Home News Asian immigrant families fear eviction after NYC real estate developer vanishes with their $4 million

Asian immigrant families fear eviction after NYC real estate developer vanishes with their $4 million

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At least 20 Asian immigrant families in Brooklyn, New York face eviction after falling victim to a $4 million housing scam from their building’s real estate developer.

Brooklyn real estate developer Xihui “Steven” Wu has falsely claimed that he has the right to sell individual apartments to families. Wu is said to have disappeared after he collected more than $4 million from his deposits.

The family has commissioned Wu to sell individual condominiums in his 25-unit residential building at 345 Ovington Avenue.they paid woo Deposit money Signed an informal contract he offered for amounts ranging from $100,000 to over $460,000.

But when the family received a building foreclosure complaint file from real estate lending group Maxim Credit Group (MCG) in 2018, they realized they had been scammed.

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Wu reportedly borrowed $6 million from MCG to develop the residential building, but has not paid off the mortgage since 2017. Nor did he acquire the necessary rights to sell the unit.

“He was known as a wealthy developer, so we trusted him,” said Jianli Chen, one of Wu’s victims. documented“I heard he owned several buildings in this neighborhood, but I had no idea that such a rich man could be a crook.”

The victim has lost contact with Wu, whose whereabouts are currently unknown.

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The family has since filed a lawsuit against Mr. Wu. In February, Kings County Judge Lawrence Nyple issued an order allowing the foreclosure to proceed on July 28.

However, the sale was put on hold after negotiations with the building’s lender, according to the family’s attorney, Edward Kutcha. They are also seeking to legally exclude Mr. Wu from his claim to ownership of the residential building.

“Imagine being kicked out of your home in a 100-degree heat wave talking about cruel and unusual punishment. State Senator Andrew Gunardez reportedly said.

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The lessor shall reportedly agreed Reach an agreement to allow the family to continue living in the building. If the parties are unable to reach an agreement, the case will go to bankruptcy court, where a trustee will decide how to proceed, Cuccia said.

“The stay is temporary for now, but the family hopes a solution can be reached so they can avoid eviction or a complete loss of their savings,” Cuccia said. new york post.

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via main image new york post

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