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.

Miami Real Estate Sets Another Record for its Best Sales Month for November in History

Miami-Dade has seen yet another record smashed for real estate sales this year. November is now officially had its best sales month in history following highest total home sales, highest condo sales, and highest single-family home sells.

As of November, Miami has officially hit 35,961 total home sales with the previous record hitting 30,041 transactions for 2013. Although November has the highest home sales for any November in History, June 2021 is still considered the number one sales month in Miami history. November is ranked the 8th best month overall.

Total home sales for Miami-Dade County rose 22.9% for the month of November to 3,021 sales. This is up from 2,459 sales compared to October sales. Single family home sales have increased 1.2% to 1,168, while condo sales have seen a dramatic increase of 42% at 1,853.

For November, Miami home sales showed an increase at 48.6% compared to November 2019. For home sales, transactions saw a 20.2% increase and a 74.6% for condo transactions compared to November 2019.

Luxury single-family home sales saw an increase in 28.2% at 209 sales for November 2021. While luxury condo sales rose 115.6% at 207 transactions.

As for the Miami home sale supply, luxury single-family home sale are 3.6 months and luxury condos remain at 8.4 months with a trend downward month after month.

Single family homes saw an increase of 15.1% between the prices $400,000 to $600,000 with 405 transaction in November. Condo sales that were in the same price range also saw a 132.6% increase at 321 transactions.

The dollar volume totaled $2.2 billion for November with an increase in single family home volume by 14.9% and condo dollar volume at 92.8%.

For the state of Florida, closed single-family home sales totaled 27,541 bringing the total sales up 4.3% compared to last year. Condo sales are down 5.4% at 11,598 total sales.

Median home sales price rose 19.6% with a median sales price $364,900, while the condo sales price is up 19.9% with units median sales price averaging in $273,270.

Cash sales accounted for 60% of all Miami home sales more than the national average for November 2021. For closed sales, cash represented 38.4% of Miami closed sales. For condo sales, cash represented 46.9% while 24.9% represented single-family home transactions.

The demand for Miami real estate continues to increase. The factors that have caused this increase include travel restrictions being lifted to the states, low interest rates, and lack of covid restrictions.

Sell of Star Island Waterfront Mansion Sets New Miami Record

Star Island has seen many record sales in the past year but a new sale has just topped them all. A mansion on Miami Beach’s Star Island sold for $75 million, setting a new record for any single-family home in Miami-Dade.

The 16,619-square-foot mansion located at 8 Star Island Drive was sold by Dr. Lourdes R. Sanjenis, an internist in Miami. In 2013, Sanjenis inherited the home from Modesto M. Mora, who originally built the home in 1993.

Sitting on 1.84 acres, the home features 9 bedrooms, 8 full bathrooms, and 3 half bathroom. The mansion showcases over 20,000 square feet of luxury. Throughout the home, touches of Mediterranean and Caribbean architecture is evident.

Amenities include a beautiful pool overlooking the gorgeous manicured yard and an expansive dock with Port of Miami and Miami skyline views. The property also features an elevator and a commercial generator.

Star Island is a man-made island located in Miami Beach along Biscayne Bay. Made up of just a few dozen homes, Star Island is one of the most coveted and exclusive island in South Florida. Star Island is within close proximity to Hibiscus Island, the Venetian Islands, and Palm Island. Each waterfront lot offers at least 40,000 square feet of unobstructed water views and frontage.

Star Island can be accessed through one bridge with a guard house entrance. A large number of celebrities live or have owned on Star Island. Some notable include Gloria Estefan, P. Diddy, Lea Black from the Real Housewives of Miami, and Jennifer Lopez.

The buyer for the Star Island mansion record sale has yet to be disclosed.

CEO of Kayak Breaks 2 New Condo Records all on the Same Day

Kayak co-founder and CEO Steve Hafner paid $40 million for a penthouse on Fisher Island–Palazzo Della Luna after selling his smaller unit at L’Atelier Miami Beach for $36 million in two straight record-breaking deals.

One of the records include Mr. Hafner’s duplex at L’Atelier Miami Beach, which was listed for $39.9 million in March and sold on Friday. Mr. Hafner purchased his 6-bedroom, 7.5 bathroom unit at L’Atelier Miami Beach for $21 million in 2017 while the project was still under construction. Mr. Hafner and his wife, Staci Hafner, worked with Bart Reines Luxury Home Builder to redesign the 8,000-square-foot unit.

A glass elevator, a private 40-foot infinity pool, and a summer kitchen and bar are all included in the penthouse. SMG Management and W Capital Group developed L’Atelier.

