Moishe Mana has expanded his real estate holdings in Miami’s Wynwood neighborhood with the purchase of two adjacent vacant parcels for $33.5 million. The 1.6-acre site, located at 2661-2701 Northwest Fifth Avenue, was marketed by Devlin Marinoff and Tony Arellano of Dwntwn Realty Advisors on behalf of sellers David Edelstein’s TriCap and Robert Levine’s Ral Development, both based in New York.
The properties were initially listed for $59.5 million last year. According to Marinoff, “We had a lot of prospective buyers, but in a rising interest rate environment, it was difficult to make a deal. As soon as rates stabilized, Mana stepped up.”
The site is approved for an eight-story mixed-use development that could include either 244 residential units or 489 hotel rooms. With public benefit bonuses, the project could expand to an additional 245 residential units or 367 hotel rooms. Alternatively, under Florida’s Live Local Act, the buyer could develop a 27-story building with up to 612 apartments.
Mana commented on the acquisition: “We continue to expand our holdings in Miami, a city we’ve believed in since our first investment in Wynwood in 2009.” Previously, TriCap and Ral had planned a $200 million mixed-use project on the site featuring two towers and 300,000 square feet.
TriCap acquired one parcel for $18 million in 2018 and partnered with Ral three years later to buy the second lot for $13 million.
This latest purchase marks Mana’s second major acquisition in Wynwood within five months. In September, he bought another assemblage at 2200-2230 Northwest Second Avenue and 224 Northwest 22nd Terrace for $25.5 million. That property currently contains retail buildings and a parking lot but is also eligible for redevelopment into a mixed-use project.
Earlier this year, Mana secured $150 million in refinancing for his portfolio of 56 properties across Wynwood.
