Moishe Mana has expanded his Wynwood real estate holdings 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 sold by David Edelstein’s TriCap and Robert Levine’s Ral Development, both based in New York. The deal was brokered by Devlin Marinoff and Tony Arellano of Miami-based Dwntwn Realty Advisors.
The sellers initially listed the properties for $59.5 million last year. According to Devlin 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 project that could include 244 residential units or 489 hotel rooms. With public benefit bonuses, the buyer can add another 245 residential units or 367 hotel rooms. There is also potential under Florida’s Live Local Act to build a 27-story project with up to 612 apartments.
“We continue to expand our holdings in Miami, a city we’ve believed in since our first investment in Wynwood in 2009,” Mana said in an emailed statement.
TriCap purchased one parcel for $18 million in 2018 and, along with Ral Development, acquired the second lot for $13 million three years later. Previously, TriCap and Ral had planned a $200 million mixed-use development on the site featuring two towers and about 300,000 square feet.
This marks Mana’s second significant 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 houses retail buildings and a parking lot but can be redeveloped into a mixed-use project.
Earlier this year, Mana secured $150 million in refinancing for his portfolio of 56 properties in Wynwood.
