For about 30 years, North Beach was the part of Miami Beach that the rest of Miami Beach ignored. South Beach got the nightlife, Mid-Beach got the resorts, and North Beach (everything above 63rd Street, roughly) sat with aging Art Deco rental buildings, a working-class Hispanic and Russian population, and almost no new development.

That is no longer the story.

72 Park is one of the projects that flipped North Beach's narrative. It is a 22-story luxury tower at 580 72nd Street, developed by Lefferts Development, and it has the distinction of being the first luxury Miami Beach building officially approved for short-term rentals under the city's then-new policy. That single regulatory difference makes the investment math fundamentally different from almost every other Miami Beach condo built in the last twenty years.

Here is the full breakdown, including who it makes sense for in 2026 and what the realistic returns look like.

The Project at a Glance

72 Park is a 22-story luxury condominium tower located at 580 72nd Street in Miami Beach. The developer is Lefferts Development, a New York-based residential developer that has been expanding its Florida footprint over the last five years.

The building features floor-to-ceiling glass with panoramic Atlantic Ocean views from most units, modern open floor plans designed for indoor-outdoor living, and nearly one acre of resort-style amenities including landscaped indoor and outdoor pool decks, fitness facilities, and lounge spaces. High-end retail and restaurant venues are integrated into the ground floor, anchored by Ezio's Steakhouse.

The most important feature, though, is not the steakhouse or the views. It is the short-term rental approval. 72 Park was designed and zoned from the start to allow short-term rentals to its owners, which makes it one of a very small number of luxury Miami Beach buildings where you can legally Airbnb or VRBO your unit.

The Short-Term Rental Story That Changed Miami Beach Investing

Miami Beach has historically been hostile to short-term rentals in most of its residential zones. Outside of designated MXE and similar zones, short-term rentals (defined as rentals under 6 months) have been prohibited or heavily restricted, with fines that started at $20,000 for first offenses and escalated from there.

That regulatory environment created a Miami Beach investor problem: you could own a $2M oceanfront condo but you could not legally rent it for less than 6 months at a time. The result was that Miami Beach luxury condo investment yields were structurally lower than in Brickell or Sunny Isles, where short-term rentals are more broadly permitted.

72 Park was specifically zoned and built to allow short-term rentals as of right. That changes the math. A Miami Beach oceanfront unit that can be Airbnb'd is structurally worth more than the equivalent unit that cannot, because the rental cash flow potential is dramatically higher. As I covered in my piece "7200 Collins North Beach: The Airbnb-Friendly Miami Condo That Cash-Flows From Day One," this regulatory edge translates directly into yield and resale premium.

Miami Market Snapshot — May 2026:

- Median condo sale price in North Beach: $612,000 (up 5.8% YoY, the highest growth of any Miami Beach submarket)

- Active condo inventory in North Beach: ~580 units, roughly 11 months of supply

- Average North Beach short-term rental nightly rate (Q1 2026): $385, up 9% YoY

- Miami-Dade short-term rental approval rate among new luxury buildings since 2023: less than 12%

Why North Beach Is the Right Submarket in 2026

North Beach in 2026 is in the position Mid-Beach was in 2018. Median prices are roughly 38% below South Beach for comparable oceanfront units. Inventory of newer construction is growing but still thin. Demographics are shifting toward younger international buyers and second-home investors from the Northeast and Latin America.

The Lefferts thesis on North Beach was that the corridor between 65th Street and 87th Street would absorb the next wave of Miami Beach luxury demand because South Beach is built out, Mid-Beach is priced out, and North Beach has both walkable beach access and the cheapest waterfront land in the city. Five years later, that thesis is playing out. Ocean Terrace, 7200 Collins, Ella Miami Beach, and now 72 Park are filling in what used to be empty lots and aging mid-century buildings.

What the Building Actually Feels Like

72 Park is not trying to be a flashy Brickell-style tower. The aesthetic is calmer, more residential, more "Miami Beach grown up." The lobby is materials-driven rather than spectacle-driven. The amenity deck is sized for actual use, not for marketing photos.

