Developers And Investors From New York Consider Miami To Be The Next SoHo

Sam Tawfik, a developer from New York, is investing nearly $12 million on 27
apartments found within the Midtown Miami area that used to be somewhat desolate
but is proving to be one of the most highly anticipated locations within Miami today.

He bought one-bedroom and two-bedroom as well as penthouse properties priced
between $260,000 and $1 million with a $327 price per square-foot. The properties
are found within two buildings located off Biscayne Boulevard. He believes that the
investment will provide him with big returns when the area turns into the new SoHo.

According to Tawfik, now is the time to be a New York seller and a Miami buyer. He
also says that the competition is less intense in Miami compared to Manhattan.

Located between the Miami Design District and the Wynwood Arts District, Midtown
Miami still has plots of land which are available for development as well as a growing
demographic of young individuals who are looking for affordable homes.

Tawfik believes that the New York mentality of getting things done can definitely be
a profitable quality to have within Miami, especially since it has a cool demographic.
He also mentions that the energy in the area is much like SoHo or Tribeca during the
90s.

Most of the properties purchased by Tawfik are already being rented out with rental
rates that range from $1,700 to $3,000 a month.

According to Tawfik’s agent, the goal in mind was to purchase properties that have
the highest end-user demand and better chances of rapid value appreciation. They also
purchased several penthouse properties since the market for penthouse properties is
hot at the moment. The return on Tawfik’s investment is expected to reach a solid 35
percent in a span of only three years.

Needless to say, Tawfik is not the only developer who has his sights on Miami. The
founder and CEO of Samba Brand Management, Shimon Bokovza, has also put up a
food establishment called Sugarcane Raw Bar & Grill which is located a few blocks
away from the building where Tawfik’s properties are found.

Bokovza is also confident that the Midtown area will become a massive housing
community within the region as well as a major mid-priced retail market.

One of the first investors within Miami’s Design District was Tony Goldman, a New
York developer — among the first investors and property owners in SoHo — who
was considered to be a legendary neighborhood builder. Knowing that Goldman was
someone who considered Miami to be worthy of attention makes Tawfik feel safe
about his huge investment in the area.

Tawfik also mentions that he loves the weather in Miami. Most people think that the
Miami area caters specifically to international property buyers; however, even people
from New York love the location and everything that it has to offer today.

Another development team from New York called iStar Residential currently has two
buildings for sale in Miami. Ocean House, an ultra-luxury boutique condominium set
within the upscale South of Fifth neighborhood in South Beach now only has four
out of 18 residences remaining. Residences range from 4,500 square feet up to 7,000
square feet and are priced at over $7.5 million per unit.

Paramount Bay, a condominium building located close to Midtown Miami, features
designs by Lenny Kravitz’s Kravitz Design Inc. alongside the world-famous Miami-
based architectural firm Acquitectonica. More than 316 homes have already been sold
since last year while 30 units are available for prices of around $700,000 or more for a
one-bedroom unit.