Miami is joked of as New York City\u2019s sixth borough, but the relationship between the two cities\u2019 real estate industries is serious.<\/p>\n
The flight path between New York City and Miami International is one of the busiest domestic routes in the country, and some of Manhattan\u2019s biggest developers have been flying south to invest billions in projects throughout the tri-county region. While the bond has existed for decades, pandemic market shifts deepened the connection between the already intertwined cities.<\/p>\n
This dynamic is on full display in The Real Deal\u2019s South Florida and New York Top 100<\/a> lists, which feature New Yorkers with deep pipelines in Florida.<\/p>\n Here\u2019s a look at some of the TRD 100\u2019s snowbirds reshaping the South Florida skyline.<\/p>\n Harry Macklowe<\/a><\/p>\n Harry Macklowe, the 90-year-old Manhattan real estate titan known for high highs and low lows, threw his hat in the Miami ring in recent years. He has partnered with the P\u00e9rez family\u2019s Related Group on a two-tower, 43-story, 364-unit luxury condo project in North Bay Village<\/a>. It is rumored that the Arquitectonica-designed project will also bear the Ritz-Carlton brand<\/a>.\u00a0<\/p>\n In 2022, he paid $31.9 million for a site near the Dadeland Mall, where he planned a 770-unit residential project. After Fortress Investment Group initiated a foreclosure<\/a> on the site in 2024, Macklowe sold the land to the P\u00e9rezes for $20 million<\/a>.\u00a0<\/p>\n Steve Ross\u00a0<\/a><\/p>\n Fresh off the completion of Hudson Yards in New York City, the billionaire magnate Steve Ross<\/a> turned his attention to a gargantuan development effort in West Palm Beach. In 2024, he spun the South Florida portfolio of his Related Companies off and formed Related Ross to focus almost exclusively on his myriad projects in the Palm Beach County city. They include more than 3.8 million square feet of offices, retail and restaurants, four condo projects<\/a> and a proposed 400-key hotel<\/a>.\u00a0<\/p>\n It\u2019s a sort of homecoming for Ross, who grew up in Miami Beach and has owned his historic oceanfront Palm Beach estate, known as the Reef, since 2007. He frequently cites his belief in West Palm Beach\u2019s future as a global hub of innovation and commerce and has been an instrumental player in luring institutions like Vanderbilt University and Cleveland Clinic to the city.\u00a0<\/p>\n Michael Stern\u00a0<\/a><\/p>\n Michael Stern<\/a>, the CEO of his JDS Development Group, is perhaps best known for super-tall residential projects in New York City, including the Steinway Tower residential supertall at 111 West 57th Street, The Copper rental apartment skyscrapers and the Brooklyn Tower.\u00a0<\/p>\n Stern is also behind some of the splashiest towers planned in Miami, including the Dolce & Gabbana-branded condo-hotel tower<\/a> slated for 888 Brickell Avenue which has about $350 million in pre-sales.\u00a0<\/p>\n But Stern, who is known to clash with investors and lenders, is facing some bumps with his Miami pipeline.\u00a0<\/p>\n In a scathing complaint filed in December, Italian investor Gianluca Vacchi sued Stern<\/a>, alleging \u201cdeliberated and calculated fraud\u201d concerning Vacchi\u2019s investment in a planned redevelopment at the Casablanca condo-hotel in North Beach. Vacchi is also an investor in Stern\u2019s planned Mercedes-Benz Places, a planned 800-unit, two-tower development in Miami now facing foreclosure<\/a>.\u00a0<\/p>\n Miki Naftali<\/a><\/p>\n Miki Naftali<\/a>, a longtime titan of luxury development in New York, has set his sights on the often-overlooked downtowns of Miami and Fort Lauderdale for his pipeline of South Florida projects. In 2022, he partnered with Cara Real Estate Management to drop $40.5 million<\/a> on a Miami Worldcenter site where he plans a two-tower, 936-unit rental development. He also paid $20 million for a Fort Lauderdale site where he is planning a 251-unit Viceroy-branded condominium<\/a>.\u00a0<\/p>\n \u201cWhat is missing here is quality,\u201d Naftali told TRD last year<\/a> in an interview about the growing condo pipeline in Fort Lauderdale.\u00a0<\/p>\n The Eichners<\/a><\/p>\n Ian Bruce Eichner and his daughter Alexandra Eichner<\/a> are another example of New Yorkers building in South Florida. While the Eichner\u2019s Continuum Company made its name building projects like New York\u2019s Madison Square Park Tower, One Broadway Place and Manhattan Club, South Florida is now its most active market.\u00a0Their Miami-Dade County pipeline includes the multi-phased La Baia in Bay Harbor Islands<\/a> and a condo and hotel slated for North Bay Village<\/a>. In February, the father-daughter duo launched sales for the planned 12000 Sport & Wellness Waterfront Residences in North Miami<\/a> after completing a $48.5 million bulk buyout in the fall.<\/p>\n","protected":false},"excerpt":{"rendered":"Miami is joked of as New York City\u2019s sixth borough, but the relationship between the two cities\u2019 real…\n","protected":false},"author":2,"featured_media":205277,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[9,24,55,54,81349,56],"class_list":{"0":"post-205276","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york-city","8":"tag-new-york","9":"tag-new-york-city","10":"tag-new-york-city-headlines","11":"tag-new-york-city-news","12":"tag-new-york-sixth-borough","13":"tag-ny"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/205276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=205276"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/205276\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/205277"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=205276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=205276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=205276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}