Karmely drops lawsuit against Taplin Co. over Brickell deal gone sour
Karmely had wanted to redevelop building into mixed-use project
October 19, 2016 02:15PM
1428 Brickell Avenue and Shahab Karmely
Shahab Karmely’s legal fight with the Taplin Co. over a scrapped Brickell office building sale has fizzled out.
The New York developer reportedly dismissed his lawsuit against the Taplin Co., with both parties saying there were no payments on either side.
According to the Miami Herald, Karmely filed suit in August after his deal fell through to purchase the offices at 1428 Brickell Avenue for $32 million from the Taplin Co. The seller, he alleged, went behind his back and struck a more lucrative deal from another suitor offering $10 million more.
Taplin struck back soon after, suing Karmely for allegedly slamming Taplin in the media. Both companies released a statement saying they’re dropping all litigation between the companies without a financial settlement, the Herald reported.
The dismissal clears the way for Taplin to sell the 10-story, 100,762-square-foot office building, though the winning bidder’s entity is still unknown. Karmely was eyeing the property for a mixed-use development. Its T6-48A-O zoning means the property could house a tower as tall as 48 stories. [Miami Herald] — Sean Stewart-Muniz.
Source: The Real Deal