Moishe Mana has expanded his presence 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 sold by David Edelstein’s TriCap and Robert Levine’s Ral Development, both based in New York. Devlin Marinoff and Tony Arellano of Dwntwn Realty Advisors represented the sellers.
The properties were initially listed for $59.5 million last year. “We had a lot of prospective buyers, but in a rising interest rate environment, it was difficult to make a deal,” said Marinoff. “As soon as rates stabilized, Mana stepped up.”
According to the offering memorandum, 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 development could be expanded to add another 245 residential units or 367 hotel rooms. Alternatively, under Florida’s Live Local Act, a 27-story project with up to 612 apartments could be built.
“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 acquired one parcel for $18 million in 2018 and teamed up with Ral three years later to buy the second lot for $13 million. The firms previously planned a $200 million mixed-use development on the site featuring two towers and about 300,000 square feet.
This marks Mana’s second major acquisition in Wynwood within five months; he purchased another assemblage at 2200-2230 Northwest Second Avenue and 224 Northwest 22nd Terrace for $25.5 million last September. That location currently includes retail buildings and parking but can also be redeveloped as a mixed-use project.
Mana also secured a $150 million refinancing over the summer for his portfolio of more than fifty properties across Wynwood.
