Silverstein closes on $138M sale of Beekman Tower

Silverstein sells after series of litigation and delays

TRD New York /
Jul.July 06, 2015 02:40 PM

UPDATED July 7, 12:45 p.m.: The $138 million sale of the Beekman Tower — a vacant, 170-unit Art Deco tower in Midtown East — has officially closed.

An unnamed foreign investor, along with Brooklyn developer Chaim Miller, is the new owner of the tower at 3 Mitchell Place. Silverstein Properties is the seller.

Multiple industry sources, who asked not to be named, confirmed the sale.

Brooklyn-based Bridge Street Development Corporation will manage the landmarked property, which will be used as an extended-stay facility. Derrick LaRosa, the director of real estate at BridgeStreet Global Hospitality, said the Beekman will be the largest asset globally to be managed by the company.

LaRosa continued that he hopes to start moving people in “as early as this week.” The property won’t be a hotel and all residents have to live there for a minimum of 30 days.

Silverstein sued Miller in April, claiming that the investor had breached the initial terms of the sale after not paying an additional $8 million security deposit.

Silverstein representatives declined to comment.

In May, the parties settled the dispute. Miller agreed to pay the additional $8 million and Silverstein agreed to drop the suit if the sale went through within the 45-day deadline. Under those terms, if the sale hadn’t gone through, Silverstein would’ve kept the deposit and would have been allowed to sell the property to a new party.

Eastdil Secured’s Doug Harmon, Adam Spies and Adam Doneger represented Silverstein. Ben Reifer, an independent broker, represented Miller in the deal.


Related Articles

arrow_forward_ios
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
Governor Andrew Cuomo (Credit: Getty Images)

Cuomo rakes in real estate cash — but not from LLCs

Cuomo rakes in real estate cash — but not from LLCs
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
Larry Silverstein (Credit: Getty Images, iStock)

Silverstein’s lending biz could get a boost from the weak luxury condo market

Silverstein’s lending biz could get a boost from the weak luxury condo market
Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds

Institutional investors swarm Silverstein’s new TASE bonds
arrow_forward_ios

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

Loading...