{"id":475701,"date":"2022-07-19T23:01:32","date_gmt":"2022-07-19T20:01:32","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/nyc-real-estate-developer-allegedly-vanished-with-4m\/"},"modified":"2022-07-19T23:01:32","modified_gmt":"2022-07-19T20:01:32","slug":"nyc-real-estate-developer-allegedly-vanished-with-4m","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/nyc-real-estate-developer-allegedly-vanished-with-4m\/","title":{"rendered":"#NYC real estate developer allegedly vanished with $4M"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2598d17cfe4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2598d17cfe4\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/nyc-real-estate-developer-allegedly-vanished-with-4m\/#%E2%80%9CNYC_real_estate_developer_allegedly_vanished_with_4M%E2%80%9D\" >&#8220;NYC real estate developer allegedly vanished with $4M&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CNYC_real_estate_developer_allegedly_vanished_with_4M%E2%80%9D\"><\/span>&#8220;NYC real estate developer allegedly vanished with $4M&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>A Brooklyn real estate developer allegedly vanished with over $4 million of his clients\u2019 money \u2014 putting the group of 20 Asian immigrant families at risk of being booted from their homes, The Post has learned.<\/p>\n<p>The families had entrusted developer Xi Hui \u201cSteven\u201d Wu with tens to hundreds of thousands of dollars each in deposits to buy condos at their Bay Ridge residential building, located at 345 Ovington Ave., according to court papers and their lawyer.<\/p>\n<p>But Wu allegedly dis<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared without giving the residents ownership titles to their units \u2014 because as it turns out, he didn\u2019t actually have permission from New York state to sell condos in the building, lawsuits brought by the families allege.<\/p>\n<p>\u201cIt\u2019s definitely devastating for us,\u201d said Chin How \u201cRei\u201d Tan, who told The Post he paid Wu $187,000 for the condo where his 88-year-old father and 80-year-old mother have been living since 2015.<\/p>\n<p>\u201cIt will be terrible,\u201d Tan, 47, said of his parents potentially being forced to move out. \u201c[They] were supposed to be here hopefully for another 30 years.\u201d<\/p>\n<p>\u201cWhere are they going to be staying?\u201d Tan asked. \u201cIt was supposed to be the apartment they retired in.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"598\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/brooklyn-eviction-018.jpg?w=1024\" alt=\"The families had given developer Xi Hui &quot;Steven&quot; Wu with tens to hundreds of thousands of dollars each in deposits to buy condos.\" class=\"wp-image-23118239\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/brooklyn-eviction-018.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/brooklyn-eviction-018.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/brooklyn-eviction-018.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The families gave Xi Hui \u201cSteven\u201d Wu tens to hundreds of thousands of dollars each in deposits to buy condos.<\/figcaption><figcaption><span class=\"credit\">Paul Martinka<\/span><\/figcaption><\/figure>\n<p>In addition to the cash for the condo \u2014 half of the total cost of the unit Wu was selling \u2014 Tan said the family also paid $7,000 in what the developer claimed were condo fees.<\/p>\n<p>Edward Cuccia, an attorney representing the families, told The Post that Wu \u201cran a massive scam where he cheated over 20 immigrant families not only of their life savings but also of their hopes and dreams of owning a home.\u201d<\/p>\n<p>\u201cNow these families are facing eviction and total loss,\u201d Cuccia said. \u201cThis is the most egregious case of real estate fraud I have ever seen in my over 30 years of practicing law.\u201d<\/p>\n<p>Wu began attracting buyers in 2012, collecting amounts ranging from tens of thousands to upwards of $500,000 from each family as deposits on their homes \u2014 and promising to give them the title for the units, court documents allege.<\/p>\n<p>He pocketed various percentages of deposits from residents \u2014 and even took the full amount of the cost of the home from a few families, according to Cuccia. <\/p>\n<p>Wu never delivered on transferring ownership to the residents \u2014 who had moved into the building in the meantime \u2014 as he wasn\u2019t permitted by the state to sell condos in the building, the lawsuits claim.<\/p>\n<p>Instead, he stopped payments on a $6 million loan he took out to build the apartments \u2014 and ran off with the deposits, Cuccia claims.