New York’s real estate auctions brought the intrigue
Summit Properties was confirmed on Friday as the buyer of more than 5,100 apartments from Pinnacle Group. Summit will pay $451.3 million for the mostly rent-stabilized portfolio. The hearing marks the end of a weekslong battle, with Joel Weiner’s Pinnacle and Summit on one side and Mayor Zohran Mamdani’s administration and tenants on the other. The latter group tried unsuccessfully to stop, pause and delay the sale, hoping for a tenant-aligned bidder or concessions from Summit. The result came another stop-and-start conflict elsewhere in New York court. Three of New York’s biggest real estate players started the week by gearing […]
This article originally appeared on The Real Deal. Click here to read the full story.
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