$80 Million Sale Of Empire World Towers Site Delayed For Another Month

The closing date for the sale of the Empire World Towers site has been delayed a month.

Under the original terms of the contract, PMG was to close on the purchase next week (October 15). Instead, the closing date is now scheduled for November 14.

In exchange for the one month delay, PMG is putting down a $3 million deposit, which is in addition to the $7 million already deposited. PMG is also paying $300,000 for an extension fee. The $10 million in deposits along with the extension fee are nonrefundable, and will be forfeited if PMG fails to close on time.

The $80 million purchase price remains the same.

exMiami broke the news of the contract in July. A sale of the contiguous Holiday Inn property is also rumored to be pending.

Jaret Turkell and Scott Wadler at HFF are handling the sale of the property on behalf of the seller.