Mamdani’s spin can’t hide truth of Pinnacle auction
The bankruptcy auction of Pinnacle’s 5,141-unit, Brooklyn-Manhattan portfolio so perfectly encapsulates the madness of rent stabilization in New York — and the politics of Mayor Zohran Mamdani — that I could write a book about it. But in the interest of urgency, below are some quick thoughts on Summit USA’s winning bid of $451.3 million. Let’s start with this statement by the mayor’s deputy mayor for housing, Leila Bozorg: “Thanks to our intervention and dedicated organizing by tenants, the new owner of these buildings has committed to invest $30 million and to cure all violations within six months.” Is that […]
This article originally appeared on The Real Deal. Click here to read the full story.
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