The Real Deal Miami

This downtown Miami building just sold — but not to Moishe Mana

Buyer plans to bring food and beverage tenants to the First and First building
By Katherine Kallergis | August 09, 2018 05:00PM

40 Northeast First Avenue

A Wynwood investor paid about $5.4 million for the World Precious Metals building in downtown Miami’s Flagler district — and it wasn’t Moishe Mana.

First & First Investment Associates LLC, managed by Vicken Bedoyan, sold the property at 40 Northeast First Avenue to Downtown NS, city records show. The buyer entity is tied to Elliot Antebi, who has owned properties in Wynwood, according to records.

Tony Arellano, Skyler Marinoff and Stefano Santoro of Dwntwn Realty Advisors brokered the off-market deal. Arellano declined to confirm the identity of the buyer, but said he’s an “active investor in the Miami market.”

The buyer plans to reposition the eight-story structure, also known as the “First & First” building, with food and beverage tenants, Arellano said. The property, developed between 1906 and 1915, has about 22,000 square feet of rentable space, according to property records.

The site is zoned T6-80 O, which allows for at least 80 stories. The corner property is across the street from the Old United States Post Office and Courthouse building, which Daniel Peña’s Stambul USA is converting to an entertainment/food and beverage project with Biscayne Brewing as a tenant.

Meanwhile, Mana has outspent other developers in the Flagler Street area of downtown Miami, closing nearly $300 million in deals over the last few years. He recently paid $3.5 million for the 8,000-square-foot corner lot at 100 South Miami Avenue, about one block north of the entrance to I-95.