Stuart Miller & Steve Witkoff | Real Estate Impact Conference 2026

Welcome to the 14th annual University of Miami Real Estate Impact Conference. Today we bring together some of the most influential voices shaping the future of real estate including Nadim Meghji, Arnaud Karentz, Peter Linneman, Willie Walker, Stuart Miller, Steve Witkoff, and Manny Kadre. We are proud to recognize our presenting sponsors: Blackstone, Douglas Elliman, H&M Development, Cap Morrison Acre LLP, Kislak Family Foundation, Metropolitan Realty Group, and Witkoff. We also extend our sincere appreciation to our platinum sponsors, our prestige sponsors, our premier sponsors, and our partner sponsors. Now, let's dive into what's shaping tomorrow's skyline right here at the 2026 University of Miami Real Estate Impact Conference.

Next up on stage is Stuart Miller and Steve Witkoff. Stuart Miller is the executive chairman and CEO of Lennar Corporation. He is the former chairman of LNR Property Corporation, current chairman of UHealth, and member of the University of Miami board of trustees. Stuart is a Leading Builders of America founding board member, Business Roundtable member, and former chairman of the policy advisory board at the Joint Center for Housing Studies at Harvard University. And Steve Witkoff, who serves as assistant to the president and special envoy for peace missions for the United States. He previously served as founder of the Witkoff Group. He built a distinguished career in commercial real estate with landmark acquisitions including the Woolworth Building, the Daily News Building, and the Park Lane Hotel, and has served on numerous civic and industry boards, including the Real Estate Board of New York and Hofstra University. Ladies and gentlemen, please welcome Stuart Miller and Steve Witkoff.

Hi, I am Andrea and Chuck's Cuban Uber driver that drove him yesterday. It's good to buy drive Uber. Look at where you end up. So, my name is Manny Desaraga. I'm with JLo Capital Markets. I'm a two-time alum of the University of Miami. Go U. That previous panel was super interesting. The hamburger helpers were very tasty, but I think we should let them know, Peter and Willie, that they talked a lot about Harvard and Wharton. That business school went up 21 positions in the Financial Times to number 36. So they'll be knocking on Wharton and HBS door shortly. So, it's an enormous honor to be here. This is really the most impressive, impactful real estate conference in the state of Florida in probably one of the most exciting cities in the country, and it's really thanks to the university and two nationally leading programs, School of Business and School of Architecture, which we want to thank. This particular conference is a record setter in terms of number of registrants. I think it's almost about 1,000 registrants. There's seats for 750 in here, by the way. I'd like to also give, by the way, a special recognition to two ambassadors we have here. Matt Michael Adler, who's there, and Chuck Cobb over here. So, welcome.

I'd also like to give a special shout out to two people who've been running the questions today, Chuck Bull and Andrea Houston, because they are absolutely passionate about the students and they do such an amazing job. Special thanks to the deans as well of both schools, the members of the advisory boards, and also want to thank the members of the board of trustees that are present here today. So, our closing keynote titled 'The Rooms Where It Happened' brings together two leaders who have shaped skylines, markets, and policy from the inside of some of real estate's most consequential rooms. And here we are today in this room. Not only are they leaders in our industry, but they are global leaders. They and their families, I know family members are present here for the Miller and Witkoff family, in giving back, which is probably the most important aspects of their lives as servant leaders.

Steve Witkoff, who we are honored to welcome, particularly given the demands on his time with current world events, is a founder and CEO of the Witkoff Group, a global real estate investment and development company known for truly transforming landmark properties and complex urban sites into high-profile urban projects. I had the honor of serving as Steve's vice chair on a real estate board for many years and have had the honor of working with him and his sons on a number of projects reshaping the Miami skyline. Steve is an absolutely passionate supporter of the University of Miami, had two sons that attended the UM business school. He's endowed the Marvin Witkoff scholarship in the business school and is consistently the leading sponsor of this conference. In 2025, Steve brought his remarkable dealmaking skill set to public service as a special envoy for the president of the United States, engaging at the highest diplomatic levels on some of the world's most challenging negotiations. I got to tell you, it is absolutely amazing Steve is here today for all of us from what we know.

