Moishe Mana keeps buying downtown Miami properties

His 32 Southeast First Street purchase is zoned for 448 units and 450,000 sf

Mar.March 09, 2015 12:00 PM

Israeli businessman Moishe Mana, who has been buying up properties along downtown Miami’s Flagler Street, has again expanded his holdings.

Mana paid $7.8  million, or $262 per square foot, for a 29,748-square-foot retail building at 32 Southeast First Street, less than a block from the residential development Centro and the soon-to-open Langford Hotel.

The building, which was built in 1920, sits on a 19,775-square-foot parcel, which translates to a purchase of $394 per square foot for the land. The T6-80 zoning allows for development of more than 450,000 square feet and 448 units, according to a news release.

The latest purchase brings Mana’s downtown Miami holdings to 530,000 square feet of retail properties, and nearly five acres of land.

Mana bought the 32 Southeast First Street property from DPQ Associates Ltd., whose general partner is the Quittner Group, according to public records.

Shai Ben-Ami of Sterling Equity Commercial represented Mana’s company, 32-60 SE Holdings LLC, in the purchase. Mika Mattingly, also of Sterling Equity Commercial, represented the seller. The deal was completed February 26.

Last month, Mana also purchased the Thomas Center, at 172 West Flagler Street and 21 Southwest Second Avenue, for $5.1 million. The two-story property totals 26,083 square feet, and represents a strategic addition to his growing downtown Miami portfolio, because it connects Flagler to the burgeoning Miami River area.

“From a distance it may seem like Monopoly game moves, but rather than rolling the dice, Mana has engaged his instincts to assemble a critical mass in the downtown urban core,” Mattingly said in a statement, “which will soon reveal a compelling pattern and story.”

Related Articles

Renderings of the project with Yair Levy

Diamond in the rough? Downtown Miami Metro Mall to get $35M makeover

Moishe Mana and 201 Southwest First Street (Credit: Google Maps)

Mana buys more land in downtown Miami for master plan

One Thousand Museum and Ravichandra Saligram 

Consumer conglomerate CEO buys condo at One Thousand Museum

Zaha Hadid and One Thousand Museum (Credit: Getty Images)

PHOTOS: Inside Zaha Hadid’s Miami tower

Olympia Theater (Credit: Getty Images)

Maurice Gusman heirs sue city of Miami to regain ownership of Olympia Theater

Rendering of downtown Miami courthouse to be built by Plenary Group and Miami-Dade County

All rise: Miami-Dade commissioners approve $267M downtown Miami courthouse project

Moishe Mana and 25 West Flagler Street

Moishe Mana buys City National Bank building in downtown Miami

One Thousand Museum and Krinos owner Eric Moscahlaidis

Krinos Foods owner revealed as buyer of One Thousand Museum condos