Real Estate News

Developer Moishe Mana pays $24.5 million for Biscayne Building

The Biscayne Building in downtown Miami sold for $24.5 million last week.
The Biscayne Building in downtown Miami sold for $24.5 million last week.

Developer Moishe Mana bought the Biscayne Building office tower in downtown Miami for $24.5 million Friday, the latest in a string of deals in the area by the moving-company and arts mogul.

The 14-story tower at 19 W. Flagler St. was built in 1925. It served as the original home of Biscayne Bank and the first Miami offices of the FBI.

Mana, a New York-based entrepreneur with extensive investments in Wynwood, has spent more than $300 million for 39 office and retail properties on Flagler Street and the surrounding area in the last two years, according to a news release. He has plans to renovate the 153,864-square-foot office building.

$24.5 millionSales price for Biscayne Building

“The true value of Miami’s urban core is in its collection of historic buildings that evoke memories of a once vibrant downtown,” Mika Mattingly, a broker at Colliers International South Florida who represented Mana, said in a statement. “Moishe has acquired a critical mass of buildings in downtown to be able to reposition them and return that past vibrancy to the urban core.”

The city of Miami began a two-year, $13-million reconstruction of dilapidated Flagler Street in January.

The seller was Biscayne Building Inc., managed by Dante Fiorini, according to corporate records. Colliers’ broker Boris Kozolchyk represented Fiorini.