Two feuding developers have agreed to end a lawsuit over a Brickell office building with no financial settlement on either side.
New York developer Shahab Karmely said he’d been double-crossed by the building’s owners, Neil Sazant and the Taplin Company, when he filed the suit in August. Karmely alleged he had struck a deal to buy the small office building at 1428 Brickell Ave. for $32 million but said Sazant backed out when a better offer came along. In court filings, a Taplin executive said the deal with Karmely had never been finalized.
Taplin also filed a counter-suit against Karmely, claiming the developer made false statements to the media as part of a “malicious wrong-headed defamatory campaign” to disparage the company and its officers.
Karmely agreed to dismiss his case with prejudice on Tuesday, meaning it cannot be refiled.
The parties released a short statement saying they had “mutually agreed to conclude and dismiss all litigation between the companies without payment of any consideration by either party.”
The site on Brickell Avenue is well-positioned for redevelopment.
Another suit concerning the property has also been resolved. Lender ESJ Capital Partners had sought to foreclose on the property. But ESJ and the Taplin Company agreed to dismiss the case in late August, court records show. It’s not clear who will end up with the property but a sale is believed to be in the works.