New York investors interested in Miami are making a beeline for one square mile in Downtown.
Over the past two years, New Yorkers have spent at least $586.5 million on property concentrated between the Miami River to Northeast Sixth Street and east of I-95 to Biscayne Bayin, according to research done by Mika Mattingly, a broker with Sterling Equity Commercial.
In total, New York buyers acquired at least 1.28 million square feet of buildings and at least 1.1 million square feet of land in the area, Mattingly’s research shows, representing about 56 percent of investment in that area.
The area is in the beginning stages of a renaissance. A $13 million improvement plan for Flagler Street is underway, which will include expanded sidewalks, more trees, new benches and bicycle racks. The beautification project broke ground earlier this year and has installed drainage structures and pedestrian signage, according to a weekly update released on Monday.
Moishe Mana represented roughly 30 percent, or about $170 million, of the New York investment, according to a list of sales Mattingly provided, which was then verified by TRD. Mana, of New York and New Jersey, has been in Miami since 2010 assembling property in Wynwood and in downtown Miami. He has spent at least $200 million on properties in the Downtown Miami area, with plans for retail and residential redevelopments, according to county records and a recent TRD profile.
The map also includes properties purchased by New York-based Edens Investment Trust, Ashkenazy Acquisition, Brickman and KAR Properties. Last week, Brickman closed on the Courthouse Tower at 44 West Flagler Street for $27.5 million.