‘Millionaire’s Tax’ Heads to New York While Bankers, and Big Earners Head Out
High tax rates are common within the city of New York and it has never really steered bankers, fund managers, and big earners away from ‘The Big Apple.’ In fact, the appeal to live in New York has always been the exclusivity of living there if you could afford it. But with a recent New York state budget agreement that plans to raise rates among certain high earners, there are some that are looking to move and settle south.
According to a Reuters article, a high level employee at a large bank who does not want to be identified stated, “I’m already looking for an apartment in Florida.” There has also been talk among others who are earning more than $1 million are considering moving their entire firms out of the city.
The breakdown of the legislation would have the top New York City earners paying an upwards of 15.73% in combined state and city taxes. To put it in perspective, the current tax rate for the state range from 4% to 8.82% and the city ranges are 3.08% to 3.88%
This legislation was named the “millionaire’s tax,” and is expected to increase taxes for earners who make more than $1 million a year. If implemented, this tax would beat California’s (highest in the country) tax rate.
Larger companies have already started moving staff out of New York. Some of note are Goldman Sachs Group, Inc, Virtu Financial Inc, and Elliot Management. A smaller hedge fund manager stated, “This creates an overwhelming incentive to move.”
Geoffrey Weinstein, a tax attorney for Cole Schotz stated that, “When wealthy people don’t like something, they don’t protest, they just leave.” If this is the case, then the tax will eventually fall on earners making less that $1 million.
With more people working remote due to the pandemic, places like Florida that have lower tax rates, lower real estate taxes, and are fully opened are becoming an ideal location for top earners. And we at Miami Condo Investments welcome them with open arms!
Construction is Underway for Platform 3750 Project in West Grove Neighborhood Miami
Platform 3750, a mixed-use project in the West Grove neighborhood of Miami has just broke ground at 3750 South Dixie Highway on 2.1 acres. This site is within walking distance of the Douglas Road Metrorail Station. The Cornerstone Group is the lead developer for this mixed-use project and is currently leasing from Miami-Dade County after winning a request for the RFP process.
This project is expected to create 300 jobs and is designed to ‘jumpstart economic activity’ in West Grove. It is anticipated to have 191 apartments, 21,000 square feet of retail space already leased to Aldi and Starbucks, 14,000 square feet of office space for the Cornerstone Group, 12,500 square feet of office space for the county’s Community Action & Human Services division, 3,000 square feet for the district office of county Commissioner Raquel Regalado, and 400 parking spaces.
Cornerstone Partner, Lenny Wolfe states, “West Grove has been neglected for a while. There was a very small amount of affordable housing built there and there is tremendous need. And it’s a food desert because there’s a real need for an affordable grocery store.”
This project was designed by Kobi Karp Architecture and the general contractor is Current Builders
The loan for this project includes a $60.5 million loan, $8 million county’s surtax, $3.5 million city government obligation bond, $1.95 million city Home loan, $1.4 million from the county economic development fund, and $5 million in tax credit equity.
Cornerstone Partners announced that they anticipate this project to be completed by the end of 2022.
MiamiRealEstate.TV is the Newest Addition to Miami Condo Investments
We would like to officially announce our newest project, the MiamiRealEstate.TV website. Since 2014, I had a vision of creating a space for all things real estate in Miami. In that same year, I purchased the domain at auction and have been researching ideas/creating a plan since the beginning. During that time, I knew that technology and real estate would collide and I’m so thrilled that this vision has become a reality!
The biggest difference between this project and what others have done is that these videos aren’t just about myself and my listings. I want to showcase the best Realtors in the area, luxury listings, real-estate developers, city-transforming developments, and other industry-leading game changers.
There are currently five videos available featuring Philip Freedman, the Executive Sales Director of The Ritz-Carlton Residences Miami Beach, and Adriana Brito giving a tour of the Upper Penthouse at Brickell Flatiron. Dora Puig was also interviewed giving a tour of her listing for $38 million penthouse at Icon South Beach (please see above video).
Our hope with the launch of MiamiRealEstate.TV is to bring expertise to Miami Real Estate viewers.
We are so excited for this new adventure and we look forward to growing with you! Be sure to follow @miamirealestate.tv on Instagram and visit MiamiRealEstate.Tv to stay updated with everything real estate in Miami.
Missoni Baia Construction Passes its Halfway Point
Welcome to Missoni Baia! This remarkable waterfront tower will feature 57 floors with an impressive 200 feet of Biscayne Bay frontage. Curated by New York designer Paris Forino, with 249 custom one-to-five bedroom options. The architect for this tower is Hani Rashid of Asymptotoe Architecture and the developer is OKO Group under Vladislav Doronin.
Construction is underway for this gorgeous tower and it has passed the half-way point. According to CEO of developer Cain International, “This milestone is a testament to the team’s diligence and hard work despite the challenges presented by the current environment. Building Missoni Baia to its midpoint milestone is a remarkable moment for our team as we bring this elegantly designed, landmark project to life.”
According to a press release from Missoni Baia, all windows have been added to the north and south tower up to the 36th floor, including partial balconies. Civic Construction, the general contractor has stated that top-off is estimated this time next year.
