New York-based LeFrak Organization has dropped $180 million on Harbour at New River, a 36-story, 337-unit apartment tower on the downtown Fort Lauderdale riverfront. The purchase plants a high-end flag at 401 Southwest First Avenue in LeFrak’s growing South Florida portfolio.
Deal Details and Financing
The Pérez family’s Related Group and Rabina Properties sold the building to LeFrak for about $534,000 per unit, and the buyer financed the acquisition with a $100 million loan from Northwestern Mutual that matures in 2036, according to The Real Deal. The roughly 1.4-acre property was completed in 2024 and includes a mix of studios and one- to three-bedroom apartments, the outlet reports.
Rents, Incentives and Leasing
Asking rents for available units are being advertised between roughly $3,000 and $6,000 a month, and the property is pitching concessions, including about one month free, to pull in tenants, according to the building’s leasing materials and local listings. Harbour at New River lists current move-in specials, while listings on Redfin show similar asking rents and short-term promotions.
LeFrak's South Florida Push
The buy continues LeFrak’s steady South Florida expansion. The firm is part of the joint venture behind the SoLé Mia master plan in North Miami with Turnberry and has been active on several Miami-area projects. Florida YIMBY has documented recent construction milestones at SoLé Mia and other LeFrak developments in the region.
Market Context
Investors are still trading in South Florida even as the region works through a wave of new supply. Industry data show roughly 18,600 apartments were completed across the tri-county area in 2024, a pace that outstripped leasing and pushed many landlords to offer concessions, according to HUD PD&R. The Real Deal also reported recent Realtor.com data showing average South Florida rents easing from their earlier peaks.
What This Means Locally
For Fort Lauderdale, the sale is a reminder that well-located waterfront assets can still draw deep-pocketed buyers, even with softer leasing conditions and freebies on the table. How quickly LeFrak can fill units and hold the line on asking rents, without juicing concessions further, will be one of the more closely watched stress tests for the downtown market this leasing season.
