search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aCharles Cohen’s 750 Lex value slashed by 83%, foreclosure loomsCharles Cohen’s 750 Lex value slashed by 83%, foreclosure loomsM&T braces for more loan losses as office default risk risesM&T braces for more loan losses as office default risk risesManhattan’s luxury contracts slog into spring Manhattan’s luxury contracts slog into spring 
Commercial
South Florida

Moishe Mana expands downtown Miami assemblage with $27M purchase

Mana, the biggest private owner in downtown Miami, wants to create a tech hub

Moishe Mana and one of the properties that's located on Flagler Street. (Getty, Google Maps)
Moishe Mana and one of the properties that's located on Flagler Street. (Getty, Google Maps)

Moishe Mana, the biggest private real estate owner in downtown Miami, bought two more buildings for $27.2 million. The properties add to his massive assemblage aimed at creating a tech hub.

Records show 41 Flagler Realty, which is linked to Mana’s Wynwood convention center, bought the properties at 62 Northeast First Street and 41 East Flagler Street from Flag 41, managed by Jose Saal of North Miami Beach-based real estate firm TIR Prime Properties.

The additions come as Mana is progressing on his long-anticipated plan to create a campus-like tech and cultural hub downtown. Mana’s vision is for startups and techies to set up offices there. Over the years, he also has said he plans residential units, a hotel, and a food and spice market.

His assemblage, amassed for roughly $375 million, consists of mostly older properties, which he plans to redevelop.

Read more

In his latest purchase, the two-story building on First Street was built in 1913 and spans 32,060 square feet, property records show. The three-story Flagler Street building was constructed in 1928 and totals 60,398 square feet.

Sign Up for the undefined Newsletter

The properties collectively sit on 0.9 acres between First and Flagler streets, just east of Northeast First Avenue. They last traded in 2014 for $11.5 million, according to a deed.

Mana did not return requests for comment.

In downtown Miami, he has started demolition at the 777 International Mall building at 145 East Flagler Street. The demo contractor filed a city notice of commencement in March.

Also, renovation work has started at his 13-story office building at 155 South Miami Avenue, which Mana will name the Nikola Tesla Innovation Hub.

In the past, Mana has said that his progress is dependent on the city’s planned makeover of Flagler Street. The long-stalled, $27 million facelift, which aims to make the street more pedestrian friendly and prompt business growth, finally launched in May.

In Mana’s more recent downtown Miami acquisitions, he bought the parking lot at 201 Southwest First Street for $6.9 million in February 2020, and the 12-story building at 25 West Flagler Street for $25 million in December 2019.

Tags
Downtown MiamiMiamiMoishe Mana