Building Information:
Prices start at $600,000 to $9 million
One-to-five bedroom layouts
776 to 3,788 square feet
Direct Bay or City views with panoramic views of Biscayne Bay, Downtown Miami or South Beach
Residences feature 10 foot ceilings
Terraces with impact resistant glass windows are 8 to 10 feet deep
Marble-encased bathrooms with European styles lacquered cabinets
Custom kitchens with top-of-the-line cabinetry and high end appliances
The residents will have access to all the amenities a luxury resort has to office; five separate pools with an Olympic-sized swimming pool, and an infinity pool with views of Biscayne Bay. Poolside lounges, cabanas, elevated tennis courts, and luxury spa are also available. Residents will also receive membership access to the Grand Bay Club beachfront of Miami’s Key Biscayne.
Missoni Baia is still on track for completion for the end of 2022! Subscribe for more updates on Missoni Baia construction!
Is Kim Kardashian Moving to Miami?
American media personality and socialite, Kim Kardashian may be making the move to Miami along with other celebrities who are leaving the west coast. With announcements of her recent filing for divorce from rapper Kayne West; Life & Style Magazine have revealed that Kim K. is “checking out Miami real estate – and Miami men.”
Her claim to fame came when she first debuted on television as the personal stylist and friend to Paris Hilton. Over the years, she has created brands KKW Beauty, KKW Fragrance, and SKIMS; as well as starring in a hit reality tv show ‘Keeping Up with the Kardashians’ that just ended its’ final season. Sources have said that Kim K. wants to restart her life and has referenced Miami being her target.
Florida is known for its less strict COVID guidelines, no state income tax, and lower cost of living; it should be of no surprise that a large number of celebrities are leaving the west coast and moving to South Florida.
Other celebrities that have made their way to Miami include; Ivanka and Jared Kushner purchasing their $32.2 million estate in Miami Beach’s Indian Creek, Tom Brady and Gisele Bündchen purchased a $17 million home also in Indian Creek, and Rob Gronkowski purchasing a $1.7 million condo in the Marquis Residences.
Kim and her sister Kourtney Kardashian previously lived in Miami from 2009-2013 when they filmed their spin-off series; ‘Kourtney and Kim Take Miami.’ Whether she purchases a condo in downtown or in the famous Indian Creek where many celebs flock too, we will definitely be on the look out for Kim Kardashian’s next moves!
Heineken Opens Cervecería La Tropical Brewery in Miami’s Wynwood Arts District
Photo Credit: Cerveceria La Tropical
The new Miami brewery Cervecería La Tropical, named after the historic Cuban brewery, Cervecería, was first opened in 1888 in Havana but was seized by the Cuban government in the 1960’s. Located at 42 N.E. 25th Street in the Wynwood Arts District, this brewery will feature an on-site brewing operation with tour, taproom, restaurant, and outdoor botanical garden.
This state of the art brewery has an annual brewing capacity of 32,000 hectoliters per year and can house up to 800 craft beers. According to Brewbound, the brewery will be led by Brew Master Matt Weintraub, who is a graduate and award winner of the Florida International University Brewing Program.
According to the South Florida Business Journal, Cervecería occupies 28,000 square feet, which includes a Latin and Caribbean cuisine restaurant from Chef Cindy Hutson, owner of Zest Miami. It can seat 800 guests and a 10,000 square foot botanical garden, with additional outdoor seating.
Their menu will include 20 handcrafted beers ranging from lagers, IPAs, sours, barrel-aged, and ales infused with local ingredients. They will feature their La Original Ambar Lager, which is inspired by the original recipe from 1888.
“More than a century after La Tropical was originally founded, I am proud and excited to be creating a new cerveza, food and cultural destination that unites La Tropical’s Cuban soul with Miami’s diverse and unique culture that has made the city the gateway of the Americas” states owner, Manny Portuondo.
Their grand opening is tonight, February 19th, 2021 at Cerveceria La Tropical, 42 NE 25th St. Wynwood, Miami, FL 33137 from 9:00pm to 11:00pm with live band Xperimento!
Is Miami Going to Become the Next Silicon Valley? If it’s up to Mayor Francis Suarez, it Will Be.
Since the infamous tweet from Miami’s own Mayor Francis Suarez in early December of 2020, he has become very creative in his attempts at recruitment of relocating big tech and financial companies to Miami.
According to CNBC, the “How can I help?” tweet generated more that 2.3 million organic impressions. “It gave me the impetus and energy and incentive to keep tweeting and connecting at a very high rate,” Suarez said. From December 2020 alone, he has had more than 27 million impressions on his account and he hasn’t stopped there.
In his latest marketing efforts, commuters in San Francisco were greeted by their usual sign but this one had a different message. “Thinking about moving to Miami? DM me,” was sprawled across the billboard that resembled a tweet.
This particular signage is right above the 9th Street exit off westbound I-80 that leads to Twitter’s San Francisco headquarters. The only information we do know is that Twitter employees are currently working remotely until the end of summer 2021.
His campaign seems to be working with a few known tech giants and companies committing to relocating to Miami. Keith Rabois, former executive of Square and Paypal, David Blumber-Manager of Blumberg, and Scott Absher- CEO of ShiftPixy are just a few.
“My job is… to make sure people understand this is not a moment. This is a movement,” he said. “We’re going to continue to do everything we can to attract the entrepreneurial and intellectual class of our country to Miami to create high-paying jobs in a city like ours that wants to continue to grow,” says Mayor Suarez.
