clock menu more-arrow no yes

Filed under:

Scandal-Touched Chelsea Apartment Heads for Auction

New, 6 comments

The real estate transactions that follow financial scandal are always complicated, and an upcoming auction at Chelsea's Onyx is no exception. Auction-watcher/broker-blogger Malcolm Carter has the deets, and?to the extent anyone can unravel them?they are as follows. Former president of Taiwan Chen Shui-Ben and his wife were convicted of bribery, embezzlement, and money laundering. Some of the money they netted from that criminal activity went, allegedly, toward the purchase of apartment #5B at the Onyx. An LLC paid $1.575 million for the 1,265-square-foot place in 2008.

The LLC that owns Onyx #5B is in turn owned by another LLC, and its beneficiaries are Chen's wife, son, and daughter-in-law. There are a few more LLCs sandwiched between the apartment purchase and real people, but the bottom line is: the place is coming up for auction on April 23. According to an old listing, the 2BR, 2.5BA has floor-to-ceiling corner windows, an open kitchen and high ceilings, radiant heated floors, and a 421-a tax abatement until 2018. So how much will it go for at auction?
· Money-laundering scandal puts condo on block [Malcolm Carter]
· Onyx Chelsea coverage [Curbed]