Developer and investor Moishe Mana just closed on a narrow piece of land on Flagler Street for $4 million, bringing his total spent in the area to more than $258.2 million, The Real Deal has learned.
Mana’s 30 East Flagler Realty LLC picked up the 6,000-square-foot lot at 30 East Flagler Street for $667 per square foot, which means he now owns 70,500 square feet of land, about half of the block. The rest, where Macy’s is located, belongs to Aetna Realty Corp.
Mika Mattingly of Colliers International South Florida represented Mana in the deal, she said. Kerry Newman of Koniver Stern Group represented the seller, 26 East Realty Corp. Records show Jagdish Shah of New York is the seller. Previous sales information was not available online.
Mana plans to eventually redevelop his portfolio, which he’s been assembling since 2010, into retail, office and residential projects. In August, Mana paid $24.5 million for the Biscayne Building at 19 West Flagler Street.
Mattingly said Mana’s 42 Flagler-area properties total 9.2 acres of land and more than 1 million square feet. He’ll soon “unveil his grand vision” for downtown Miami, Mattingly said. Bernard Zyscovich of Zyscovich Architects is designing the project.
While investors like Mana pick up properties in the Flagler Street district, a $13 million facelift of the street and sidewalk is underway. But the renovation and beautification project, which includes new sidewalks, shade trees, lighting and more, is seeing big delays.