New York Builders Flood Fort Lauderdale with Luxury Projects as Miami Prices Surge

New York-based developers have become the dominant force in Fort Lauderdale’s downtown construction, now responsible for roughly 4.6 million square feet or nearly 50 % of the area’s footprint, a sharp rise from about 13 % of projects completed between 2021 and 2024. Firms such as Dependable Equities, led by Isaac Schlesinger and Simon Dushinsky, are pursuing multiple luxury condos, rental towers and mixed-use complexes, including the two-tower, 754-unit Ombelle project slated for 2028, which already has 45 % of its units presold and will host the city’s first Equinox gym.

Other New York players, like Miki Naftali’s company, are adding over 250 condos and a rental building in Flagler Village, betting on Fort Lauderdale’s median home price being about $70,000 lower than Miami’s—a gap that has narrowed from $120,000 a year ago. The city’s appeal is boosted by a 25 % rise in downtown residents under 45 since 2020, improved transport links such as a 40-minute Brightline ride to Miami, and increased airline service after Spirit’s exit.

The surge reflects a broader migration of more than 125,000 New Yorkers to Florida between 2018 and 2022, with roughly 41,250 settling in the Miami-Palm Beach-Broward corridor, bringing billions in income. Developers expect substantial price appreciation in the next five to ten years as Fort Lauderdale cements its role as a more affordable, less hectic alternative to Miami.