Published On: Sun, Apr 5th, 2015

Larry Silverstein Suing Chaim Miller for $138 Million

The Silverstein Group claims that Miller backed out of an agreement to buy the Beekman Tower for that price.

Beekman Tower

Larry Silverstein’s Silverstein Properties is suing Brooklyn investor Chaim Miller for $137.5 million. The suit stems from a deal that fell through from the sale of Silverstein’s Beekman Tower on Manhattan’s East Side.

The Silverstein Group claims that Miller backed out of an agreement to buy the tower for that price which they entered into back in January. According to the suit, he failed to seal the deal by the appointed deadline.

Silverstein acquired the 170 unit corporate apartment tower located at 1 Mitchel Place in 2013 for $82 million. The firm acquired the property in partnership with Fisher Brothers and Capstone Equities. At the time the building was still operating as a hotel.

It is part of the firm’s Silver Suites Residences, which offer fully furnished luxury apartments ranging from studios to three bedrooms in two ideal locations in Manhattan – Beekman Tower and Silver Towers.

Located between 49th and 50th Streets, the 29 story building was constructed back in 1928 in the art deco style. Currently vacant, the structure also offers whoever buys it 6, 000 square feet of retail space. It was declared a landmark back in 1998.

NYC.com offers the following description:

“The guest rooms are all tastefully appointed, and come equipped with the latest in modern amenities. Hair dryers, coffee/tea maker, and mini bar are standard with all rooms. Suites, which range from studios to one-bedrooms, are all very spacious, and all have kitchens. Rooms are attractively decorated with chintz and dark-wood furniture, and all have separate sitting areas. The one-bedroom suites have dining tables as well.

“For breathtaking views of the Manhattan skyline, choose Top of the Tower, voted one of the most romantic places in New York. This rooftop restaurant featuring piano music is a spectacular place for dinner, cocktails, private parties, weddings or banquets. The professional and courteous hotel staff adds to the charm of this hotel. They provide good customer service and seem dedicated to customer satisfaction.”

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