Moishe Mana pays $604 psf for downtown Miami property

Sale brings Mana's spending spree in downtown to $110M+ in 2015

TRD MIAMI /
Aug.August 07, 2015 02:15 PM

Moishe Mana has added another downtown Miami building to his redevelopment portfolio, The Real Deal has learned.

Mana paid $6.83 million, or $604 per square foot, for the 11,300-square-foot lot on the corner of Southeast First Street and South Miami Avenue, Ryan Shaw, vice president of investments in Marcus & Millichap’s Miami office, told TRD.

Shaw was the listing agent. Mika Mattingly of Sterling Equity Commercial represented Mana’s Jersey Art Holdings in the sale of 4 Southeast First Street and the adjacent 113 South Miami Avenue.

“This was an excellent opportunity for the seller to capitalize on a strong real estate market, while continuing to operate established businesses in downtown,” Shaw said.

Metro Beauty and Churchill’s Barber Shop will remain open on the property, which was constructed in 1905 and 1925. The seller was 3 Palms Enterprises LLC, a Miami-based company owned by Jose Goyanes. Goyanes is on the Miami Downtown Development Authority’s board of directors, according to the DDA’s website.

In June, Mana bought the two adjacent buildings, at 26 Southeast First Street and 155 South Miami Avenue, for $32 million. That sale included a parking garage. He also owns the 29,748-square-foot retail building at 32 Southeast First Street, which he acquired in March for $7.8 million, or $262. The only remaining property owner on the block is First & First Prop Inc.

Including this latest sale, Mana has spent more than $110 million in acquiring properties in downtown Miami since January. The investor is also active in Wynwood, and has yet to release his plans for downtown.


Related Articles

arrow_forward_ios
Ross Dress for Less

Ross Dress for Less signs lease at historic former Burdines building in downtown Miami

From left: Stambul’s Daniel Peña, Hotusa Group's Amancio López Seijas and Langford Hotel at 121 SE 1st Street (Credit: Google Maps and Hotusa)

Hotusa Hotels buys the redeveloped Langford for $37M

235 Southeast 1st Street, Mika Mattingly and Cecilia Estevez

Downtown Miami office building hits market, brokers expect sale price to top $30M

From left: Santiago Vanegas, Harvey Hernandez, David Arditi, and Russel Galbut

In a sluggish condo market, these Miami developers find a sweet spot

Jon Paul Pérez, Jorge Pérez and the downtown Miami skyline (Credit: iStock)

Miami’s biggest condo developer is going micro

Renderings of 400 Biscayne and Kevin Maloney 

Developers land $162M loan for downtown Miami co-living tower

Brickell office skyline (Credit: iStock)

Office construction in Miami hits a new record

275 Northeast First Street and Sergio Rok (Credit: Google Maps)

Sergio Rok adds to downtown Miami portfolio

arrow_forward_ios