Initially my mom wanted to purchase this apartment because of the local community and the school zone but in 2017 we received some correspondence from a bank that made us think there was something wrong financially. We were devastated and felt helpless and overwhelmed when we learned what happened,
In 2021, after a protracted legal battle, the residents won a lawsuit against Wu but continued to face foreclosure threats. In July 2022, Chan and two other tenants filed an involuntary bankruptcy claim against Wu's LLC, halting the sale of the building and allowing time to negotiate a solution.
The tenants publicized their case through local elected officials, leading to a partnership with the nonprofit Asian Americans for Equality (AAFE) to purchase the mortgage note to prevent foreclosure and convert the building to a limited equity cooperative.
AAFE, with support from New York Homes and Community Renewal (HCR) and the New York City Department of Housing Preservation and Development (HPD), finalized the building's purchase, ensuring these families could stay in their homes.
Collection
[
|
...
]