Contact Us
News

Compass President: Miami Has Become a Suburb of New York

National
Compass President: Miami Has Become a Suburb of New York

Leonard Steinberg, a 13-year Douglas Elliman veteran, who jumped ship last year to become president of NYC startup Compass, says Miami is becoming a suburb of New York.

“We have a tremendous amount of New Yorkers wanting to have something connected to them in Miami,” Leonard said shortly after the opening of Compass’ new Miami office.

(Since launching in May 2013, the modern-style brokerage has secured $123M in venture capital funding, putting its valuation at $800M.)

Much as in New York borough Brooklyn—which reached Manhattan levels this year—Miami rents have been reaching record-setting levels, a large influx of foreign capital pushing luxury prices north. And, Blackstone's Jon Gray recently expressed why he was bullish on Miami and New York. [TRD]