Moishe Mana Expands Portfolio to 3 Buildings for $25.4 Million in Miami
Miami’s biggest landlord, Moishe Mana, has bought three additional buildings to add to his forever expanding portfolio. As part of his aim to convert the Downtown Miami into an innovation and cultural centre, he plans to create, Mana Common. Moishe Mana has spent much of this year investing in commercial properties as well as residential properties in Miami that he has been making a big time profit on!
Mana paid a total of $25.4 million for the three properties at 100 North Miami Avenue, 173 Northeast First Street, and 124 Northeast Second Avenue. The buildings total 50,197 square feet, and are part of Mana’s portfolio of more than 60 properties in and surrounding Downtown Miami.
According to property records, the two-story, 18,535-square-foot structure at 100 North Miami Avenue was built on 0.2 acres in 1941. According to state corporate filings, the seller Flexini Investments is led by Mario Sapoznik. The two-story, 7,200-square-foot building at 124 Northeast Second Avenue, erected in 1922 on less than 0.1 acre, is two blocks west, according to property records. On 0.3 acres, it lies next to the two-story, 24,462-square-foot structure at 173 Northeast First Street. The two buildings were sold by SG & S, which was led by Ana White.
The majority of his properties are older low- to mid-rise buildings with small businesses including clothes boutiques, pawn shops, and cafes.
Mana intends to repair or redevelop his properties to establish Mana Common, a campus-like space aimed at integrating Latin American and American digital companies. Despite the fact that Mana has started work on several of his properties after years of land acquisition, he has run across some roadblocks recently.
Mana had commissioned engineering inspections prior to beginning repairs, which revealed the buildings had “significant structural issues.” Mana Common’s representative declined to provide an update on the buildings. Some of the buildings that he has started repairs include the Nikola Tesla Innovation Hub, a fashion mall, the Flagler Studios, and another building on East Flagler Street.
Developer Moishe Mana Makes Big $25 Million Addition to His Downtown Assemblage
Biscayne Building 19 W. Flagler. Photo via Colliers International South Florida.
Moishe Mana has nabbed a major addition to his Downtown Miami empire, the Biscayne Building office tower, at 19 West Flagler Street, for a cool $24.5 million. The historic building, built in 1925, is the 39th property Mana has acquired on and around Flagler Street so far, spending over $300 million for the assemblage. The seller was, rather anticlimactically, just a company called Biscayne Building Inc.
Broker Mika Mattingly, who handled the deal, told the Miami Herald that Mana had acquired a “critical mass of buildings” with this addition, which would allow him to “return that past vibrancy to the urban core.” Meanwhile, he’s been working with architect Bernard Zyscovich on a masterplan to tie together that “critical mass” of prime Downtown land. So far he’s kept those plans nicely under wraps, except for a 49-story residential tower which went public only in July.
Moishe Mana Plans Residential Tower Without Parking Near MiamiCentral Station
Miami is getting so urban! Look at us building yet another residential tower in Downtown Miami without any parking, and it’s not that big of a deal. When Centro was announced, everyone was all “Dude, where’s my car going to go” (get it, haha!) but it was still built and everything’s ok.
Developer Moishe Mana has submitted plans for a 49 story ‘luxury’ residential tower without parking at 200 North Miami Avenue, and like they so often do in other cities like New York but we almost never do in Miami when it comes to large condo towers, he’s not actually giving the building a name (like Jade, Wind, Atlantis, Paraiso, Icon, etc.) and just calling it 200 North Miami Avenue. Yes, plenty of Miami condo towers are riffs or abbreviations of their address (50 Biscayne, 1000 Museum, etc.) but this just the full street address. Weird, sort of.
According to The Next Miami, the building designed by Zyscovich maxes out on the allowable unit count on the site, at 328. It will be tall, with no podium but instead a cutout for an outdoor pool, topping out at 599 feet. Finally, the location, though not exactly lovely at the moment, will be fabulous in less than ten years, less than a block away from MiamiCentral, surrounded by courthouses and government buildings, two blocks away from Miami-Dade College’s Wolfson Campus, two blocks away from the heart of Downtown, and two blocks away from Miami Worldcenter.
