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Chen Family Wins Legal Battle Over Garment District Condo
A stalled Garment District condo project just got a major legal twist: a New York judge ruled that a deed-in-lieu agreement the bank tried to use to seize the property is actually a mortgage — forcing the bank’s new owner, Empire Capital Holdings, to go through the lengthy foreclosure process instead. This keeps the Chen family’s twelve-story building in their hands for now, even as they battle a separate $3 billion fraud lawsuit. The ruling is a big win for the Chens, who defaulted on a $60M loan and even filed bankruptcy to keep the project alive — but the legal fight is far from over…
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