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Moishe Mana, an Israeli immigrant who made his fortune by starting a moving company in New Jersey and then became an early investor in Wynwood, has already spent hundreds of millions of dollars over four years buying land in downtown Miami through at least 50 transactions.
This week, Mana picked up another puzzle piece when he bought the White Building, a 14,500 SF retail condo at 201 East Flagler St. for $12.9M.
Mana has not yet revealed definite plans for the area, but has suggested a mix of retail, office and residential projects and remaking Flagler Street into a curbless, pedestrian-friendly, downtown thoroughfare. Locals in the area have protested seemingly never-ending road construction that has been causing Flagler Drive businesses to suffer.
Colliers International Executive Vice President Mika Mattingly, who has represented Mana in most of his downtown acquisitions, said in a statement that downtown “inventory is starting to dwindle and prices are starting to reflect that." She said on Flagler Street, prices have jumped 126% since 2014. The total spent by Mana so far is $301,048,037, she said.
Mana used his Jersey Art Holdings LLC to buy the property from White Building Acquisition LLC. That entity was represented by Regency Commercial Properties and The Osheroff Group.
The White Building, which was a theater throughout the early 1900s, was encumbered with a land lease, five subleases, and encroachment and air rights complexities that the seller’s agent had to navigate prior to sale. The second floor of the two-story office condominium will remain occupied by the White Family Law Firm.
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