Nearly two dozen immigrant families who paid money to purchase what they thought were their dream homes within the last decade eventually learned that what they got instead was a nightmare.
“The reason my mom decided to purchase that unit is because it was such a good location. Good neighborhood. It’s safe for us,” said Kris Chan.
Chan’s mother and other occupants of the 25-unit building located at 345 Ovington Avenue in Bay Ridge could be evicted from their apartments within months.
According to attorney Ed Cuccia, between 2012-2015, developer Steven Wu sold 20 units to 20 different families — all Asian — pocketing over $4 million.
“Some paid as little at $50,000, some over 100, some $200,000. The highest was close to $500,000,” said Cuccia, who is representing the families.
After paying Wu, most of the families moved in and were allegedly told they would receive titles to their apartments.
Cuccia says that never happened. He alleges in court documents that Wu never secured the rights from the state of New York to sell the apartments as condos. Wu is accused of stopping payments on the $6 million bank loan he took out to purchase the property and skipping town with the families’ money.
“They went on trust,” Cuccia said. “And they trusted this guy. And this guy was a developer in New York and a well-known developer. Especially in the Asian community.”
Although the families won a lawsuit against Wu in one case, a different judge has allowed the…