The Atlantic-facing units are the obvious draw. North Beach is one of the only Miami Beach corridors where you can still buy an Atlantic-facing unit in a new building under $2M, though the inventory is thinning fast. City-facing units in the building trade at roughly 22% to 30% discount to ocean-facing units, which is a wider spread than you would see in Mid-Beach or South Beach and a legitimate value play for buyers who do not need the ocean view daily.

Ezio's Steakhouse on the ground floor is a meaningful amenity, not just a tenant. It is the kind of restaurant North Beach did not have five years ago. The presence of a destination-grade restaurant in the building's base anchors the project's status and gives owners a daily luxury they do not have to drive for.

The Investment Math in 2026

For an investor running 72 Park as a short-term rental, the realistic underwriting in May 2026 looks roughly like this. Entry pricing for available remaining units is in the $850K to $2.4M range depending on size, floor, and orientation. Average nightly rate for a 1-bedroom is $280 to $385 in the high season, $180 to $240 in shoulder season, with occupancy averaging 68% to 78% annually for professionally managed STR units in North Beach in 2026.

Gross annual STR revenue for a typical 1-bedroom: $85,000 to $115,000. After 25% management fees, HOA at roughly $1.40 per square foot per month, taxes, insurance, and operating expenses, net cash yield typically lands in the 4.5% to 6% range on the all-in purchase price. Layered with depreciation (especially cost segregation; see my earlier piece "Cost Segregation for Miami Real Estate Investors: How a $2M Property Can Generate $400K in First-Year Tax Deductions"), the after-tax IRR over a 5-year hold is meaningfully higher.

For a Miami business owner looking for a non-correlated asset that generates strong cash yield in dollars, this is a credible candidate.

Who 72 Park Is Right For

72 Park makes sense for short-term rental investors who want a legal Miami Beach STR play in a luxury building, second-home buyers from the Northeast or Latin America who want a turnkey beach pied-à-terre with rental optionality, and lifestyle buyers who want to live full-time in a quieter, residential part of Miami Beach without giving up oceanfront amenities.

72 Park is the wrong move for buyers who want South Beach nightlife at their front door (it is a 15-minute drive south), buyers who want a single-family beach home (this is a condo), and buyers who do not want any rental activity in their building (other owners may rent short-term to vacation guests, which changes the daily lobby and elevator dynamic).

How To Access Pricing and Floor Plans

72 Park has been in active sales and limited remaining inventory as of May 2026. To get current floor plans, available units, and pricing, contact the on-site sales gallery at 580 72nd Street or work with a Miami real estate agent who has direct broker access. The sales gallery number is +1 305-745-7272. For investor underwriting, ask specifically for the rental projection package, which the developer's team can provide for individual units.

Frequently Asked Questions

Q: Is 72 Park Miami Beach approved for short-term rentals?

A: Yes. 72 Park is one of the very few luxury condo buildings in Miami Beach that was specifically designed and zoned to allow short-term rentals as of right. Owners can legally rent their units for stays under 6 months, including via Airbnb and VRBO, without violating Miami Beach's broader STR restrictions.

Q: How much does a unit at 72 Park cost in 2026?

A: As of May 2026, remaining available units price roughly from $850K for smaller floor plans up to $2.4M+ for premium oceanfront residences. Inventory is limited and pricing should be confirmed directly with the sales gallery or your broker. Ocean-facing units trade at a 22% to 30% premium over city-facing units of the same size.

Q: Who is the developer of 72 Park Miami Beach?

A: 72 Park is developed by Lefferts Development, a New York-based real estate firm with an expanding Florida portfolio. The project is anchored by Ezio's Steakhouse on the ground floor and features approximately one acre of resort-style amenities across its 22 stories.

Q: What is the rental income potential for a 72 Park unit?

A: Realistic gross annual short-term rental revenue for a typical 1-bedroom at 72 Park in 2026 is $85,000 to $115,000, with net cash yield after management, HOA, and operating expenses typically landing in the 4.5% to 6% range. Returns vary with unit type, floor, and management quality.

Let's find your next property together.

Carlos Cabale / Partnership Realty Inc / +1 (561) 629-0358 / carloscabalerealtor.com