Stuart Miller, who is no stranger to anyone at the University of Miami, shares Steve's commitment to community and expertise on both real estate, leadership, and giving to the community. Stuart, a longtime civic and educational leader in Miami, and former chair of the University of Miami board of trustees. Stuart is now chair of the UHealth Board of Directors and has been a visionary leading major community and philanthropic initiatives including the university's most recent campaign. There's still room in the campaign if you want to donate on the way out. Stuart is executive chairman and co-chief executive officer of Lennar Corporation, one of the nation's largest and most innovative homebuilders where he has served in leadership roles for over 35 years. Under Stuart's leadership, Lennar grew from a regional builder into a national platform, expanded into markets and product types, and helped define how scale, technology, and a land-like strategy can reshape housing delivery in America. Together, Steve and Stuart will take us inside the rooms where capital is committed, policy is negotiated, and city-shaping decisions are made. And they will reflect on what it will take to lead through the dynamic conditions impacting the real estate industry and the world today. So with that, I ask you provide a resounding round of applause for Stuart and Steve.

March 15th. Yes.

Yes. You and I are the same, almost the same age. August is coming for me.

Exactly. Exactly.

Well, I hope we both get there, right?

I was born there.

Good.

Well, you know, I say it all the time. Other than the death of my son, which, you know, I thought I couldn't get over, but now I, you know, I didn't think I could use the word blessings after Andrew died, but I can now. I describe my life as full of incredible blessings, this job being probably the most important other than the birth of my children and one overwhelming tragedy. But I got very lucky and I think it's out there. I mean, to all the students out there, and we've discussed this, the American dream exists. That's why, as you said, everybody wants to come into this country.

Well, my father, we were, I was born, my grandparents lived on Gunhill Road, so I can remember to this day, you know, getting on the couch. It had the plastic. I'd slide right off the couch. Passover, my grandmother was making gefilte fish. The literally carp and white fish were swimming in the bathtub.

Yeah, it's true. No, borscht makes you gritty because it's so terrible, you know. So, and then my dad bought a home in, with my mom, of course, 964 Jerome Street, paid $6,300. These were the days, you know, before you, well, maybe Bill Levitt was competing with you with Lennar, but he was a pioneer, right? So, $6,400. I mean, right? Can you imagine that? Those are probably homes going for, I don't know, a million dollars today. And then he moved to, we moved to Old Westbury, which is a fancy neighborhood, but my father bought a sort of fixer-upper for $50,000 that he thought was the sun, the moon, and the stars. And that's how, you know, that's how I lived. I mean, we went to Howard Johnson's for fish fry on Friday and chicken fry on Wednesday. Those were the nights out if we were going out. But my parents were amazing parents. They gave their children everything. And that's how I started in the business. I went to my father. I said to him, 'I've got this building I'm going to buy with my then partner, Larry Glock, who passed away, and I miss him.' And I thought my father was going to say to me, 'No, and life's not about being happy and pursuing your dreams. Just be a lawyer.' And he gave me the $20,000, which is similar to the story of your father. And I couldn't believe it.

Correct.

Yeah. And Dryer and Traub, where I practiced, was probably the go-to real estate firm in those days. All the big, you know, cowboy-like real estate guys, Peter Kalikow, Donald Trump, the Zeckendorfs from Integrated, like if it was a really, it was a fun place to work if you were going to practice, but I wanted to do what they were doing.

Well, I think I was a little ahead of myself as I thought, do I want to be one of those guys? You know, the first building that Larry and I bought was 164 Sherman Avenue. We paid $180,000 for it and we bought it with a hundred, if I recall correctly, $165,000 Freddie Mac mortgage. And we put up like $20,000 in cash and we thought we knew what we were doing. You would just, you know, go collect the rents and it didn't quite work like that. So, we had to learn the business. We made plenty of mistakes along the way.

Oh, yeah. Very high-end. Yeah.

