NY Post headline: NYC real estate developer allegedly vanished with $4M of clients’ money
A Brooklyn real estate developer allegedly vanished with over $4 million of his clients’ money — 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 “Steven” 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 lawsuits brought by the families and their lawyer.
But Wu allegedly disappeared without giving the residents ownership titles to their units — because as it turns out, he didn’t actually have permission from New York state to sell condos in the building, lawsuits brought by the families allege.
“It’s definitely devastating for us,” said Chin How “Rei” 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.