Brooklyn Property Mogul Wu Owes $4.2M to Immigrant Families

New York – The gloves are off in the fight against real estate fraud as New York Attorney General Letitia James announced a stunning victory, securing over $4.2 million plus interest for at least 20 Chinese immigrant families duped by Brooklyn property owner Xi Hui “Steven” Wu.

In a landmark ruling, the court found Wu and his companies, TCJ Construction Inc. and 345 Ovington LLC, guilty of fraud. Wu’s scheme, which spanned years, involved selling non-existent condominium units in Bay Ridge, Brooklyn, swindling over $5 million from unsuspecting families.

Wu was sued by AG James in 2022 following an investigation that exposed his fraudulent activities. The court awarded the defrauded families $4,227,888 with interest dating back to 2016, ensuring these hardworking individuals recover what Wu stole.

“Steven Wu preyed on hardworking immigrant families, exploited their trust, and stole the savings they had set aside for a stable future,” AG James said. “This order returns money to the families Wu cheated and bars him from ever again exploiting New Yorkers through fraudulent real estate schemes.”

Thomas Yu, Executive Director of Asian Americans for Equality (AAFE), expressed gratitude towards Attorney General James and collaboration with city and state officials to prevent evictions and ensure homeownership dreams remained alive for these families.

In 2013, Wu submitted a plan for a proposed 25-unit building at 345 Ovington Avenue but failed to legally create condominiums. Wu sold units to at least 20 families using informal agreements, collecting down payments and monthly mortgage payments without providing legal ownership interests.