E&M pays $22M for Chaim Miller’s distressed Crown Heights rental

Litigious investor unloads the property following a web of litigation

TRD New York /
Sep.September 01, 2016 05:15 PM

Irving Langer’s E&M Associates is the latest firm to buy one of several properties up for sale by Brooklyn investor Chaim Miller. The multifamily giant paid $21.5 million for Miller’s 29-unit rental building at 90 Sullivan Place in Crown Heights, according to property records filed with the city Thursday.

Since Miller bought the building for $7.7 million in 2013, the property has been hit with at least seven lawsuits. The list of plaintiffs includes Miller’s frequent lender Madison Realty Capital — which filed to foreclose on the property last year — and ex-business partner Chun Peter Dong, who claims Miller took out a $3.8 million loan on the building without his consent and embezzled the funds. Both cases are still active in Kings County Supreme Court, as are others.

Construction on the property at 90 Sullivan Place was halted for years until Miller acquired the building and jumpstarted work on it. Miller was temporarily barred last year from selling or transferring his interest in The Property While His Bankruptcy Case Involving 45 John Street was still pending in court.

Westwood Realty Associates’ Steven Vegh brokered the off-market deal, sources said.

Miller’s real estate portfolio, which once exceeded over 1 million square feet, is now dwindling. Next week, Miller’s Coney Island property will be up for auction and a rental building in Clinton Hill will be sold as part of a bankruptcy settlement. Brokers hope the latter will fetch $44 million — the minimum Miller needs to pay off a number of creditors.

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