The Real Deal New York

Chaim Miller confesses to owing his boss $10M

Abraham Leser set to recover loan from 97 Grand Avenue

November 18, 2015 01:05PM
By Kyna Doles

97 Grand Avenue

97 Grand Avenue in Clinton Hill

Brooklyn investor Chaim Miller admitted he owes Abraham Leser, his longtime boss, $10.4 million over a Clinton Hill property deal.

The judgment, filed last week in Kings County Supreme Court, seems to settle a dispute over a loan Leser made Miller for a 62-unit residential building at 97 Grand Avenue. It doesn’t, however, indicate when Miller intends to repay the money.

Earlier this year, Miller tried to sell the property to an undisclosed buyer, but was hit by lawsuits from his creditors who were attempting to temporarily block the sale.

Leser was not one of the plaintiffs in the lawsuits, but in July, his attorney testified in court that Miller had yet to repay two loans Leser had made him related to the property, a $2.5 million one in August 2013, and a $6 million one in September 2013.

Leser was allegedly unaware that Miller had brought in additional investors in the property, who are also seeking repayment.

“Unfortunately, [Leser’s] an easy target, because perhaps he trusts Mr. Miller too much,” the attorney, Steven Weg, said. Miller got his start in the industry working for Leser, a veteran developer and founder of the Leser Group.

Neither Leser or Weg were available Tuesday to comment on Miller’s confession. Since 2014, Miller and his associate Sam Sprei have been hit with at least 18 lawsuits from at least 29 individuals and entities over real estate deals, according to a recent analysis by The Real Deal.