Moishe Mana adds to downtown Miami portfolio for $7.6M

Combined lots come out to 17.4K square feet

Jan.January 08, 2015 12:45 PM

Israeli entrepreneur Moishe Mana is adding several more properties to his downtown Miami portfolio.

44 East Flagler Street Realty LLC paid $7.6 million for three buildings and a parking lot between Flagler Street and Southeast 1st Street on Dec. 31, 2014, according to Miami-Dade County records. A Foot Locker affiliate, Foot Locker Specialty Inc., sold the parcels.

The buyer is affiliated with Mana Miami Management LLC, which lists Mana on its corporate records.

In all, 44 East Flagler Street Realty bought 44 East Flagler Street, 38 East Flagler Street, 41 Southeast 1st Street and a parking lot at 45 Southeast 1st Street. The buildings, zoned commercial, were built between 1924 and 1949. The combined lot size comes out to 17,400 square feet.

One of the parcels, 38 East Flagler Street, was listed in December 2013 for $5 million. The nearly 33,000-square-foot building and 0.4 acres of vacant land could be redeveloped into a high-rise tower under Miami’s zoning code. The existing two-story building, which was previously the home of F.W. Woolworth, was constructed in 1934. 

Mana, who’s been acquiring land in Wynwood and downtown Miami, spent tens of millions on properties in the Flagler Street area in 2014.

In August 2014, a company controlled by Moishe Mana picked up 107,000 square feet of retail space on Flagler Street in three transactions totaling more than $21 million. Mana also bought 17 East Flagler for $4.5 million in September 2014, according to county records. The 1938-built structure was the former W.T. Grant Store — at one time the highest-grossing store in the chain. 

A planned revamp of Flagler Street in downtown Miami was pushed back in mid-December after the city reportedly rejected several contractors’ proposals for the renovations. The $13 million project, which was scheduled to begin in December, calls for new and wider sidewalks, landscaping and fixtures that would allow the street from Biscayne Bay to the county courthouse to be closed to traffic for events. 

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