The Real Deal Miami

Moishe Mana takes on Wynwood

His latest purchase: $9.95M for the 50-unit Wynwood Gardens apartments

July 06, 2015 12:45PM
By Ina Cordle

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The apartments at 2000 Northwest Fifth Place, plus Moishe Mana (top) and Alfredo Riascos (bottom)

The apartments at 2000 Northwest Fifth Place, plus Moishe Mana (top) and Alfredo Riascos (bottom)

Moishe Mana — whose spending spree stretches from downtown Miami to Wynwood — has just added an apartment building to his existing assemblage.

Mana paid $9.95 million for Wynwood Gardens, a 50-unit property at 2000 Northwest Fifth Place, and an 115,000-square-foot lot, creating a link from his existing Wynwood sites to 20th Street and the Hospital District.

The 38,971-square-foot apartment building was built in 1969, according to Miami-Dade property records. It was last purchased for $3.5 million in December 2013.

Alfredo Riascos of Metro 1 Commercial represented the sellers, Avra Jain and Joe Del Vecchio of Wynwood Gardens LLC.

Mika Mattingly of Sterling Commercial represented Moishe Mana, of Jersey Art Holdings.

An aerial view of the apartment complex

An aerial view of the apartment complex

The deal was not listed on the market. It was under contract within 10 days, with a cash closing three days later, according to a release.

“All parties agreed Mana was the most logical and best buyer for this asset,” Mattingly said in a statement. “It creates a gateway for his Wynwood assemblage.”

Mana, an Israeli developer and businessman, already owns more than 30 acres in Wynwood, as well as the massive Dade Foreign Trade Zone.

Last month, Miami-Dade’s Economic Development Committee backed a pending land swap-construction deal between the county and Mana. The deal, which still requires Miami City Commission final approval, would give his Mapton Holdings, a subsidiary of Mana Wynwood, 1.4 more acres. In exchange, Mana Wynwood will give the county 15,715 square feet of land valued at $3 million. Mana Wynwood will also build a $7.37 million, three-story, 45,912 square foot county facility with 29 indoor parking spaces.

Mana has also been scooping up properties at breakneck speed in downtown Miami. Just last week, he paid $32 million to add two more properties, at 26 Southeast First Street and 155 South Miami Avenue, to his sizable downtown Miami portfolio.

Overall, Mana has spent more than $75 million this year on downtown Miami properties, including paying $4.5 million for the 6,194-square-foot building at 110 East Flagler Street. The Israeli businessman also owns a bundle of properties on the block directly north: in January, he spent $35 million on 48 to 76 East Flagler Street. He also purchased the Thomas Center, at 172 West Flagler Street and 21 Southwest Second Avenue, for $5.1 million earlier this year.

Mana has yet to release plans for either his Wynwood or downtown Miami portfolios.