Wall Street South: The Rise of New York Businesses & West Palm Beach

While West Palm Beach has always been a haven for affluent snowbirds and a dreamy escape for those who desired a much-needed getaway, the region has since attracted the likes of big business and restaurants from New York City, beckoning visitors near and far. Lately hailed as "Wall Street South," West Palm Beach's ever-evolving landscape is transforming, fueled by the infusion of real estate ventures and a wave of newcomers making the journey from the Big Apple. The Business Development Board of Palm Beach County even showcased a trio of billboards in New York earlier this summer as part of a decade-long campaign to attract financial firms and northerners to lay down roots in our cities. Discover what new businesses are calling The Palm Beaches home and what is driving this fresh, fascinating atmosphere. 

New Restaurants 

A beloved Palm Beach hangout, Le Bilboquet once began as an intimate boîte in Manhattan’s Upper East Side in 1986. It only had 35 seats, but the business garnered a loyal following and an even more impressive menu that moved to the island in 2021. Locals love this Worth Avenue outpost for its enchanting ambiance and French cuisine—featuring a French bistro menu with South Florida nuances and fresh catches arriving daily—like salmon with zucchini basil sauce, corn salad, and esplette butter, and lamb chops in a tomate à la Provençale sauced, stuffed artichokes and rosemary jus.

Palm Beach welcomed another cherished French favorite in recent years, known as La Goulue. This concept, crafted by the renowned restaurateur Jean Denoyer, has delighted locals since its inception in 2020. Guests can savor authentic French bistro delicacies, including succulent prime tenderloin, freshly baked French baguettes, and delectable French tarts featuring seasonal mushrooms, creme fraiche, and onions.

At The Square, you'll find the surf and turf restaurant Harry’s Bar & Restaurant, helmed by the skillful guidance of seasoned chef Joseph Mallol. This Palm Beach establishment, which debuted earlier this year, has quickly garnered a devoted following of connoisseurs seeking the finest in steaks, chops, and fresh catches. 

The beloved Sant Ambroeus on the island graciously extended its family to West Palm Beach with the arrival of Felice, which has been charming diners on Manhattan's Upper East Side since 2007. It quickly became a revered haven for New Yorkers seeking the comfort of Italian cuisine in a cozy atmosphere. Today, Felice's welcoming ambiance can be experienced in several locations across the United States, including in West Palm Beach. Savor fresh Italian classics that soothe the heart and nourish the soul.

Financial Firms 

In recent years, West Palm Beach has been experiencing a notable influx of financial firms and institutions from New York City. This migration can be attributed to the concerted efforts of the Business Development Board of Palm Beach County, which has played a pivotal role in facilitating the creation of nearly 100 companies. Notable names such as New Day USA, Goldman Sachs, Siris Capital, and Focus Financial have set up offices, underlining the growing prominence of the area in the financial sector. 

In addition, Kingswood U.S., a New York–based wealth management firm, has opened its doors in Boca Raton, signaling a trend of financial institutions expanding their reach into South Florida. Emigrant Bank, also hailing from New York, is seeking regulatory approval to acquire West Palm Beach-based Flagler Bank. Geller & Co, another New York-based firm, is poised to enhance its presence by establishing a wealth management office in Jupiter. Additionally, WSFS Financial's wealth division, Bryn Mawr Capital Management, has made strides by acquiring a Boca Raton-based wealth management firm, solidifying West Palm Beach's status as an increasingly attractive destination for financial enterprises seeking to broaden their horizons.

Real Estate Boom 

As businesses continue to flock to the city, accommodating them alongside the burgeoning resident population becomes essential. One notable player in this transformation is the Related Group, led by Stephen Ross, which holds most of the Class A office space in the downtown area. Their recent addition, the newly completed 360 Rosemary Tower, boasts a striking terracotta design that has drawn comparisons to the iconic 10 Bond Street, as noted by some New Yorkers. There are also plenty of new residential buildings complete and in the works that further prove West Palm Beach is quickly growing into more than just a travel destination. 

The convergence of big businesses and renowned dining establishments from New York City has added a dynamic layer to the city's ever-evolving landscape. Discover more about new developments in The Palm Beaches and beyond with the Modern Living Group.