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 last year for $59.5 million but ultimately sold at a lower price amid changing market conditions. “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 marketing materials, the site is approved for an eight-story mixed-use development that could include either 244 residential units or 489 hotel rooms. Additional bonuses for public benefits would allow further expansion—up to 245 more residential units or 367 additional hotel rooms. Alternatively, under Florida’s Live Local Act, a developer could build a 27-story building 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 stated in an email.
TriCap acquired one parcel for $18 million in 2018 and joined with Ral three years later to buy the second lot for $13 million. Their initial plans called for a $200 million mixed-use project featuring two towers and about 300,000 square feet.
This transaction 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 property currently houses retail buildings and parking but is also suitable for redevelopment into mixed use.
In addition to these purchases, Mana secured $150 million in refinancing over the summer on his portfolio of Wynwood properties.
