Negotiations with Brass Elephant buyers continue

March 30, 2010

The investment group that signed a contract a month ago to buy the Brass Elephant did not come up with the necessary deposit by Monday's deadline, a real estate broker involved in the deal said. "We have not gotten a deposit," said Kemp Byrnes, a broker representing the seller. "That's all I can tell you." But Byrnes said the deal is not dead. He said there is still "a conversation that's going on between the seller and buyer." The Brass Elephant building, at 924 N. Charles St. in Mount Vernon, has been vacant since the storied fine-dining establishment closed in August. A group of investors who intended to use the space as a restaurant signed a contract a month ago. They had 30 days to have the building inspected and to make a deposit. Randy Stahl, part-owner of the Brass Elephant, was optimistic late last week that the deal would move forward, though he had not seen an escrow deposit as of Friday. "I'm fairly confident it will be done," he said. "I've been told all along the way, 'It's done.' " Reached Monday evening, Stahl said he hadn't heard anything.

- Laura Vozzella

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