Moishe Mana pays $5.4M for Wynwood building on Fifth Ave.
Mana, who owns 30 acres in Wynwood, already has holdings on the block
February 05, 2016 01:30PMBy Katherine Kallergis
Moishe Mana and 2450 Northwest Fifth Avenue
While Moishe Mana owns more than 30 acres of land in Wynwood, it looks like the developer is not done acquiring property in the burgeoning arts district.
Mana paid $5.4 million for the retail building at 2450 Northwest Fifth Avenue, broker Ari Dispenza told The Real Deal. Dispenza’s Central Commercial Real Estate represented the seller, 5th Avenue Wynwood Partners LLC. The deal closed on Monday.
The 8,310-square-foot building sits on a 9,685-square-foot lot. That means it sold for about $650 per square foot for the building, which was constructed in 1955. The property is contiguous to the corner building on Northwest 24th Street and Fifth Avenue that Mana also own, as well as properties that wrap around the block onto 24th Street.
The LLC, which state records show is managed by Douglas H. Levine, paid $3.63 million for the building in 2014 as part of a bulk sale. Levine has been tied to other recent sales in Wynwood.
Mana has been working with property owners in Wynwood to resolve issues with his special area plan for about 24 acres in Wynwood. As planned, the 30-acre Mana Wynwood complex would include a public square, tech and media hubs, and plazas for open-air retail, courtyards and pocket parks. The SAP outlines development from Northwest Second Avenue to I-95 between Northwest 22nd Street and Northwest 24th Street.
Source: The Real Deal