New York ad execs pay $2.9M for Wynwood warehouse

UPDATED March 24, 11 a.m. A pair of New York advertising executives just paid $2.9 million for a warehouse in Wynwood where they plan to move their agency.

The property is located at 271 Northwest 23rd Street directly across from Moishe Mana’s sprawling Mana Wynwood entertainment complex. It’s a free-standing building that was built in 1954 and measures 3,717 square feet.

On Friday, husband and wife Fahd and Kiran Mumtaz closed on the deal for the building at about $780 per square foot. The two run the Adnet Advertising Agency in New York, which specializes in helping businesses recruit foreign workers.

Michael Light of Miami Luxury Homes represented the buyers, along with Albert Garcia of Keller Williams. Light told The Real Deal that the couple plans to move their business into the warehouse after redesigning its interiors, and they’re also looking to buy a home in the Coral Gables area for upwards of $10 million.

The Mumtazes have lived in New York for the past 35 years and are looking for a change in weather — and to take advantage of Florida’s favorable tax situation, Light said.

The Wynwood warehouse is currently occupied by Acoustic Architects, a tech firm that installs automation systems like remote lights and motorized window shades for homes and commercial businesses. The company’s lease runs out in December, at which point the Mumtazes will move in, Light said.

Paul Silverstein, senior director of RE/MAX Advance Realty’s commercial division, represented the seller.

According to Miami-Dade County records, the property was sold by a limited liability company named after the warehouse’s address. It’s managed by Esther and Irving Lerner, California attorneys from law firm Lerner Pool, LLP. It’s unknown how long the Lerner family had owned the warehouse, but a profile of the family in the publication Super Lawyers reported that the family has had ties to Wynwood since theyt moved to the United States from Germany in the 1950s.