A proposed pied-à-terre tax in New York City and promises of further tax hikes on the local ultrawealthy are keeping South Florida real estate agents and developers confident that rich New Yorkers will increasingly flock to the region, they told Newsweek.
MAST Capital, a Miami-based owner-operator developer, built Avara Miami Beach last year as a beachfront luxury rental, with penthouses at nearly $14,000 a month, on the basis of a bet: that New York’s tax trajectory would create a new type of renter in the city. Rich New Yorkers would try to get a foothold in Florida without committing to buying a home, as they wait to see how things back home will play out, the company believed.
The luxury apartments started leasing earlier this year, and the bet they were built on is already paying off, Jordan Kornberg, chief investment officer at MAST Capital, told Newsweek…