New York Developers Target Fort Lauderdale Amid Rising Real Estate Trends

Fort Lauderdale is seeing a significant influx of investment from New York developers, who anticipate that soaring real estate prices in Miami, combined with an increasing population of younger residents, will position Fort Lauderdale as a new luxury destination in South Florida.

Currently, nearly half of the downtown development in Fort Lauderdale is connected to New York firms, encompassing about 4.6 million square feet, as noted in a recent report.

This shift represents a notable departure from prior years, where New York builders accounted for just around 13% of the projects completed between 2021 and 2024.

These developers are moving forward with plans for luxury condominiums, rental towers, and expansive mixed-use developments, bringing along substantial financing from Wall Street.

Notable among those expanding into Fort Lauderdale are Isaac Schlesinger and Simon Dushinsky, co-founders of Dependable Equities, who hail from Brooklyn. They previously embarked on projects involving luxury condos across various Brooklyn neighborhoods and are now engaged in three new developments in Fort Lauderdale.

Their first project, called Ombelle, comprises two towers with a total of 754 units, expected to be finished around 2028. Interestingly, one of the towers has already reached 45% presold status, as shared by Schlesinger.

This development will also feature Fort Lauderdale’s first Equinox gym, which is an enticing addition for potential buyers.

Developers seem optimistic that Fort Lauderdale will draw buyers looking for a more affordable and less frenetic alternative to Miami. Reports indicate that the median home price in Fort Lauderdale is about $70,000 lower than in Miami, a significant decrease from a gap of roughly $120,000 a year ago.

“For some people, Miami became too hectic, too busy, too noisy,” said Miki Naftali, who is overseeing the development of more than 250 condos and a rental building in Fort Lauderdale’s Flagler Village. He points to Fort Lauderdale as a “fantastic city” for those seeking a simpler lifestyle.

Looking ahead, Naftali believes that Fort Lauderdale is still in the early stages of its evolution. “In five to ten years,” he remarked, “you will see a lot of price appreciation, because we are just at the beginning of the story.”

Fort Lauderdale’s strategic location, positioned roughly between Miami and Palm Beach, offers developers a relatively affordable opportunity to take advantage of South Florida’s expanding population and wealth.

New York consistently stands out as the primary source of newcomers to downtown Fort Lauderdale, according to local development groups.

The migration trend is noteworthy, with more than 125,000 New Yorkers making their way to Florida from 2018 to 2022, bringing along close to $14 billion in adjusted gross income, as highlighted in a Citizens Budget Commission analysis.

In total, around 41,250 of these New Yorkers settled in the South Florida counties of Miami-Dade, Palm Beach, and Broward, which includes Fort Lauderdale.

Moreover, the population of adults under 45 living in downtown has surged by 25% since 2020.

Enhanced transportation options are also boosting the city’s attractiveness. Brightline trains now connect downtown Fort Lauderdale to Miami in roughly 40 minutes, and local airlines have expanded their services in the wake of Spirit Airlines’ closure.