Moishe Mana Adds 2 Buildings to Downtown Miami Assemblage for $27M
Private real estate owner Moishe Mana purchased two retail and office buildings in Downtown Miami for $27.2 million, adding to his extensive collection of properties in the area.
The buildings, at 41 East Flagler Street and 62 NE First Street, cover 60,398 square feet and 32,060 square feet of commercial space, respectively.
The two properties add to Mana’s downtown assemblage, which he plans to convert into a tech campus and cultural hub, potentially including residential units, a hotel, and a food and spice market, according to The Real Deal.
41 Flagler Realty, an LLC linked to Mana’s convention center Mana Wynwood, purchased the two properties from the LLC Flag 41, managed by Jose Saal of TIR Prime Properties, per TRD.
Mana is working on plans to renovate the area to attract technology companies, the South Florida Business Journal reported. He has amassed an assemblage for roughly $375 million, and, at the same time, is helping to fund a two-year, $27 million makeover of Flagler Street that launched in May, reported TRD.
Mana purchased the properties at more than double their last sale price in 2014, when they sold for $11.5 million. The three-story Flagler street location was built in 1928, predated by the two-story First Street location built in 1913, according to property records.
Mana declined to comment on the deal.