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.
M Tower Redesign Renderings Revealed
Located at 56 SW 1st St and 65 SW 2nd Street, M Tower will rise 49 stories in Downtown Miami. Recently, the developers released renderings for a redesign of the tower. M-Tower will be developed by the Miami Parking Authority and a private developer in a partnership.
The old plans showcased the property reaching 53 stories, 440 condo units, and 818 parking spaces. The tower was proposed to encompass 622,783 square feet total with 25,732 square feet of office space and 1,089 square feet of retail. These previous designs were created by Zyscovich Architects.
The new designs showcase 624 condo units, ground floor retail, offices for Miami Parking Authority, and 717 parking spaces. The architect for the redesign is NBWW Architects located in Coral Gables.
In the previous design, the older garage on the property was to be refinished and incorporate some of the new design but the current plans show an entire demolition of the site with plans to rebuild.
The property that the proposed M Tower sits on sold earlier this year to an affiliate of the Lion Group NYC for $10 million.
If the new redesign is approved by all parties, then construction will begin in 2022.
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
Art Basel Miami Beach Attracts Over 60,000 Attendees
Art Basel returns to Miami Beach with its first ever in-person show in the United States since 2019. With robust sales and exceptional presentations, this show paves the way for years to come. Art Basel’s first show took place on December 2nd, closing on December 4th with reports of brisk sales across all market areas and throughout the course of the exhibition.
The event drew over 60,000 people in total throughout the course of its VIP and regular days with well-known art collectors from 72 countries throughout the United States, Europe, Africa, and Latin America as well as 253 international galleries from 36 countries. In 2019, the art exhibit drew in 81,000 but with the new digital programs, Art Basel could be experienced from the comfort of home.
Through a digital program that includes Online Viewing Rooms, virtual walkthroughs, livestreamed chats, and social media broadcasts that bring the energy and excitement of the show floor to the widest global audience possible. This digital program first tested at the Hong Kong and Basel show with a successful implementation.
According to an Art Basel press release, 44 galleries joined the event for the first time ever, which included Wilding Cran Gallery from Los Angeles, Curro from Guadalajara, Daniel Faria Gallery from Toronto and many more. There were also 4 additional galleries from Africa.
According the Global Director of Art Basel, Marc Spiegler, “This show marks the first truly international art fair to take place in the United States since the beginning of the pandemic. It has been incredible to witness again the energy in the halls and the enormous pent-up demand for seeing, buying, and selling art in person. We featured a much more diverse range of voices than ever before, making this show particularly vibrant and rich in new discoveries.”
Art Basel will be coming back to Miami Beach on December 1st-4th, 2022.
Introducing the “Sky Collection” at Waldorf Astoria Residences Miami
Waldorf Astoria Hotel and Residences Miami will rise 1,049 feet tall making it Miami’s tallest and its first supertall skyscraper. The tower itself offers 100 floors of luxury residences and amenities expanding over 1.5 million square feet vertically.
With nine offset, stacked glass cubes rising over Miami, this tower will be like no other residential project in Miami or in the world. Sieger Suarez, responsible for the Burj Al Arab tower in Dubai, and Carlos Ott, responsible for Echo Brickell, have partnered on the design of this remarkable tower.
Waldorf Astoria Hotel and Residences Miami will feature 361 condo units and 205 hotel rooms. The condo residences will range from 1 to 4 bedrooms (located in cubes 4 through 7), not including the “Sky Collection” or the penthouses.
Until today, the developer of Waldorf Astoria Residences Miami had only released cubes 4 through 7. In a two-part VIP Broker event this afternoon, Cube 8, known as the “Sky Collection”, was unveiled.
The sky collection consists of four units per floor totaling 40 units altogether (floors 80-89), ranging from 2 to 4 bedroom floor plans. The 2 and 3 bedroom units will be west-facing while the 4 bedroom units will be east-facing. The residences will feature 2,465 to 2,575 total square feet including terraces. Sky residences will feature 12-foot ceilings and will have the same finishes as the penthouse residences. Sky collection pricing range from $5 to $9.2 million.
For buyers requiring more living space, Waldorf Astoria Residences Miami will have five, full-floor penthouses, all located in Cube 9 of the supertall tower. Each floor will total 13,155 square feet, including east and west terraces, and feature 14-foot-high ceilings with floor-to-ceiling glass windows. The west terraces will include a summer kitchen and plunge pool. Two of the five penthouses have already sold, and the remaining three are asking $40 million.
Tower Amenities:
Peacock Alley
True Waldorf Service and concierge
Unobstructed views of city and downtown skyline, Miami Beach and the Atlantic Ocean
Waldorf Astoria immersive resort-style pool with outdoor café and private cabanas
Private Bar/ Wine Tasting Room
Signature Restaurant
All-Day Dining Brasserie
Pre-function and function spaces
Meeting and boardrooms
Waldorf Astoria Kids Club
24-hour valet parking
Signature spa
A leading-edge fitness center with private training studios
Residential Amenities:
24-hour doormen and lobby desk attendants
Private porte cochère with 24-hour valet service and private residential entry
24-hour concierge services in addition to dedicated on-site professionals
Live-in resident manager and 24-hour security
Front-door package and service delivery via signature Concierge Closet
Owners Lounge with high ceilings
Billiard and entertainment room with panoramic bay views
Designed for private functions and equipped with adjacent catering kitchen
Private residential pool deck with whirlpools with lounging areas
Exclusive Waldorf Astoria Miami access and benefits, including preferred spa and restaurant rates and access to à la carte hotel services
Currently, Waldorf Astoria Residences Miami is 60 percent sold. At today’s VIP broker event, it was announced that full sellout (totaling $1 billion) is expected by March 2022. Groundbreaking is still planned for Q1 2022.
$150 Million Miami Multisport Facility Project Moves Forward
Plans for the $150 million multi-sport facility is moving forward and has officially named its general contractor as well as its architect for the project. Destination Sport Miami will be developed by OHLA Building, a New York-based contractor, and Andrus Architecture in Rockford, Michigan as the architect.
Destination Sport Miami will be located at 11850 N.W. 22nd Street in western Miami-Dade County. At just over 20 acres, Destination Sport Miami will be considered one of the largest indoor sports complexes in North America.
There is nothing like Destination Sport in North America, according to Andrus Architecture, which has developed several ice rinks and office buildings. Multiple sports in the same structure will present a unique architectural challenge.
According to the Executive VP of OHLA Building, “We are looking forward to being part of Destination Sport Miami, an iconic and unique project that will have a significant positive impact on the South Florida community.”
As of May 2021, the plans for the facility were approved with a $2.94 million incentive deal with promises to create 229 jobs over a period of time.
One of the unique things about this facility is the names associated with the build. OHLA Building CEO, Bryan Trottier is also a Hall of Fame center for hockey, U.S. Women’s National Team coach Jill Ellis for soccer, All-Star forward Glenn Rice for basketball, and All-Star pitcher Livan Hernandez for baseball.
Destination Sport Miami will feature:
• 2 NHL-regulation ice hockey rinks
• Turf field for football or soccer
• 18 NBA-regulation basketball courts
• 22,500-square-foot esports arena with daily programming
• 36 volleyballs courts
• 11 USTA-regulation tennis courts
• 15,000-square-foot fitness center
• 50-meter Olympic pool
• 25-yard warm-water therapy and teaching pool
• Indoor surfing simulator
• Several restaurants and cafes
Andrus is still working with county officials on the building’s design, which includes the significant energy and water/sewer demands. The developer is planning a glass façade that collects solar radiation for energy efficiency. Once plans are approved, construction should begin in 2022.
