New York investors interested in Miami are making a beeline for downtown Miami — specifically the area between the Miami River to Northeast Sixth Street and east of I-95 to Biscayne Bay. In fact, over the past two years, New Yorkers have spent at least $586.5 million on property in that area, according to Sterling Equity Commercial. In total, New York buyers acquired at least 1.28 million square feet of buildings and at least 1.1 million square feet of land in the area, representing about 56 percent of investment in that area.
Why is that area of particular interest? Because it is enjoying the initial stages of renaissance — including a $13 million improvement plan for Flagler Street that will bring expanded sidewalks, more trees, new benches and bicycle racks. The beautification project broke ground in early 2016.