coming here with an anything-goes party attitude, change your flight reservation now and go to Vegas,” Raul Aguila, Miami Beach’s city manager, said during a city council meeting, the Wall Street Journal reported. “Miami Beach is not going to tolerate anarchy.”

Last year, several colleges were out on spring break when the US started imposing coronavirus-related shutdowns. As a result, Florida’s Fort Lauderdale and Miami Beach began implementing safety protocols, such as limited gatherings to 250 people and an 11 p.m. curfew.

However, a number of these college party goers did not heed COVID-19 warnings, and instead continued to pack classic but open spring break destinations in parts of Florida, Texas, and the Bahamas. 

Now, the spring break season is upon us again, and with this comes renewed fear of COVID-19 spread in partying hot spots like Miami Beach. And it’s starting to seem like the virus won’t be stopping these young travelers: Fort Lauderdale and Miami Beach are already looking packed from spring break visitors again, WSVN 7 News reported

Dan Gelber, mayor of Miami Beach, is now predicting a “larger than typical spring break,” Gelber told WSVN 7 News. In response, Miami Beach has implemented even stronger safety protocols for crowds between February 22 to April 12. These new safety measures now include capacity limits on parking garages and some public beaches, as well as increased police presence.

The typical boozy spring break must-haves like coolers, tents, and alcohol consumption are now also banned from public beaches during this “high impact period.” 

“If you plan to vacation on Miami Beach, do so responsibly or be arrested,” Aguila said in the news release announcing these additional targeted spring break measures.

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A billionaire New York hedge-fund CEO just dropped $20 million on a Miami Beach mansion as Wall Street firms plan moves to Florida

dan loeb miami beach
A Google Maps street view of Loeb’s new Miami Beach home.

New York hedge-fund executive Dan Loeb has picked up a Miami Beach mansion for $20 million, Katherine Kallergis reported for The Real Deal. 

Loeb, the founder and CEO of New York-based hedge fund Third Point, is worth about $3 billion, according to Forbes.

His new waterfront home has seven bedrooms and nearly 14,000 square feet of living space, according to the listing. It features a home theater, a rooftop deck, a private boat dock, and separate guest quarters. Loeb bought the house from developer Peter Fine, per the Real Deal.

dan loeb
Dan Loeb, left, speaks onstage alongside CNN’s Van Jones at the launch of a criminal justice initiative in NYC in 2019.

The waterfront home sits on North Bay Road, a coveted residential area that millionaires and celebrities. Luxury real-estate agent Nelson Gonzalez, who calls it “the Park Avenue of Miami Beach,” told Insider in 2019 that he’s sold homes on the road to the likes of Cher and Billy Joel. Last summer, Karlie Kloss and Joshua Kushner paid $23.5 million for a home on North Bay Road. At the end of December, supermodel Cindy Crawford and husband Rande Gerber paid $10 million for a teardown.

Jills Zeder Group, who brokered the deal, declined to comment or share any photos of the property.

A spokesperson for Loeb’s company, Third Point, also declined to comment.

Everyone is moving to Florida

South Florida has seen a flurry of real-estate activity during the pandemic, as politicians, celebrities, executives, and financial firms move to the Sunshine State.

Former President Trump and his wife Melania are reportedly moving to his Mar-a-Lago Club now that his term has ended. In December, Ivanka Trump and Jared Kushner bought a $32 million lot on Indian Creek, the private island known as Miami’s “Billionaire Bunker.” That same week, it was reported that Kushner’s brother, Joshua Kushner, had bought a home in Miami Beach with wife Karlie Kloss earlier in the year. In January, Tom Brady and Gisele Bündchen joined Trump and Kushner as homeowners on Indian Creek, paying $17 million for a home they plan on demolishing.

Loeb’s reported purchase, which is about a 15-minute drive from Indian Creek, is the latest sign of an apparent finance migration from New York to Florida. 

As Insider recently reported, recent moves by finance industry giants indicate that a big chunk of Wall Street could be moving to Florida.

Manhattan-based hedge fund Elliott Management plans to move its headquarters from Manhattan to West Palm Beach, Bloomberg and the Financial Times reported in October. And last month it was reported that Goldman Sachs was considering shifting its asset management operations to Florida. Blackstone, the world’s largest private equity firm, also plans to open an office near Miami. 

In December, an unnamed private equity executive from New York dropped $33 million on a Miami Beach penthouse, and a former Goldman Sachs executive paid $11 million for a Miami Beach home.

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