The Real Deal New York

Cape Advisors buys Hudson Square warehouse for $26M

Investor buys in area ripe for development following rezoning

November 07, 2014 04:55PM
By Claire Moses

From left: 108 Charlton Street and Kong Kee Food Corp.

From left: 108 Charlton Street and Kong Kee Food Corp. in Long Island City

Real estate investment firm Cape Advisors bought a Hudson Square warehouse for $26 million from longtime owner Yuet Tom Lam Kong of the Long Island City-based Kong Mee Food Corp., according to property records filed with the city today.  

The six-story property holds nearly 37,000 buildable square feet.

In 2012, Manhattan-based firm DHA Capital entered contract to buy the site — located in the middle of the triangle between Soho and Tribeca — for $12.4 million. DHA backed out of the transaction, however, and sued Kong, a manufacturer and seller of soy bean products, claiming he had left the property flooded after Superstorm Sandy and allegedly didn’t extend the due diligence period after the storm.

The 22,519-square-foot warehouse is located between Greenwich and Hudson Streets. That area is booming with new projects after a massive rezoning was approved last year. In a neighborhood where postal facilities, warehouses and industrial buildings once dominated the area, developers are picking up properties and putting up residential and commercial projects.

  • Bullied and Damaged by Rent Re

    http://cases.justia.com/new-york/other-courts/2014-ny-slip-op-30620-u.pdf?ts=1396133243

    “Moreover, an escrow agent has a duty not to

    deliver the monies in escrow except upon strict compliance with the conditions imposed

    by the controlling agreement. See Farago v. Burke, 262 N.Y. 229 (1933).”

    when it happened to my dad, it still makes us want to cry to think about it because it was so mean just like when his bookkeeper burned away my dad’s hardearned legal nest egg when Dad asked to buy stocks in the telephone company and coca cola and instead of doing that, the bookkeeper who was a long time stock investor instead put all of my dad’s savings in margin calls so it was gone immediately and Dad knew he had been fooled again because he had no education.

    Dad never again had that nest egg again – it was mortgages and second mortgages for the rest of his life from then on.

    • Bullied and Damaged by Rent Re

      He didn’t want to sue or cause trouble because that was the biggest and most important lawyer in Chinatown who released the escrow/balance to his buddy.

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