The Real Deal New York

Chinatown buildings sell for $19M

May 07, 2008 05:46PM
By Adam Pincus

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Two Chinatown buildings with a combined 45 rental apartments and seven commercial units were purchased by an affiliate of Manhattan-based Madison Capital for $19.6 million, according to city records published today.

Tenants had sought the sale of the buildings at 55 and 61 Delancey Street. They alleged the seller, 55 Delancey Street Realty, was trying to evict tenants without cause.

The buildings went into contract in December and sold on April 28.

The buildings have more than 200 Department of Housing Preservation and Development violations, according to agency records.

Tenant organizers said in recent months residents participated in a rent strike and held meetings.

“The landlord had ignored our requests for repairs, and we lived without basic services like heat and hot water for so long,” said Zhi Qin Zheng, resident of 61 Delancey and member of the Chinatown Tenants Union.

Madison Capital managing director Richard Wagman said the properties were “located in an exciting, vibrant and evolving neighborhood on the Lower East Side.”
 
The seller could not be immediately reached for comment.

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