NYC Developer Enters South Florida Market with Acquisition in Pompano Beach

Day Pitney Real Estate Partner Daniel Diaz Leyva was featured in CityBiz article, "NYC Developer Enters South Florida Market with Acquisition in Pompano Beach." Diaz represented NY-based Highpoint Property Group, which acquired the site in a joint venture with local partner Akabas Properties.

Diaz Leyva commented, "This deal underscores two trends in our market. First, New York developers increasingly see Broward County as a growth opportunity for their business. They are no longer targeting Miami or Fort Lauderdale. Instead, they are finding strategically located waterfront development sites in submarkets flying under the radar. Second, cash is king. With lenders tightening their lending standards, we're seeing more activity with small-to-midsize deals, which often don't require financing to close. This deal is a prime example of that trend."

Read the full article here.