The Real Deal Miami

Moishe Mana pays $604 psf for downtown Miami property

Sale brings Mana's spending spree in downtown to $110M+ in 2015
By Katherine Kallergis | August 07, 2015 02:15PM

Metro Beauty building and Moishe Mana

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.