Moishe Mana’s hunger for Wynwood properties took another forkful, as he recently bought a building leased to Pastis Miami for $24.5 million.
Mana, Wynwood’s largest landowner, acquired a ground lease and a single-story 13,000-square-foot building at 380 Northwest 26th Street, Tony Arellano and Devlin Marinoff with Dwntwn Realty Advisors told The Real Deal. They brokered the transaction on behalf of the buyer and the seller, David Edelstein’s New York-based TriCap.
Mana paid roughly $1,850 per square foot.
TriCap exercised an option to buy the ground lease from the site’s previous owner, Yuan Yin Yen, in order to complete the deal with Mana, Arellano said. “We ran a very quiet, off-market process that landed several bidders,” he said. “Moishe understood the value of acquiring a fully leased building.”
Dwntwn brokered the ground lease between TriCap and Yen six years ago, Arellano said. The building was previously a shoe warehouse that the New York developer converted into a retail building.
In addition to the high-end Parisian brasserie, the property’s other tenant is Appartus, a New York-based luxury lamp retailer that plans to open a showroom in the fall, Marinoff said. Pastis, which has locations in Nashville, New York and Washington, D.C., opened its Wynwood outpost in 2023.
“Pastis’ opening was a turning point for Wynwood in terms of the neighborhood attracting luxury restaurants,” Arellano said.
The transaction was the second between Mana and TriCap in a seven-month span. In January, Mana purchased a 1.6-acre assemblage at 2661-2701 Northwest Fifth Avenue for $33.5 million from Edelstein’s firm and its partner, Robert Levine’s Ral Development. That deal was also brokered by Arellano and Marinoff.
The two adjacent parcels are approved for an eight-story mixed-use project with 244 residential units or 489 hotel rooms. But Mana can seek to build an additional 245 residential units or 367 hotel rooms via bonuses for providing public benefits. Alternatively, using Florida’s Live Local Act, Mana could develop a 27-story project with 612 apartments as long as 40 percent of the units are set aside for workforce and affordable housing.
In March, Mana paid $110 million for One Downtown, a 31-story office tower in downtown Miami where he is also that neighborhood’s largest landlord with 80 buildings in his portfolio.
Last year, Mana landed a $150 million refinancing for his expansive property portfolio in Wynwood, covering 56 properties, including buildings surrounding his Mana Wynwood Convention Center at 318 Northwest 23rd Street, which was not part of the refinancing.