Mr. Hafner then smashed his own record by purchasing a nearly 10,000-square-foot condo at the Palazzo Della Luna on Fisher Island later that evening. The seven-bedroom mansion was first listed for $40 million in 2018 and then relisted for $48 million in April.

The new purchase sits on Fisher Island, a 216-acre private island south of Miami Beach, and is home to around 800 CEOs and business owners. According to the listing, Mr. Hafner’s new house at the Palazzo Della Luna is on the 10th level with various terraces and a rooftop patio with a pool.

According to the company’s website, Mr. Hafner co-founded Kayak Software Corporation, an online travel booking tool, in 2004. Booking Holdings bought the company for $1.8 billion in 2013. According to property records, Mr. Hafner, who also owns residences in Rowayton, Conn., and the Hamptons, sold his New York condominium for $23.5 million earlier this month.

Before these new records, the county’s highest-priced condo purchase of the year was a penthouse at Continuum that sold for $35 million in April. The highest-priced condo transaction ever was a $60 million double penthouse at Faena House in 2015.

According to the press release, Hafner hasn’t been to their NYC apartment since the pandemic first started and they didn’t see a way back. The seller’s were represented by Eloy Carmenate with The Corcoran Group. The buyer of the L’Atelier penthouse is currently unknown.

Miami Developer Plans to Rebuild The Wharf in a $185 Million Project

On the site of the iconic downtown Miami’s The Wharf along the Miami River, a Miami developer is teaming up with Driftwood Capital to build a $185 million Dream Hotel and entertainment complex.

The Riverside Wharf project will consist of two 10-story buildings, one of which will house the 165-room Dream Miami hotel. According to a press release, it will also contain a restaurant, nightclub, and entertainment establishments, including an expanded and updated version of the Wharf. Some additional amenities will be built including a deep-water yacht port, and a public riverwalk.

A 16,000-square-foot restaurant, a 12,000-square-foot event hall, a 30,000-square-foot nightclub/rooftop dayclub, and 600 feet of river frontage are all planned for the 200,000-square-foot project.

Garcia’s Fish Market may also set up shop on the property as a pop-up market. Its commercial fishing activity used to be located on the property.

In 2016, voters in Miami approved a deal that awarded MV Real Estate Holdings, led by Alex Mantecon and Guillermo Vadell, a long-term lease on half of the land. The other half is also owned by MV Real Estate Holdings and is located in an Opportunity Zone.

The 1.5-acre Miami River property at 114 Southwest North River Drive was developed by MV Real Estate Holdings and its partner, Coral Gables-based Driftwood Capital. Nitin Motwani, the managing partner of Merrimac Ventures and the developer of the Miami Worldcenter, is also a general partner in the project, according to Mantecon.

According to Mantecon of MV Real Estate Holdings, the developers plan to seek project permissions from the Miami River Commission in January and then go before the Miami City Commission. Cube3 architects’ John Cardello is designing it, with landscaping by Savino-Miller Design Studio.

Once approved, construction is planned to begin in 2022 with a completion date in 2025.

Miami is Getting St. Regis Branded Twin Condominium Towers

The Related Group and Integra Investments are teaming together to transform the beachfront site of an affordable senior living housing facility in Miami into a pair of luxurious St. Regis-branded condo buildings. The towers are expected to rise 48 and 47 stories tall on 3.16 acres on 1809 Brickell Avenue.

The same architect who designed 220 Central Park South and 30 Park Place in New York will be the designer for this twin tower 354 unit development, Rober A.M Stern Architects. The interiors will be designed by the Rockwell Group, a New York-based design firm that is also responsible for NEMA and Treehouse Hotel.

Since 2014, Miami-based Integra has owned the existing bayfront building, formerly known as the Stanley Axelrod Towers. Integra paid $14 million for the 17-story tower currently located at the pre-construction site called the George Humphreys Tower built-in 1966.

According to documents from the Department of Housing and Urban Development withdrew the building from its affordable housing agreement in summer 2021. This implies that one of the remaining affordable housing complexes in Miami’s Brickell Financial District, one of the most expensive districts, will be demolished shortly.

According to a principal at Integra, Nelson Stabile, “Given the insatiable demand for top-tier residential product, we feel the market is ready for a bespoke building of this caliber — a masterpiece with an elevated lifestyle experience that only the iconic St. Regis brand can deliver.”

Units are expected to range from 1,300 to 7,000 square feet with prices starting at $2 million. Throughout the twin towers will span 55,000 square feet of amenities that will include a St. Regis Tea Room, an indoor lap pool, and a residents-only restaurant.

