Moishe Mana expands downtown Miami assemblage with $27M purchase

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

Miami /
Jun.June 10, 2021 08:45 AM
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.

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.

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.






    Related Articles

    arrow_forward_ios
    Hilarie Bass (The Bass Institute) and 3591 Rockerman Road, Miami (Toni Schrager / Brown Harris Stevens Miami)
    Former Greenberg Traurig co-president sells waterfront Coconut Grove home for $16M
    Former Greenberg Traurig co-president sells waterfront Coconut Grove home for $16M
    Terra’s David Martin and 1177 Kane Concourse (Google Maps)
    Terra paid $32M for Bay Harbor Islands development site
    Terra paid $32M for Bay Harbor Islands development site
    Charlene and the late Ron Esserman with an aerial of the Coconut Grove home (Google Maps, the Miami Foundation)
    Charlene Esserman sells waterfront Coconut Grove home for $15M
    Charlene Esserman sells waterfront Coconut Grove home for $15M
    Fuse Group Investment CEO Eyal Peretz and attorney Michael Ehrenstein (Fuse, Ehrenstein Sager, Twitter via GUT Miami)
    Fuse Group acquires Security Building in downtown Miami, plans to sue WeWork for alleged lease breach
    Fuse Group acquires Security Building in downtown Miami, plans to sue WeWork for alleged lease breach
    4412 North Bay Road
    North Bay Road mansion sells for $25M, nearly double its purchase price two years ago
    North Bay Road mansion sells for $25M, nearly double its purchase price two years ago
    Leon Ojalvo with Blue Lake Village Apartments (SRE Commercial Group)
    Investor buys multifamily complex near Miami Shores for $15M
    Investor buys multifamily complex near Miami Shores for $15M
    The six-bedroom Coral Gables house. (Compass / Zignavisual Photography, Del Toro Insurance)
    Del Toro Insurance tycoons buy waterfront mansion in Coral Gables for $6M
    Del Toro Insurance tycoons buy waterfront mansion in Coral Gables for $6M
    David J. Blumberg and 415 Center Island Drive (Google Maps, Blumberg Capital)
    Blumberg Capital founder buys waterfront Golden Beach home for $11M
    Blumberg Capital founder buys waterfront Golden Beach home for $11M
    arrow_forward_ios

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

    Loading...