But, you know, I met some amazing people, you know, working-class people who, you know, when I started in the business, it was 1991. We were in a deep recession and things were really difficult out there. I remember, I'll give you a story that I remember to this day. I had a Yugoslavian crew, or me and Larry had a Yugoslavian crew who would do all the work, the plumbing and so forth. I learned how to sweat pipe and thread pipe if we were doing sewage lines because we had to, we weren't rich, rich guys. We had to stretch, you know, all the cash flow that we had. But we were fixing a big sewer job on 124th and Madison. Beautiful two-elevator buildings. And one of the tenants in the building, it was largely a minority neighborhood. So one of the tenants in the building walks up to me and she's got her eight-year-old daughter with her and they're walking down the street and she says to me, 'Mr. Witkoff, I see you fixing something. Why don't you come up to my apartment for a coffee if you want to take a rest.' And she was soliciting me and the reason she was soliciting me is because she had no money and she couldn't feed her kid and she was saying to me if you want to come up there then I'm available to you. And these were the sort of experiences that I had as I was growing in the business so it was always about taking that in and understanding how lucky I was even though I wanted to buy bigger buildings. They, I don't think that Larry and I in the beginning of our career ever had even a dream or a thought that we would own south of 96th Street. Like to us it was not possible. This was where we were going to be. But thank God we had our own business and that was a wonderful thing. By the way, I ended up giving that woman whatever money I had in my pocket. I remember it like it was yesterday. But some of those experiences were so defining, these places that we ended up in, Larry and I, invariably we'd end up on Arthur Avenue for those people who live in the Bronx who came from the Bronx and we'd be celebrating, you know, whatever we did during that day having a great meal at Dominick's and those were some of the best years of my life.

Yeah. And we did it.

I did with Larry.

Yeah, we collected the rent. And those were rough days, let me tell you. Each of us had a .38 on our ankle. We were licensed to carry. They were rough days. Okay.

No, no. Often. Often there wasn't...

But I want to tell you that Larry and I were really well respected within city government. Everybody knew we ran a clean, good, you know, we were not slum lords. That's not who we were. We plowed money back in. I remember my then wife when Andrew was first born in 1989. We lived in the Bagel Building at 160 West 71st Street and it was because there was a bagel store there.

Yeah. And I had a good schmear and everything. Yeah. Good. We had a studio with a bed that pulled out of the wall and we moved to a Glenwood building for $1,200 a month, York Avenue, 1365 York Avenue. And my then wife said to me, 'I'll cook five days a week to defray expenses.' Like, this is what it was like. We were plowing everything back in, buying more and doubling down as best we could. And felt like great life.

No, I do and I love speaking in front of the kids, you know, the students because my message is that it's out there. I really, I think it's out there in Florida, by the way. I mean, even though this is the hottest real estate market out there in the country, but I think it exists for, I mean, we have capital here. We just had Peter, I don't know what Peter Linneman said, but I read him voraciously, but it's the capital markets here. You go to these other countries, Stuart, there's a brain drain everywhere. I mean, Ukraine's lost half its population. No one believes in the upside there. It's pretty sad. We try to, Jared and I get out and we're trying to get that deal fixed and on behalf of the president and we're trying to sell people on prosperity and what could happen. It's very, very difficult to make that argument in some of these places.

That's very accurate. Yes.

Well, it was a distress sale and we were buying it with Ruby Schron who's a dear friend of mine and a major owner in New York and very good friend of mine to this day. Very good friend to the presidents too. And we had bought another project with him. The Fresh Meadows was a big development in Fresh Meadows that we bought and we turned it around. So, we went out and bought the Woolworth Building and it was, that was, I mean it wasn't our first office building, but it was very symbolic. I actually walked the American flag up there up to the top of it two days after 9/11.

So, right to the observation deck. I can remember like it was yesterday Mayor Giuliani with President Bush and the F-16s flying over and that's when I put up the American flag.

Yeah. But we had, I mean Larry and I at our height we probably had, I mean there were rumors we were going to become a REIT. There were, we had conversations with Steve Roth at Vornado. He was talking about buying us and bringing us both into that business. We owned almost 15 million square feet of office space in those days. And I can remember when the Wall Street Journal, you know, in '98, remember when we had the Russian bond collapse and everybody was against...

Yeah. And we were front page because they called us the leverage kings. And I, you know, I was trying to figure it out like because Roth had bought and I love Steve, but still he had paid for Worldwide Plaza on 48th and 8th. I think he had paid like $250 a square foot. But he had very little debt on it, maybe half debt. We owned our entire office portfolio at $60 a foot. That's how good our buys were in the mid and early '90s moving up. And the Wall Street Journal was saying that we were in trouble because we had 85% debt on a $65 a square foot basis. And we just never could understand, you know, some of the nonsense in those stories. Same thing with the fake news today, Stuart.

It's alive and well, but it wasn't invented for the Trump administration.