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Photo by Mojnsen via Wikipedia Commons
Two buildings in Manhattan’s Chinatown, 43 and 45 Mott Street, narrowly avoided being auctioned on January 8, 2025, after a last-minute temporary restraining order was issued. As reported by Crain’s New York Business and confirmed by Our Town Downtown, the properties had defaulted on $13.2 million in loans, triggering a foreclosure process initiated by Global Bank.
The restraining order, issued by Judge Francis Kahn, temporarily blocks the auction pending further court proceedings. Defendants Kevin Ye and Ping Cheung, who are connected to the properties via 43 Mott Realty Owner LLC and Tai Cheung Realty Inc., are required to post a $250,000 deposit to maintain the stay. The next court hearing is scheduled for February 25, 2025.
The two properties are notable for their mix of residential and commercial tenants. 43 Mott Street hosts Cha Kee, a Japanese-inspired Cantonese restaurant, with 16 rental units above, while 45 Mott Street is home to the speakeasy bar Basement, Mission Chinese Food, and 11 rental apartments. Both buildings have served as hubs for Chinatown’s vibrant cultural and dining scene.
The legal dispute began when Global Bank consolidated claims from a prior lawsuit filed by NewBank, which sought $1.2 million in unpaid loans. The combined case grew to encompass $13.2 million, including interest, legal fees, and additional costs. A prior court ruling had authorized the auction before the temporary restraining order reversed that decision.
The properties were purchased in 2016 for $8.2 million and have since become key commercial and residential sites in the heart of Chinatown. However, financial difficulties and the foreclosure proceedings have cast uncertainty over their future.
The case remains ongoing as community members and tenants watch closely for further developments.
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