Chaim Miller’s $138M deal to buy Beekman Tower is back on

New closing date set in early July; Miller to give Silverstein additional $8M deposit

TRD New York /
May.May 20, 2015 02:22 PM

Buyer Chaim Miller and seller Silverstein Properties have smoked the peace pipe, and are making progress on the $138 million deal for the Beekman Tower at 3 Mitchell Place.

In April, Silverstein sued Miller, claiming that the Brooklyn-based investor breached the terms of sale when he failed to pay an additional deposit after failing to close the deal by the agreed-upon February closing date. 

Earlier this month, Miller responded to the suit, saying he was still planning to buy the 26-story, 170-unit Art Deco tower. He claimed that Silverstein “wrongfully declared a default and wrongfully purported to terminate the contract of the sale.”

Now, under the agreement reached by the parties on Tuesday, Miller will hand over an additional $8 million deposit to Silverstein, sources familiar with the transaction said. If the sale goes through within a roughly 45-day deadline, Silverstein will drop the suit.

If Miller fails to close in time again, however, Silverstein will keep the additional $8 million deposit and will be immediately free to sell the building to another party.

Both parties agreed that “dollars spent on the deal were better than dollars spent on litigation,” said Miller’s attorney Allen Wasserman of Locke Lord LLP.

Representatives for Silverstein declined to comment, as did representatives for Miller.

In a memo to New York Supreme Court Judge Jeffrey Oing, Silverstein’s lawyers wrote that “the parties have agreed to the terms of a new contract for the sale of the property that is the subject of this dispute.”

The additional deposit functions as “good faith money,” Wasserman said.

Eastdil Secured’s Doug Harmon, Adam Spies and Adam Doneger are representing Silverstein in the deal, while the independent agent Ben Reifer is representing Miller.


Related Articles

arrow_forward_ios
Larry Silverstein of Silverstein Properties with renderings of the project (Getty, ODA)

Silverstein, Kaufman plan $2B Queens development

Silverstein, Kaufman plan $2B Queens development
Beekman Tower at  3 Mitchell Place (Google Maps, Wikipedia Commons)

Beekman Tower loan trouble reveals mystery behind landmark’s owner

Beekman Tower loan trouble reveals mystery behind landmark’s owner
Brookfield Property Partners' Brian Kingston, Silverstein Properties' Larry Silverstein and Empire State Realty Trust's Anthony Malkin (Getty)

Real estate firms lead cautious return to NYC offices

Real estate firms lead cautious return to NYC offices
Silverstein Properties CEO Marty Burger and a microscopic view of Covid-19 (Credit: Ilya S. Savenok/Getty Images, CDC)

“We can’t be everybody’s bank”: Marty Burger on how Silverstein is working with tenants and his Covid-19 recovery

“We can’t be everybody’s bank”: Marty Burger on how Silverstein is working with tenants and his Covid-19 recovery
Silverstein Properties CEO Marty Burger (Photo by Ilya S. Savenok/Getty Images)

Silverstein’s Marty Burger recovers from coronavirus

Silverstein’s Marty Burger recovers from coronavirus
Silverstein Properties' Tal Kerret, Dino Fusco, Marty Burger and 7 WTC (Credit: Joe Woolhead)

Former Goldman exec will be new COO at Silverstein Properties

Former Goldman exec will be new COO at Silverstein Properties
120 Broadway and Thornton Tomasetti’s Peter DiMaggio, Tom Scarangello and Michael Squarzini (Credit: Google Maps)

Thornton Tomasetti takes 100K sf at 120 Broadway

Thornton Tomasetti takes 100K sf at 120 Broadway
Moinian Group CEO Joseph Moinian, and a street view of the new Best Buy location (535 Fifth Avenue, at left) and the old one (529 Fifth Avenue, at right) 

Best Buy signs lease for new store at 535 Fifth

Best Buy signs lease for new store at 535 Fifth
arrow_forward_ios

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

Loading...