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.


Related Articles

arrow_forward_ios
Phara Souffrant and Assemblymember Walter Mosley (Credit: YouTube and Getty Images)

Tenant organizer challenging incumbent doesn’t think “anyone should be paying rent”

Brooklyn Botanic Garden fears being left in the shade by proposed condo towers

Brooklyn Botanic Garden fears being left in the shade by proposed condo towers

Here are new details on Bruce Eichner’s megaproject in Crown Heights

Here are new details on Bruce Eichner’s megaproject in Crown Heights

Cassena Care lands $61M loan for Crown Heights nursing facility

Cassena Care lands $61M loan for Crown Heights nursing facility

Hope Street Capital planning 201-unit resi buiding in Crown Heights

Hope Street Capital planning 201-unit resi buiding in Crown Heights

Here’s the next residential building coming to Crown Heights

Here’s the next residential building coming to Crown Heights

Yoel Goldman is bringing City Fresh Market to Crown Heights

Yoel Goldman is bringing City Fresh Market to Crown Heights

AFL-CIO to bankroll $550M Crown Heights project, and there are strings attached

AFL-CIO to bankroll $550M Crown Heights project, and there are strings attached

arrow_forward_ios