Passing the torch: How a New York real estate company is thriving through generations

Real customers compensated

Linda Yung vividly recalls the moment she was handed the reins of Yung Kee Group Real Estate. “Hey, there’s this offer we got. Why don’t you take a look at it?” her father had asked casually.

It was the beginning of her journey into the family business — one marked by personal growth, evolution and the enduring legacy of her late uncle Henry Yung.

A foundation built on vision

The story of Yung Kee Group Real Estate begins in the 1970s with Henry Yung, the eldest of five children, leaving Hong Kong. “My uncle moved to the States first by himself and later brought his parents and the rest of the family,” Linda says.

Henry started an import-export business, focusing on specialty items from Taiwan, Japan, Hong Kong, and China. Capitalizing on the height of the Bruce Lee and kung fu craze in America, he turned a modest wholesale venture selling kung fu shoes and novelties into a burgeoning enterprise.

Henry’s success was the financial springboard for real estate investments in the early 1980s. He began purchasing under-maintained properties in midtown Manhattan, refurbishing them and offering affordable rents. “His mentality was really about making a foundation for our family,” Linda recalls. This approach ensured a steady income and contributed to neighborhood revitalization.

Henry was soon joined by Sunny, his younger brother and Linda’s father, who brought additional strength and insight into the growing real estate venture. Together, the two brothers navigated the complexities of property management while maintaining the original business. Henry’s untimely passing in 1997 was a significant turning point. Sunny stepped into leadership, seamlessly continuing Henry’s vision while adapting to the ever-changing real estate landscape. By the early 2000s, real estate had become the company’s primary focus, marking the beginning of Yung Kee Group Real Estate’s prominence in the industry. Under Sunny’s leadership, the company maintained its core principles and expanded its portfolio, focusing on high standards and tenant satisfaction.

As the business transitioned into the new millennium, the foundation Henry and Sunny laid proved robust and adaptable. The family’s collective effort set the stage for the next generation. Linda, now at the helm, is preserving this legacy while navigating the challenges of modern real estate.

A banking relationship through generations

A business’s success often relies on the strength of its relationships. For Yung Kee Group Real Estate, the relationship with Chase for Business has been pivotal, offering both stability and growth opportunities during critical transitions.

Throughout the pandemic, this relationship proved invaluable. As the world grappled with unprecedented change, Yung Kee Group Real Estate faced significant disruptions. Tenant needs shifted, commercial spaces remained vacant, and uncertainty loomed large. In this turbulent time, Chase for Business stepped in with timely support through Paycheck Protection Program (PPP) loans, which were crucial in keeping the business afloat.

“Our banker, Steven, who started working with my father almost a decade ago, helped us with the PPP loans,” Linda says. “That definitely helped keep us afloat and kept operations running.”

The day-to-day banking services provided by Chase for Business have also been a game-changer for Yung Kee Group Real Estate. From easy-to-use mobile banking apps to efficient check processing systems, these tools have simplified the administrative aspects of property management, allowing Linda to focus more on strategic growth and less on routine tasks.

Chase for Business also played a strategic role in the company’s modernization efforts, inviting Linda to various business development and networking events early on. “These events were very fruitful, especially because I was just starting out,” Linda says.

Challenges and triumphs in succession planning

Linda didn’t initially envision taking over the family business. With a background in dietetics and yoga, she had her own professional path. However, the pandemic served as a catalyst, bringing her into the fold of Yung Kee Group Real Estate at a crucial juncture.

Linda recalls her first significant involvement: that $5 million 10-year lease deal her father asked her to look over. It was both daunting and exhilarating. “It was my first big deal, and it came during the pandemic, at a time when we needed a win. It showed me the potential impact I could have on the business,” she says. This initial success gave her the confidence to take on more responsibilities and cemented her commitment to the family enterprise, where she now focuses on strategic growth and tenant relations.

One of the major hurdles Linda faced was imposter syndrome. Stepping into a field dominated by seasoned professionals was intimidating. “Many of our tenants have been with us longer than I’ve been in real estate,” Linda says. “Meeting them on their level and gaining their trust was a significant challenge.” She overcame this obstacle by focusing on empathy and clear communication, ensuring that tenants felt heard and valued.

The informal nature of the transition has been both a strength and a challenge. Without rigid structure, Linda has needed flexibility to adapt and learn on the job. However, this also has meant dealing with the unpredictability and demands of real estate management. “We’re very go-with-the-flow,” Linda says. “But as a team, we also make sure to discuss every significant decision together. It’s a collective effort.”

Rooted in community

The story of Yung Kee Group Real Estate is about more than buildings and business deals. It’s also about the people and communities that make these spaces vibrant and meaningful. Linda’s leadership style is deeply rooted in the belief that the company’s success is linked to the well-being of its tenants and the broader community.

“Tenants pay us rent and support our livelihood, so as landlords, we have a responsibility to efficiently maintain the properties for our commercial tenants to do more business and for our residential tenants to live more comfortably,” she explains. Her team keeps in regular contact with tenants, listens to feedback and addresses concerns promptly.

Linda is also deeply involved in local community initiatives, such as sponsoring events and supporting local businesses. “Our family has been very lucky and benefited a lot from doing business in the States, so it only makes sense to give back to the communities that supported us and pay it forward,” she says.

Lessons in leadership and success

Linda’s experiences highlight the importance of clear communication, strategic planning and the integration of personal values with professional responsibilities. “Succession isn’t an overnight process,” she says. “It takes time, effort and a lot of open dialogue to ensure a smooth transition.”

For other family businesses considering succession planning, Linda offers several pieces of advice. “Having well-defined roles helps avoid confusion and ensures that everyone knows their responsibilities,” she says.

Another crucial element is the willingness to adapt. Linda’s transition from a background in dietetics and yoga to real estate management was not without its challenges, but her openness has been key to her success. “Every challenge is an opportunity to learn and grow,” she says.

Linda also highlights the importance of external support and resources. The relationship with Chase has been a cornerstone of her success, providing not only financial support but also strategic guidance and valuable networking opportunities. “Don’t hesitate to seek help from trusted partners,” Linda advises. “Their insights and resources can make a significant difference.” Finally, she emphasizes the value of staying true to your core values and principles. For Yung Kee Group Real Estate, this means prioritizing community, integrity and sustainability.

As she looks ahead, Linda is optimistic about the future of Yung Kee Group Real Estate. Her vision is to continue evolving and adapting to meet the changing needs of the market while staying grounded in the values that have guided her family since the company’s start. “I’m excited about the future and committed to carrying forward the legacy that our family has built,” she says.

For more inspiration and tips for growing and managing your business over the years, visit the Chase Knowledge Center or talk with a Chase business banker.