Chaim Miller inks $138M contract for Beekman Tower

Silverstein, Fisher Brothers, Capstone bought hotel in 2012 for $82M

TRD New York /
Jan.January 02, 2015 09:30 AM

A group affiliated with the Brooklyn investor Chaim Miller has signed a contract to buy the landmarked Beekman Tower for $137.5 million from a joint venture of Silverstein Properties, Fisher Brothers and Capstone Equities, several sources familiar with the transaction told The Real Deal.

Miller and his partners expect to close on the acquisition of 3 Mitchell Place, now known as Silver Suites Residences at Beekman Tower, in the first quarter of 2015, sources close to the deal said.

The building, which will be delivered vacant, has 170 apartments and 6,000 square feet of retail. The buyers expect to rent the units as a traditional apartment building, a source close to the buyers, said.

The sale represents a major coup for Miller, who led a group that bought the vacant rental building 45 John Street in Lower Manhattan as well as properties in Brooklyn and Manhattan.

The 26-story Art Deco skyscraper located between 49th and 50th streets, a block north of the United Nations, was completed in 1928 as a residence and clubhouse for women belonging to national college sororities. At the time it was known as the Panhellenic Tower. The building was designated a city landmark in 1998.

Eastdil Secured’s Doug Harmon, Adam Spies and Adam Doneger represented the sellers while the independent agent Ben Reifer represented the buyers, sources said. Meridian Capital Group is representing Miller and his partners to obtain financing for the acquisition.

None of the parties returned calls seeking comment.

Silverstein, founded by chairman Larry Silverstein; Fisher, whose leadership includes Partner Winston Fisher, who directs acquisitions and dispositions; and Joshua Zamir and Daniel Ghadamian’s Capstone acquired the building in late 2012 for $82.15 million, city records show, and converted it to extended stay residences, with studios, one-, two- and three-bedroom units, according the Silver Suites Residences website.


Related Articles

arrow_forward_ios

Private equity firm relocating from Lever House to Third Avenue

A $12B fintech firm is relocating to
Fisher Brothers’ 605 Third

Owner of Quality Meats inks 20-year lease at 1345 Sixth Avenue

Japanese UN Mission signs lease deal at 605 Third Avenue

Financial firm leases 29K sf at 299 Park

Could this be the future of a 11-block stretch of Park Avenue?

To sell the final condo units, brokers and developers are offering ridiculous incentives

Pedal to the metal: Commodities firm inks lease deal at 299 Park Avenue

arrow_forward_ios