Moishe Mana expands Venetian Islands property, pays $5M for teardown

Miami /
May.May 03, 2016 12:00 PM

Assembling properties is nothing new for Wynwood developer Moishe Mana, who just spent $5.2 million on a waterfront Venetian Islands teardown next door to a vacant lot he already owns.

Records show Venetian Drive Realty LLC, an entity controlled by Mana, bought the 3,267-square-foot home at 851 North Venetian Drive in Miami. It was built in 1950 and sits on an 11,250-square-foot lot. No financing was recorded for the off-market deal.

Oscar and Sandy Castellanos sold the four-bedroom home. They paid a mere $550,000 for the property in 1998, which means it just traded for nearly 10 times its last sale price less than twenty years ago.

Together with the lot next door, Mana now owns 26,250 square feet of contiguous waterfront land on Biscayne Island, the westernmost island. In 2013, Maverick Realty, an affiliate of Mana’s M Management, spent $3.3 million for the plot next door at 861 North Venetian Drive.

Mana is active in downtown Miami, Wynwood and even west into Allapattah. In downtown Miami, he has spent at least $200 million on properties in downtown Miami as a whole with plans for retail and residential redevelopments.  And in Wynwood, his 30-acre Mana Wynwood complex would include a public square, tech and media hubs, and plazas for open-air retail, courtyards and pocket parks, as planned.

A number of new homes, owner-developed and built on spec, have been popping up in the Venetian Islands, an area increasingly attractive to financial executives and spec home builders.


Related Articles

arrow_forward_ios
Moishe Mana with rendering of his downtown Miami redevelopment (Getty, Mana Common)
Déjà vu? Moishe Mana says he is almost done assembling downtown Miami portfolio with new purchase
Déjà vu? Moishe Mana says he is almost done assembling downtown Miami portfolio with new purchase
Emilio and Gloria Estefan with 444 West Rivo Alto Drive (Getty, Redfin)
Gloria and Emilio Estefan sell waterfront Venetian Islands home
Gloria and Emilio Estefan sell waterfront Venetian Islands home
Crisp CEO Are Traasdahl and Sirissima founder Siri Willoch Traasdahl with 25 East Rivo Alto Drive in Miami Beach (LinkedIn, Brand-Innovators, Julian Johnston)
Tech CEO and designer sell their waterfront Venetian Islands home for record $31.5M
Tech CEO and designer sell their waterfront Venetian Islands home for record $31.5M
A photo illustration of Moishe Mana and the properties at 2820, 2840, 2850 and 2898 Northwest Seventh Avenue (Getty Images, Mana, Google Maps, LoopNet)
Moishe Mana pays $16M for commercial assemblage in Allapattah
Moishe Mana pays $16M for commercial assemblage in Allapattah
40 West Rivo Alto Drive (Redfin/Daniel and Hillary Hertzberg of Coldwell Banker Realty)
Spec home developer sells waterfront Venetian Islands house for $24M
Spec home developer sells waterfront Venetian Islands house for $24M
Owners of custom app startup Zudy buy waterfront Venetian Islands property
Owners of custom app startup Zudy buy waterfront Venetian Islands property
Owners of custom app startup Zudy buy waterfront Venetian Islands property
Moishe Mana with the Shoreland Arcade at 120 Northeast First Street (Getty)
Moishe Mana buys historic downtown Miami buildings for $34M
Moishe Mana buys historic downtown Miami buildings for $34M
Moishe Mana, already downtown Miami’s biggest landlord, pays $25M for three more buildings
Moishe Mana, already downtown Miami’s biggest landlord, pays $25M for three more buildings
Moishe Mana, already downtown Miami’s biggest landlord, pays $25M for three more buildings
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...