Moishe Mana buys City National Bank building in downtown Miami

Miami /
Dec.December 17, 2019 12:46 PM
Moishe Mana and 25 West Flagler Street

Moishe Mana and 25 West Flagler Street

UPDATED, Dec. 17, 5:20 p.m.: Moishe Mana paid $25 million for the City National Bank building on Flagler Street in downtown Miami, adding to his property empire.

John Crotty of Avison Young

John Crotty of Avison Young

Seller City National Bank was previously based out of the the 12-story, 140,000-square-foot building at 25 West Flagler Street. It was on the market with John Crotty, Michael Fay, David Duckworth, Brian de la Fé and others at Avison Young. Law firm Berger Singerman also represented the bank in the deal.

In October, the Mana Group released a much-anticipated construction timeline for its major redevelopment of downtown Miami, where Mana has spent roughly $375 million assembling property on or near Flagler Street.

A plan designed by Zyscovich Architects showed 11 buildings between Southeast First Street and North Miami Avenue that would be delivered between the first quarter of 2021 and the fourth quarter of 2024.

A $22.5 million renovation of the Flagler streetscape will begin in March, after the Super Bowl is held in Miami in February. Meanwhile, about two dozen new food and beverage concepts have opened or are expected to open in the Flagler Street area.

The City National Bank building on Flagler, which dates back to 1955, was being marketed as a development opportunity. It’s zoned T6-80-O, which allows for a height of 80 stories and up to 1,000 residential units per acre.

Crotty said that an aggressive group of buyers bid on the property, including local developers, New York investors, and foreign buyers. The building sits on 29,000 square feet of land and includes a small lot where multifamily can be built.

City National Bank had occupied more than 50,000 square feet of office and retail space in the Flagler building before it moved to its new office at the Miami Tower, nearby at 100 Southeast Second Street. It leases more than 100,000 square feet of office space at the Miami Tower, in addition to having a retail bank on the first floor. The bank has dual headquarters, one in Coral Gables that opened earlier this year, and the space at the Miami Tower. It also leases office space at 1450 Brickell Avenue.

City National Bank has about $16 billion in assets and is one of the largest banks based in Florida, according to a release. The bank acquired TotalBank in 2018 and plans to purchase Executive National Bank. It was purchased by Chile-based Banco de Credito e Inversiones (Bci) in 2015. With the investment from Bci, City National has grown exponentially, more than doubling its total assets since it was acquired.


Related Articles

arrow_forward_ios
Photo of the new Aston Martin DBX and the Aston Martin Residences (Aston Martin)

Aston Martin Residences unveils DBX SUV, included with purchase of luxury condo

Aston Martin Residences unveils DBX SUV, included with purchase of luxury condo
Placeholder image

Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal

Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal
Jon Paul Perez and Russell Galbut with renderings of the projects

Related, Crescent Heights and Melo Group seek approval for Miami projects

Related, Crescent Heights and Melo Group seek approval for Miami projects
Blackstone's Jonathan Gray and Stephen Schwarzman (Getty, iStock)

Blackstone to open office in South Florida

Blackstone to open office in South Florida
Jared Galbut, Bodega Taqueria

Menin plans major expansion of Bodega Taqueria

Menin plans major expansion of Bodega Taqueria
249 Northwest 6th Street and Michael Swerdlow (Google Maps, Swerdlow Group)

Developers buy land, score $25M loan for Target-anchored mixed-use project in Overtown

Developers buy land, score $25M loan for Target-anchored mixed-use project in Overtown
1100 Biscayne Boulevard, Miami

Marquis vs. ‘The King of Miami Real Estate’: Condo tower seeks to evict agent for not wearing face mask

Marquis vs. ‘The King of Miami Real Estate’: Condo tower seeks to evict agent for not wearing face mask
(iStock)

A buyer’s market: Condo supply soars in downtown Miami

A buyer’s market: Condo supply soars in downtown Miami
arrow_forward_ios

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

Loading...