While the building will not include a hotel and short-term rentals will not be authorized, St. Regis Hotels & Resorts, located in New York, will provide services to future condo tenants.

Related and Integra expect a $2 billion sellout once the St. Regis Residences have been completed. The sales center is expected to launch in 2022 simultaneously with the sales. The ground breaking is expected to occur in 3rd quarter of 2022.

A-Rod Flips a Bay Point Miami Waterfront Property for a Profit

Alex Rodriguez is at again! In another recent investment move in Miami, A-Rod and associates recently sold a waterfront home as a flip for $6.3 million. The property is located in the Bay Point neighborhood of Miami.

Rodriguez and his partners purchased the property in March 2021 for $5.5 million without doing any renovations or redevelopments for the property. This isn’t the first time A-Rod has made headway in Miami. In October 2021, A-Rod has invested in the Grand Station apartment tower as well as the South Beach Hotel in August 2021.

This current waterfront property located at 4425 Island Road in the heart of the Design District was originally built in 1962 along a lagoon leading to Biscayne Bay. The home features 3,107 square feet of living space sited on over 15,000 square feet of water frontage.

The property features a traditional floor plan with tall ceilings and an abundance of natural light. The kitchen showcases an expansive island with white cabinets, granite countertops, and stainless steel appliances.

The property features an in-ground pool, bbq area, and lush landscaping. The current listing states that the property is good for a new build or the renovate the existing home. The buyers for this property plan on redeveloping it for their needs.

Over the past year, prices for Bay Point have increased especially with waterfront homes. Although these prices are much lower for the surrounding areas, A-Rob and his associates made a profit on this investment.

Developers for Legacy Hotel & Residences Receives Third Largest Construction Loan Ever in Florida

Developer Dan Kodsi’s Royal Palm Companies recently received a $340 million construction loan for Legacy Hotel & Residences. New York-based real estate lending joint venture Silverstein Capital Partners, provided the loan for a condo-hotel construction tower that will be located in Downtown Miami at Miami Worldcenter.

According to a press release, the financing is the third-largest construction loan ever made in Florida, behind two others for projects in Miami-Dade. The other two loans were for the building of The Estates at Acqualina in Sunny Isles Beach ($558 million) and Five Park in Miami Beach ($345 million).

Legacy Hotel & Residences began selling in late 2019 and despite the pandemic, it is already entirely pre-sold, with $160 million in sales.

The luxury tower located at 942 Northeast First Avenue, will rise 50 stories at 668 feet tall making it the second tallest tower at Miami Worldcener. This mixed-use development will feature 312 residential units, 262 luxury hotel rooms, a business center, medical office, retail space, and rooftop atrium.

The residences will include studio to 2 bedroom floor plans with 368 to 964 square feet options. The units will be fully finished and furnished. One of the unique things about Legacy is that residents will be able to rent their units without any restrictions. This includes utilizing a short-term rental company, whether its the Legacy’s rental program, Airbnb, or VRBO.

Not only is this loan one of the largest construction loans in Florida but this is also Silverstein Capital Partner’s first South Florida loan. Larry Silverstein of Silverstein Properties is an affiliate of the financial group and also led the development of the World Trade Center after 9/11.

Kobi Karp Architects, Design Agency, and ID & Design International designed the structure.

The ground-breaking for Legacy Hotel & Residences occurred in August 2021 and is expected to reach top-off in 2024.

Plans for a 23 Story Tower Proposed in North Miami Beach

Miami-based Humberto Ramirez Developers are currently under contract on a North Miami Beach office building with plans to a 23-story condo-hotel.

Officially scheduled for December 13, North Miami’s City Planning & Zoning Board will be presented the proposal for the tower located at 2040 N.E. 163rd Street. The 1.09-acre site currently holds a 3 story 26,766 square foot office building with a medical practice and a consulting firm as the current tenants. The property is currently owned by North Miami Beach company, 2040 Investments.

Designed by Bermello Ajamil & Partners, the proposed tower would feature 334 condo units, 30 hotel rooms, and a 410-space parking garage (13 electric car spaces) totaling 272,660 square feet. According to the proposed plans, 144 one-bedroom units, 162 two-bedroom units, and 28 three-bedroom units.

The property would also feature 7,328 square feet of retail space. The parking garage would rise 7 stories tall and the hotel rooms would line the front of the garage.

Amenities for this tower would feature a pool deck above the parking garage, game room, and fitness center.

North Miami Beach has adopted revised zoning for its eastern portion in recent years in order to stimulate construction and increased density. The city hopes to attract additional people as well as business development to the region