Chaim Miller looks to back out of $66M 45 John St. sale
Buyer Orin Management claims Miller never disclosed defaulted loans on the property
Real estate investor Chaim Miller is reportedly stalling the $65.9 million sale of 45 John Street to Orin Management.
Orin’s Harry Sohn maintains that Miller never disclosed defaulted mortgages on the property in the Financial District before entering contract, according to the New York Daily News. Since then, Miller is refusing to close to try to get more money out of the transaction, according to the newspaper.
Miller recently entered contract to buy the Beekman Tower 3 at Mitchell Place for $138 million and the Radegast Hall & Biergarten for $106 million
Sohn said that he is now facing a $4 million bill for interest payments on the defaulted mortgages, the newspaper reported. Miller bought the property from Josh Zegen’s Madison Realty Capital last year for $60 million. Madison still holds the debt on the property, according to the newspaper.
Initially, the deal was supposed to close in December. [NYDN] — Claire Moses