The planned $82M sale of a Miami Beach office building owned by Nightingale Properties has fallen through, leading to a legal battle between the developer and the intended buyers. Nightingale CEO Elie Schwartz had been repaying $53M in funds that he misappropriated from two crowdfunding campaigns, including one at the Miami Beach building. The sale was a crucial part of his plan to repay investors. Nightingale has filed a lawsuit claiming that it is entitled to a $2M deposit because the buyers failed to close the deal by the agreed-upon deadline. The buyers have filed a counterclaim, accusing Nightingale and Schwartz of violating the terms of the agreement. A hearing is scheduled for Wednesday to address the claims.
Lawsuits Cause Nightingale’s $82M Miami Beach Office Sale to Collapse
