Moishe Mana has sold the property for $ 20 million as it has abandoned plans to convert its North Miami Beach office building into an apartment and is focusing on other redevelopment projects.
According to a press release, a company run by New York-based real estate investor Joel Weiss has purchased a 12-story building at 633 and 699 Northeast 167th Avenue. The transaction is broken down into $ 169 per square foot.
Joe Fishman of Hollywood-based Sheridan Capital said he offered buyers a $ 18 million takeover loan arranged by Abe Coleman, managing director of Sevenstone Capital, based in Lakewood, NJ. rice field.
Entity managed by seller, Mana, Paid $ 9.5 million in real estate in 2016, records show. The 118,125-square-foot building, completed in 1965, occupies 54% and has an average asking rent of about $ 15 per square foot, the release said.
The building was previously fixed by a Branch of Regions Bank, but the lease wasn’t renewed because Mana planned to convert the property from an office to an apartment.
Weiss plans a major interior and exterior renovation, including a small Kosher cafe and gym inside the building. Property rebranding also includes workspaces for Orthodox Jewish customers in North Miami Beach, Aventura, and Hollywood. Weiss has carried out similar projects in two cities in New Jersey, Union and Spring Valley.
Mana said in an email that he is focusing on downtown Miami and Winwood real estate and is shedding non-core real estate assets.
“We are in the design, construction and execution stages, transforming the Winwood and Flagler districts into the best regions in the United States,” he said. “I’m investing my money here, selling non-core assets, realizing something never before, and realizing my vision.”
Mana, a real estate investor and developer, is one of the largest landowners in downtown Miami and Winwood.Last month one of his entities paid $ 7.3 million For a commercial building on 118 Flagler Street surrounded by other properties that Mana already owns. His flagger district portfolio spans a total of more than 1.3 million square feet across 70 buildings he plans to renovate or redevelop.
His investment in downtown Miami totals about $ 500 million, and he plans to create a startup and technology hub in the collective called Mana Common.
In Winwood, mana is roughly owned 45 acres He plans to redevelop into an art, entertainment and trade hub called Mana Winwood Americas-Asia Trade Center & International Financial Center.
Mana also began assembling land in Arapata, a working-class neighborhood west of Winwood.He fell recently $ 16 million Bars and lounges, four retail buildings, a former grocery market, warehouses, and single-family homes along Northwest 29th Street and Northwest Seventh Avenue.