Canadian investor nabs Flagler building in downtown Miami

Danny Lavy also owns Romero Britto's former Lincoln Road gallery

Jul.July 07, 2015 10:30 AM

Another investor is creating his own assemblage in downtown Miami, The Real Deal has learned.

Danny Lavy, a Canadian real estate investor, acquired the retail building at 226 East Flagler Street for $4.5 million in late June. Lavy’s East Flagler Holdings LLC is the buyer.

226 E. Flagler Corp. sold the 4,209-square-foot property, which includes the single-story 8,157-square-foot building, also known as Rick’s Building. Previous sales information was not available in county records.

Lavy also acquired the property across the street at 219 East Flagler Street, according to a press release. Doris Suttin, of Doris B. Suttin Realty, represented the buyer. Shai Ben-Ami and Mika Mattingly of Sterling Equity Commercial represented the seller.

Lavy owns Romero Britto’s former gallery on Lincoln Road in Miami Beach. He paid $34.5 million for the prime Lincoln Road property in May of last year through an LLC, according to Miami-Dade property records.

The downtown Miami building was constructed in 1926. It sold for $552 per square foot.

“Danny sees the massive add-value potential for Flagler Street ten years before it happens,” Suttin said in a statement.

Moishe Mana has recently dominated the Flagler Street area 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, he’s 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.

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