Following the news that Jonathan Miller is involved in a new venture to convert $1 billion in distressed condos, The Real Deal asked the city’s best-known appraiser whether this could impact the credibility of his widely read reports. After all, quarterly market reports prepared by Miller — the president and CEO of the real estate appraisal firm Miller Samuel — for Prudential Douglas Elliman, have become industry gospel in recent years. Now that he has an additional economic interest in the ups and downs of the market, does that amount to a conflict of interest? No, says Miller. Though he will have an equity stake in the venture, known as Condominium Recovery LLC, he will not be involved in the development end of the business. His job in the new company will be conducting appraisals of properties — his current bread and butter. “I’m still doing the same thing,” he said. “I’m not a developer — I’m on a team with a developer.” Miller said he has given the issue some serious thought. “This is something that I reviewed very carefully in the beginning,” he said. “Essentially, I’m brought in for valuation expertise. I’m not an operator. It’s no different than consulting with a developer.” Not everyone in the industry is so sure.  More [more]