New York actual property builders flock to Miami because the Massive Apple struggles

Miami Real Estate is being remodeled by the New York capital, which is tracking South Florida's population growth

MIAMI, FL, U.S., Feb. 3, 2021 / – New York families aren't the only ones migrating to Florida in search of lower taxes, a better quality of life, and warm weather all year round. Since the pandemic broke out, more and more New York real estate developers have turned their attention – and their capital – to Miami. Some also move to the magical city. Despite COVID-related economic uncertainties, developers are developing plans to acquire or develop commercial real estate and residential projects across South Florida.

Yair Levy is one of the New York developers. Levy has started converting an iconic building in the heart of downtown Miami into a luxury jewelry exchange. His New York-based company, Time Century Holdings, is transforming a ruined city block into the jewel of the diamond and jewelry district in downtown Miami. The $ 50 million renovation of the 225,000-square-foot building will give way to the Time Century Jewelry Center, due to be completed in the second quarter of 2022.

Levy serves a new wave of residents and businesses moving in from the Northeast, California, and other tax-burdened states. For example, New York-based private equity firm Blackstone has just announced it will rent 41,000 square feet of office space in 2Miami Central, a building near the Time Century Jewelry Center. Levy supports the internal migration trend. He recently moved to Miami from New York to closely monitor his projects and investments in Miami and Orlando.

He is not alone. New York-based JDS Development Group recently announced plans for a mixed-use project in Miami's booming Brickell neighborhood. The two 64-story towers known as One Southside Park have 1,175 apartment buildings spanning approximately 1 million square feet. a 110,000 square meter hotel with 200 rooms and 6,000 square meters of meeting space; 200,000 square meters of office space; 100,000 square meters of health and wellness; and 11,000 square feet of restaurants. To top it off, One Southside Park includes a fire station.

The New York real estate developer Michael Shvo is also optimistic about the real estate market in Miami. He recently revealed plans for a three-acre master plan development for The Raleigh Hotel. The project includes the South Seas and Richmond hotels in South Beach, Miami Beach. Shvo, founder, chairman and CEO of SHVO, plans to operate the combined property as a luxury hotel and condominium, and also to build a 175-foot residential tower by the sea.

New York-based Kushner Companies is betting big in South Florida too. Led by the family of Jared Kushner, Donald Trump's son-in-law and former Senior Presidential Advisor, the company has released renderings of a three-tower, 1,100-unit project north of downtown Miami. The towers, which are slated to be built in phases, will have luxury rentals with world class amenities, according to the company's website. Kushner Companies is also planning projects in Miami's trendy Wynwood neighborhood and in Fort Lauderdale.

Kushner's shopping spree continues. Last week it was reported that Kushner is acquiring two properties in Palm Beach County for an industrial project and an apartment building with mixed use. The Kushner Companies expand their presence in South Florida as Jared Kushner and his wife, former first daughter Ivanka Trump, settle in Miami after leaving the White House. The energetic couple recently signed a condo lease in one of the city's most prestigious developments and purchased a $ 32 million package to build a home on Miami's exclusive Indian Creek Island.

The list of New York developers interested in South Florida continues. Late last year, real estate investment and development firm Witkoff, previously based solely in New York, announced the opening of an office in Miami. Some of Witkoff's New York employees are being transferred to Miami, where the company has several unannounced projects in the works.

Several well-known financial firms, including Goldman Sachs and JP Morgan, are also considering moving south and having a presence in South Florida. Miami's decades-long dream of becoming Wall Street South is getting closer to a reality.

Statistics show that New York has seen a major exodus since the Great Recession. Census data shows that New York lost nearly 1.38 million people in the 2010s, more than any other state, with California ranking second.

To schedule an interview with Yair Levy, the developer of Time Century Holdings, contact Top of Mind PR at [email protected]

Paola Iuspa-Abbott

Top of Mind PR

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February 03, 2021, 4:18 PM GMT

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