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Site of Large Chinatown Gambling Bust Sold For $20 Million

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35-37 East Broadway. Photo by Robert K. Chin/2009.
35-37 East Broadway. Photo by Robert K. Chin/2009.

A Chinatown building that federal authorities targeted for illegal gambling has been sold at auction for $20 million. According to the Real Deal, Venture capital Properties beat out several other firms at an auction held yesterday.

Under a deal made last year, the federal government seized the building, located at 35-37 East Broadway. 65% of the profits will go to the Department of Homeland Security.  Won & Har Realty Corporation, the former owner, will receive the rest.

In May of 2012, authorities raided the building, arresting 11 people and seizing more than $160,000.  A couple of months later, the New York Times published a story in which “workers and customers” portrayed it not as a gambling den but as “a home for run-of-the-mill businesses and social clubs catering to immigrant laborers and retirees from Fujian Province in China.”

The property is 40% tenant occupied, but the leases are all short term. Venture Capital Properties owns many buildings throughout New York.  See the photo tour of 35-37 East Broadway here.

 

 

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