{"id":403660,"date":"2026-09-18T15:44:11","date_gmt":"2026-09-18T15:44:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/403660\/"},"modified":"2026-09-18T15:44:11","modified_gmt":"2026-09-18T15:44:11","slug":"ny-developers-descend-on-fort-lauderdale-in-hunt-for-floridas-next-miami","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/403660\/","title":{"rendered":"NY developers descend on Fort Lauderdale in hunt for Florida’s next Miami"},"content":{"rendered":"

New York developers are pouring money into Fort Lauderdale, betting that Miami\u2019s soaring real estate prices<\/a> and a growing population of younger residents will fuel the city\u2019s emergence as a new South Florida luxury hub, according to a report.<\/p>\n

Nearly half of Fort Lauderdale\u2019s downtown development footprint is now tied to New York firms, which account for 4.6 million square feet, Bloomberg reported Friday.<\/a><\/p>\n

The surge marks a sharp change from the past few years. New York builders represented about 13% of completed projects from 2021 through 2024, according to the report.<\/p>\n

A rendering shows Ombelle, located at 300 Northeast Third Ave. in Fort Lauderdale. Ombelle<\/p>\n

Now they are planning luxury condos, rental towers and sprawling mixed-use projects while bringing financing from Wall Street with them.<\/p>\n

Among the New York developers expanding into Fort Lauderdale are Dependable Equities co-founders Isaac Schlesinger and Simon Dushinsky, whose home borough is Brooklyn.<\/p>\n

The pair previously developed luxury condos across several Brooklyn neighborhoods and are now pursuing three developments in Fort Lauderdale.<\/p>\n

Their first, Ombelle, is a two-tower, 754-unit project expected to be completed around 2028. <\/p>\n

One of the towers is already 45% presold, Schlesinger told Bloomberg.<\/p>\n

The project is slated to house Fort Lauderdale\u2019s first Equinox gym.<\/p>\n

The Regency Surf & Racquet Club, center, is pictured next to the Marina Village, left, and the Alba, right, in West Palm Beach, Florida, on Aug. 31. USA TODAY Network via Reuters Connect<\/p>\n

Developers are counting on Fort Lauderdale attracting buyers seeking a less expensive and less hectic alternative to Miami.<\/p>\n

The median sale price of a Fort Lauderdale home is about $70,000 less than Miami, according to Redfin data cited by Bloomberg. A year ago, the gap was roughly $120,000.<\/p>\n

\u201cFor some people, Miami became too hectic, too busy, too noisy,\u201d Miki Naftali, whose New York-based firm is developing more than 250 condos and a rental building in Fort Lauderdale\u2019s Flagler Village, told Bloomberg.<\/p>\n

\u201cSo Fort Lauderdale is a fantastic city for those that just want one notch down.\u201d<\/p>\n

An artist\u2019s rendering shows T3 FAT Village. DLR Group<\/p>\n

Naftali predicted the city is still in the early stages of its transformation.<\/p>\n

\u201cIn five to 10 years,\u201d he said, \u201cyou will see a lot of price appreciation, because we are just at the beginning of the story.\u201d<\/p>\n

Situated roughly midway between Miami and Palm Beach, Fort Lauderdale offers developers a comparatively less expensive way to capitalize on South Florida\u2019s growing population and influx of wealth.<\/p>\n

New York remains the leading source of interstate newcomers to the downtown area, according to the local development group cited by Bloomberg.<\/p>\n

New York developer Miki Naftali is betting on Fort Lauderdale\u2019s luxury real estate market as his firm expands its South Florida footprint with new condominium and rental projects. Joe Schildhorn\/BFA.com \/ Shutterstock<\/p>\n

The migration has been substantial. More than 125,000 New Yorkers relocated to Florida between 2018 and 2022<\/a>, taking nearly $14 billion in adjusted gross income with them, according to a Citizens Budget Commission analysis.<\/p>\n

About 41,250 of those transplants settled in the South Florida counties of Miami-Dade, Palm Beach and Broward, which includes Fort Lauderdale.<\/p>\n

Meanwhile, the number of adults under 45 living downtown has surged 25% since 2020.<\/p>\n

Improving transportation links are also adding to the city\u2019s appeal.<\/p>\n

Brightline trains can reach downtown Miami from Fort Lauderdale in about 40 minutes, while airlines have increased service at the local airport following Spirit Airlines\u2019 shutdown.<\/p>\n","protected":false},"excerpt":{"rendered":"New York developers are pouring money into Fort Lauderdale, betting that Miami\u2019s soaring real estate prices and a…\n","protected":false},"author":2,"featured_media":403661,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[558,28,249,251,250,123,14594,14592,9097],"class_list":["post-403660","post","type-post","status-publish","format-standard","has-post-thumbnail","category-fort-lauderdale","tag-business","tag-florida","tag-fort-lauderdale","tag-fort-lauderdale-headlines","tag-fort-lauderdale-news","tag-miami","tag-new-york","tag-new-york-city","tag-palm-beach"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/403660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=403660"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/403660\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/403661"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=403660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=403660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=403660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}