Silverstein, Fisher Brothers Snare Beekman Tower

NEW YORK CITY-A partnership led by Silverstein Properties Inc. and Fisher Brothers has acquired the Beekman Tower hotel in Midtown with the intent of converting it into furnished luxury corporate apartment suites. The purchase price was not disclosed; a source familiar with the transaction confirms a New York Times report putting it at $82 million.

The partnership, which also includes Capstone Equities, Migdal Insurance Co. and Arkin Holdings, the latter making its first US acquisition, will invest about $25 million to renovate the 85-year-old Art Deco landmark at 3 Mitchell Pl. near First Avenue and 49th Street. Fisher Brothers and SPI are co-developers, and SPI will manage and operate the property along with leasing the apartments under the Silver Suites brand.