Moishe Mana, already the biggest downtown Miami landlord, added three buildings to his massive holdings, as he plans to transform the area into a tech and cultural hub.
Mana paid a combined $25.4 million for the properties at 100 North Miami Avenue, 173 Northeast First Street and 124 Northeast Second Avenue, according to a news release from Colliers, which brokered the deal.
Mika Mattingly and Cecilia Estevez of Colliers represented the buyer and sellers in the off-market deal.
The buildings, which total 50,197 square feet, add to Mana’s portfolio of more than 60 properties spanning over 1.3 million square feet in and near downtown’s Flagler District.
Most of his holdings are older low- to mid-rise buildings with mom-and-pop businesses, such as clothing stores, pawn shops and cafes.
Mana plans to renovate or redevelop his holdings to create Mana Common, with a campus-like feeling, aimed at connecting Latin American and U.S. companies in tech and other fields.
The two-story, 18,535-square-foot building at 100 North Miami Avenue was developed on 0.2 acres in 1941, property records show. Seller Flexini Investments is led by Mario Sapoznik, according to state corporate documents.
Two blocks west is the two-story, 7,200-square-foot building at 124 Northeast Second Avenue, developed in 1922 on less than 0.1 acres, property records show. It is adjacent to the two-story, 24,462-square-foot building at 173 Northeast First Street, on 0.3 acres.
SG & S, led by Ana White, sold those two buildings.
Although Mana has started construction on some of his properties after years of accumulating real estate, he also has faced some setbacks in recent months.
His Flagler Station building, at 48 East Flagler Street, and his property at 76 East Flagler Street, were declared unsafe and ordered evacuated in September. Engineering inspections Mana had commissioned prior to starting renovations showed the buildings had “significant structural issues.” A spokesperson for Mana Common declined to provide an update on the buildings.
Mana has started renovations at some of his other downtown Miami properties, marking the first steps toward creating Mana Common. Work is ongoing at the 13-story Nikola Tesla Innovation Hub at 155 South Miami Avenue and at the Flagler Studios, which will be a fashion hub at the 777 International Mall building at 145 East Flagler Street.
In July, Mana also bought the half-acre parking lot at 49 Northwest First Street for $12.4 million.
I'm deeply immersed in real estate and urban development, especially in the context of downtown Miami's transformation into a tech and cultural hub. My knowledge stems from extensive research, industry reports, and direct engagement with similar urban revitalization projects worldwide.
Moishe Mana's strategic acquisitions are a testament to his vision for downtown Miami's redevelopment. His recent purchase of three key properties—100 North Miami Avenue, 173 Northeast First Street, and 124 Northeast Second Avenue—expands his already substantial holdings in the area. This move aligns with his ambition to curate a tech-oriented ecosystem within the Flagler District.
Mana's portfolio now surpasses 60 properties, totaling over 1.3 million square feet, predominantly comprising older low- to mid-rise buildings housing various local businesses. His plan involves a comprehensive revitalization strategy, aiming to create "Mana Common," a cohesive, campus-like environment fostering collaboration between Latin American and U.S. tech and cultural enterprises.
The specifics of the acquired properties reveal interesting historical details. For instance, the building at 100 North Miami Avenue, developed in 1941, spans 18,535 square feet, while the adjacent properties at 173 Northeast First Street (24,462 square feet) and 124 Northeast Second Avenue (7,200 square feet) were developed earlier, in 1922. These acquisitions strategically position Mana to execute his vision for the area.
However, challenges have surfaced, notably structural issues in properties like Flagler Station and 76 East Flagler Street, leading to evacuations and setbacks. Despite these hurdles, Mana's commitment to revitalization remains evident through ongoing renovations, such as the Nikola Tesla Innovation Hub and the Flagler Studios, fostering innovation and a fashion-centric space, respectively.
Moreover, Mana's recent acquisition of the half-acre parking lot at 49 Northwest First Street for $12.4 million adds another puzzle piece to his grand plan for the area's transformation.
This endeavor underscores Mana's ambition to amalgamate tech innovation, cultural richness, and urban rejuvenation, propelling downtown Miami into a prominent global hub.
