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Front Page » Top Stories » Muriel Siebert & Co. moving NY headquarters to Miami Beach

Muriel Siebert & Co. moving NY headquarters to Miami Beach

Written by on October 4, 2022
  • www.miamitodayepaper.com
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Muriel Siebert & Co. moving NY headquarters to Miami Beach

A financial institution founded by the first woman to purchase a seat on the New York Stock Exchange is relocating to Miami Beach, thanks to the city’s job creation incentive program.

Muriel Siebert & Co., which offers investment and other financial advice, portfolio management, and personal and commercial insurance, was founded in 1969 and its current headquarters is in New York City, with 13 other offices nationwide, including Boston, Dallas, Beverly Hills and Tampa.

“A little before covid hit, the CEO said, ‘we’re going to move the headquarters to Miami,’ ” said John Gebbia, vice president of finance at Siebert Financial. “South Beach was high in our list.”

The firm has purchased 653 Collins Ave. for $6.8 million and is investing about $1.1 million in renovations for the office space, city economic development head Rickelle Williams told the Finance and Resiliency Committee on Friday. Once completed, she said, the space will provide about 10,500 square feet of offices, making Miami Beach its new headquarters.

Siebert is also planning to add 28 jobs in the city during its first year at wages ranging from $98,000 to about $100,000 a year. In subsequent years, Ms. Williams said, the firm would reach 40 jobs across four years to meet the city’s job creation incentive program, established in April 2021, which grants up to $60,000 a year to firms relocating to the city, creating a minimum of 10 jobs paying 125% the average Miami-Dade County or Florida wage. “The actual [incentive] amount,” said Ms. Williams, “would be calculated after the performance period, which is one year after they’ve submitted their agreement. The cap is $60,000.”

In addition, every employee who is a Miami Beach resident, she said, adds to the amount of the incentive the company would receive.

GMC Capital, Melvin Capital, Andreessen Horowitz and JAWS, the family office of Starwood Capital founder Barry Sternlicht, are other financial or tech companies that have relocated to the city and are benefiting from this program.

Siebert is planning to move in by the end of the year, said Mr. Gebbia, “and we’re looking to grow and expand. We have other business partners and business lines in the area.”

The firm is also participating in the city’s expedited plan review and permitting incentive, which accelerates the approval process for building permits applicable to office developments and renovations for targeted industries, such as financial and tech.

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