Growing up in Brooklyn, Mendy Chudaitov was fascinated by architecture and the elements that make a neighborhood — strong design elements, and accessible public spaces such as parks, art and restaurants. He knew he wanted to be a developer, and at age 18 he founded Lefferts Holdings. A quarter century later, Lefferts — named for the thoroughfare he grew up on — is in the midst of a multi-condominium plan in Miami Beach's North Beach area.
Construction is underway on Palma Miami Beach, a 14-story building that will have 126 units, with prices starting around $650,000. Chudaitov calls the Mediterranean-style Palma "obtainable luxury" a few miles north of what's been dubbed "Billionaires' Row." Set to open in 2027, about half the units already have been sold. It comes on the heels of 72 Park, which opened about a year ago with 266 units rising 22 stories. Groundbreaking on 72 Carlyle is next. It's a walkable, bikeable area close to the beach, restaurants and shops, he says.
Chudaitov says Lefferts' expansion from New York to Miami was "coincidental. I don't think that I planned on expanding to South Florida in the way that we have. But things were slow in New York and an opportunity came up in Miami."
He's bullish on the market, driven in part by Latin American buyers whose presence triggers a "ripple effect."