Notorious Chinatown landlord Don Toy has sold the 270-unit Cathay Manor Apartments for $97 million after a year of protests and lawsuits over the condition of the property the property.
The 15-story, 226,000-square-foot complex at 600 Broadway North, at the gateway between downtown Los Angeles and the Chinatown district, was built in the 1980s. Toys owns the property through an entity called China Housing for the Aged, Inc. It was not immediately clear how much the property was purchased for. However, the calculated price based on transfer tax is $97 million. Property records show the transaction closed on June 16.
The figure is lower than the price of the proposed deal in October last year.according to a previous report According to the Los Angeles Times, Toy agreed to sell the property to a nonprofit called the Lutheran Gardens Corporation for $108 million. Tenants urged the Department of Housing and Urban Development to block the deal, concerned about excessive rent increases.
The current buyer is New York affordable housing developer Capital Realty Group. The company purchased the property through a partnership called Cathay Manor Apartments, LP. A representative for the company confirmed Capital Realty’s involvement in the deal, but declined to provide further information.
The toy company is facing lawsuits over an earlier attempt to sell the property. Last April, he signed an agreement to sell the property to LGC Cathay Acquisition, an entity with the same business address as Anaheim affordable housing developer Barker Management. The buyer allegedly walked out of the deal after the toy company failed to settle all liens on the property. The dispute resulted in a lawsuit in which the buyer seeks the return of its $868,141 deposit and fees. Court records show the case is still pending.
Dozens of tenants in the residential complex protest Last March, on the same day, Toy was arraigned for multiple health and safety violations. The Los Angeles City Attorney’s Office filed 16 misdemeanor charges against Toy, local news outlet KCAL previously reported.
Residents reportedly claimed the property had been unsafe for decades. The situation was said to be so dire that two tenants died when first responders were unable to reach their apartment in time. Community organizers also claim an inspection of the property in December 2021 resulted in hundreds of violations. Reported issues at the property included broken lifts, fire hazards and a cockroach infestation. Toys could not be reached for comment.
