Silverstein sues Chaim Miller for failing to close $138M deal

The investor allegedly reneged on plans to buy the Beekman Tower

New York /
Apr.April 01, 2015 04:00 PM

Larry Silverstein is taking Chaim Miller to court over a botched deal to sell him the Beekman Tower for $137.5 million.

Silverstein Properties and partners Fisher Brothers and Capstone Equities purchased the building in 2013 for $82 million and planned to turn it into apartments geared toward executives visiting the United Nations. In order to sell to Miller, it emptied the building of tenants and fired the leasing staff.

Miller allegedly signed a contract to buy the 170-unit building at 1 Mitchell Place and close the deal by February, but failed to get the cash together in time, according to the New York Daily News. Eastdil Secured’s Doug Harmon, Adam Spies and Adam Doneger represented the sellers while the independent agent Ben Reifer represented the buyers, sources told The Real Deal at the time.

Silverstein and his partners are seeking to have the contract declared null and void, and are also seeking to keep Miller’s $8 million deposit, according to the newspaper.

Miller was also sued in February by his investment partner on 45 John Street, who claimed that Miller embezzled a down payment of $14 million. Miller recently sold a $45 million Brooklyn warehouse. [NYDN] — Tess Hofmann


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