Chaim Miller still wants to buy the Beekman Tower

Seller Silverstein Properties claims Brooklyn-based investor defaulted on the contract

New York /
May.May 08, 2015 01:50 PM

Despite being hit by a lawsuit by seller Silverstein Properties alleging breach of the $138 million contract, Chaim Miller is still keen on buying the landmarked Beekman Tower.

Miller — together with partners Sam Sprei and Steven Wu — responded yesterday to a March lawsuit from Silverstein that claims that the Brooklyn-based investor defaulted and failed to present the necessary money to buy the 26-story, 170-unit Art Deco property at 3 Mitchell Place.

After Miller allegedly failed to close on the property on the planned February closing date, Silverstein asked for an additional $7 million deposit to extend the date, which Miller didn’t pay, according to court documents.

Miller and Sprei, in documents filed Thursday in New York Supreme Court, claim that Silverstein “wrongfully declared a default and wrongfully purported to terminate the contract of the sale.”

In Thursday’s response, Miller claims also that he is entitled to get his $8 million deposit back, after the contract was terminated. Silverstein says it’s entitled to keep the deposit.

Silverstein bought the roughly 153,000-square-foot Midtown East tower, located between 49th and 50th streets, together with partners Fisher Brothers and Capstone Equities in 2013 for $82 million.

Both Miller and Silverstein declined to comment. Miller’s attorney wasn’t immediately available to comment on Friday morning.

Eastdil Secured’s Doug Harmon, Adam Spies and Adam Doneger represented the sellers, as previously reported by The Real Deal. Ben Reifer, an independent consultant, reportedly advised the buyers. Reifer, who is not a licensed real estate agent in New York, couldn’t immediately be reached on Friday morning.

In February, Miller was sued by an investment partner with whom he planned to buy 45 John Street. The partner alleged that Miller embezzled a $14 million down payment. The partners are yet to close on that property.


Related Articles

arrow_forward_ios
Sam Chandan will head NYU Stern’s real estate programs  (samchandan.com, iStock)
NYU Schack Institute Dean Sam Chandan stepping down to join Stern
NYU Schack Institute Dean Sam Chandan stepping down to join Stern
Silverstein raises another $2B for real estate lending fund
Silverstein raises another $2B for real estate lending fund
Silverstein raises another $2B for real estate lending fund
116 John Street, Silverstein Properties' Larry Silverstein and Metro Loft's Nathan Berman (Google Maps, Getty)
Silverstein buys FiDi apartment building for $248M
Silverstein buys FiDi apartment building for $248M
Silverstein lends $340M at Miami Worldcenter project
Silverstein lends $340M at Miami Worldcenter project
Silverstein lends $340M at Miami Worldcenter project
Multifamily deals keep investment sales humming
Multifamily deals keep investment sales humming
Multifamily deals keep investment sales humming
Silverstein leashes BarkBox for 52K sf at 120 Broadway
Silverstein leashes Bark for 52K sf at 120 Broadway
Silverstein leashes Bark for 52K sf at 120 Broadway
Larry Silverstein, 3 World Trade Center and Index Exchange CEO Andrew Casale (Getty, Silverstein, Index Exchange)
Casper signs subtenant for 43K sf at Silverstein’s 3 World Trade
Casper signs subtenant for 43K sf at Silverstein’s 3 World Trade
Six-year fight to end with Williamsburg bankruptcy sale
Six-year fight to end with Williamsburg bankruptcy sale
Six-year fight to end with Williamsburg bankruptcy sale
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...