<\/p>\n<p>In May, the residents won judgments against Wu for the money they paid him. <\/p>\n<p>But their future is still uncertain, since lender Maxim Credit Group, LLC foreclosed on the building \u2014 leaving the residents open to be evicted down the line, Cuccia said.<\/p>\n<p>The building goes up for auction on July 28 and after that, the new owner could initiate eviction proceedings against the residents, the attorney explained.<\/p>\n<p>\u201cWe didn\u2019t bring it upon ourselves,\u201d Tan told The Post. \u201cThe developer, Steve Wu, he should be responsible.\u201d<\/p>\n<p>Tan said he hopes they can work something out so that the residents can continue living in the building.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"759\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/brooklyn-eviction-019.jpg?w=1024\" alt=\"Edward Cuccia, an attorney representing the families, told The Post that Wu, &quot;ran a massive scam where he cheated over 20 immigrant families.&quot;\" class=\"wp-image-23118247\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/brooklyn-eviction-019.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/brooklyn-eviction-019.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/brooklyn-eviction-019.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Edward Cuccia, an attorney representing the families, told The Post that Wu \u201cran a massive scam where he cheated over 20 immigrant families.\u201d<\/figcaption><figcaption><span class=\"credit\">Paul Martinka<\/span><\/figcaption><\/figure>\n<p>Ka Cheng \u201cKris\u201d Chan said her mother, Cheng Peng Chu, 60, paid Wu $200,000 \u2014 her life savings \u2014 for her apartment that she moved into in 2014.<\/p>\n<p>\u201cShe is very angry,\u201d Chan said of her mom, who works as a server at a restaurant and immigrated to the US roughly 10 years ago. \u201cWe all know [Wu] in the neighborhood. How could he do that to us?\u201d<\/p>\n<p>\u201cWe feel he actually betrayed us. He just walked out from the project,\u201d said Chan, who until recently lived in the apartment with her mom.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"679\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/brooklyn-eviction-016.jpg?w=1024\" alt=\"Residents of 345 Ovington Avenue in Bay Ridge Brooklyn face eviction after the developer of their building took their deposits for condos they believed they were buying.\" class=\"wp-image-23118254\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/brooklyn-eviction-016.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/brooklyn-eviction-016.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/brooklyn-eviction-016.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Residents of 345 Ovington Ave. in Bay Ridge, Brooklyn, face eviction.<\/figcaption><figcaption><span class=\"credit\">Paul Martinka<\/span><\/figcaption><\/figure>\n<p>The residents will be meeting with local politicians on Wednesday to try to bring attention to and gain support for their situation in hopes of halting their potential eviction.<\/p>\n<p>Lawyers for Maxim Credit Group, Wu and Wu\u2019s lawyers did not return requests for comment.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/07\/19\/nyc-real-estate-developer-allegedly-vanished-with-4m\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;NYC real estate developer allegedly vanished with $4M&#8221; A Brooklyn real estate developer allegedly vanished with over $4 million of his clients\u2019 money \u2014 putting the group of 20 Asian immigrant families at risk of being booted from their homes, The Post has learned. The families had entrusted developer Xi Hui \u201cSteven\u201d Wu with tens&#8230;<\/p>\n","protected":false},"author":1,"featured_media":475702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/brooklyn-eviction-018a.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[131482,76031,4950,71554,88426,71006,70446],"class_list":["post-475701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-7-19-22","tag-bay-ridge","tag-brooklyn","tag-evictions","tag-foreclosure","tag-fraud","tag-lawsuits"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/475701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=475701"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/475701\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/475702"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=475701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=475701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=475701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}