It’s a done deal: Developer David Lombardi has sold his “food truck court” lot in Wynwood for $3.6 million, according Metro 1 Properties broker Tony Cho, who represents the new land owner.
The buyer? New York entrepreneur Moishe Mana.
Mana is an Israeli immigrant with a “rags to riches” tale—he started out washing dishes in a New York restaurant at age 25 and made his first million after launching “Moishe’s moving” company in the 80’s. Recently, he has been buying up land in the Wynwood Arts District.
This latest acquisition adds to a portfolio that includes more than 20 acres across several blocks, including the former Wynwood Foreign Trade Zone, which he purchased last year in a bankruptcy auction for $5 million, according to the South Florida Business Journal. He also owns another property at 19th Street and North Miami Court.
Mana, who generally avoids the press, was not available for an interview.
Cho, serving as a spokesperson for Mana, said that the 3.2-acre site, located at 2238 N.W. Second Ave., will continue to host the food trucks and might add more events. Mana has no current plans to build on the property, but will look to develop it eventually, Cho said.
“This acquisition is part of a larger plan for future development, but it is a key piece to the puzzle. We believe Wynwood is one of the most exciting neighborhoods in Miami’s urban core and has tremendous upside potential,” said Cho in a released statement on Dec. 12.
Mana, with Cho as his guide, seems to share developer Tony Goldman’s vision: making Wynwood resemble a hip New York neighborhood by creating bars, restaurants and promoting the arts. Cho often cites Mana’s experience as one of the original investors that helped turn New York’s Meatpacking District into an entertainment and arts zone as one of the key factors drawing him to Wynwood.
“I think he understands the community and the potential value,” Cho said.
For his part, Lombardi, still one of the biggest stakeholders in the neighborhood along with Goldman, said the deal was his first loss, as he sold the property for $2 million less than the price he paid for the property in 2005.
“I’ve been here 11 years,” Lombardi said while sipping a beer at Lester’s cafe in Wynwood. “It was my first loss. Got to have a sense of humor about it.”
Despite Lombardi’s loss, Wynwood still seems like an attractive option for many buyers.
Metro 1 Properties also announced the recent sale of a 7,450-square foot warehouse located at 2135 N.W. First Ave. commonly known as Charcoal Studios for $1 million. The property follows the same urban redevelopment model that was pioneered in New York and has now become the game plan in Wynwood: it’s a industrial warehouse that’s been converted into lofts, and is being marketed toward artists as a “live and work” space, much like the Cynergi building or Wynwood Lofts, both only a few blocks away.
Source: Miami Herald