Several years ago, there was a real estate fraud case at 345 Owen Avenue in the Bay Ridge Ridge area of Brooklyn, leading to more than twenty Chinese families facing the risk of foreclosure. Thanks to the efforts of various parties, the situation was resolved four months ago. The Asian Americans for Equality (AAFE) collaborated with government agencies to purchase the property to avoid foreclosure and converted it into a limited equity cooperative. Currently, the process of transitioning the residents’ homes into cooperative apartments is nearing completion.
Yesterday, on November 1st, New York State Senator Yvonne Qu and tenant lawyer Edward Cuccia visited the building. Senator Qu mentioned that they are regularly checking on the residents to ensure that renovations meet the standards, in order to facilitate smooth ownership transfer by February next year.
Resident Meifang Dong mentioned that she no longer worries about eviction and noted that the building’s waste management has been upgraded, making the living environment more comfortable. AAFE is undertaking various upgrades and renovations, including the roof and fire safety facilities, to ensure compliance with the latest fire regulations.
Reflecting on over twenty years of living in the Bay Ridge area, Dong mentioned that she purchased the house due to her love for the local environment, and relaxed her guard due to knowing the developer, only to fall victim to fraud. After AAFE took over management, she and other residents finally obtained housing security. AAFE has become the building’s owner and plans to complete the conversion to a cooperative apartment (co-op) by February next year, where residents will become shareholders of the cooperative.
Resident Ray Chen also noted that after AAFE took over, various facilities within the building, including the roof, basement, and leak issues, are undergoing repairs. The building has a ten-year history, but AAFE needs to ensure that the building complies with the latest fire and building regulations, with the renovation project expected to be completed in the coming months. He expressed gratitude for the assistance of local Councilman Justin Brannan, State Senator Andrew Gounardes, Senator Qu, and AAFE, stating that they no longer have to worry about eviction.
Senator Qu recounted the case, stating that it was the urgent call from tenant lawyer Edward Cuccia that allowed her to intervene. With only one day left until the foreclosure auction, Cuccia sought her help urgently, and it was through combined efforts that the eviction of residents was successfully prevented.
Tenant lawyer Edward Cuccia described the case as highly unusual, with twenty families being swindled out of their life savings, a situation that was almost unimaginable. They filed lawsuits one by one, fought against banks, and faced setbacks at one point. To halt the foreclosure process, the case was transferred to bankruptcy court, delaying the foreclosure and allowing Senator Qu to step in and assist in saving the victims. Senator Qu collaborated with state and city officials, as well as non-profit organizations like AAFE, to raise sufficient funds, ultimately averting the crisis.
Cuccia stated that this is a moment worth celebrating, as these families have finally been freed from the threat of eviction and have secured stable housing. He also reminded others to always hire a lawyer when purchasing a property to protect their rights.