The development site at 421-431 Kent Avenue and N. Richard Kalikow (site photo source: PropertyShark)
Brooklyn developer Isaac Hager is facing litigation after he allegedly took out a $17 million loan from N. Richard Kalikow’s Alpha Capital, and allowed his terminally ill business partner, Chaim Lax, to personally guarantee the loan, less than a year before his death.
Alpha, a firm controlled by Kalikow’s Manchester Real Estate and Construction, entered an agreement in October 2007, to lend the $17 second mortgage to Kent Wythe 9th Street, a firm led by Hager and Lax, who was at the time suffering from terminal cancer, according the lawsuit filed Nov. 20 in New York State Supreme Court.
In December 2007, the developer paid $42.6 million for a development site at 421-431 Kent Avenue and 464-474 Wythe Avenue in the Williamsburg section of Brooklyn, with plans to build several apartment buildings there, according to PropertyShark.com records and the complaint. [more]
