Summit closes deal for Pinnacle portfolio, concluding fight with Mamdani
A contentious multifamily deal has closed, ending a bankruptcy saga. Summit Properties has closed on a portfolio of more than 5,100 mostly rent-stabilized New York apartments that were put into bankruptcy by Joel Wiener’s Pinnacle Group. Summit paid $451 million for the portfolio, in a deal that closed despite objections from tenants and the city. It’s an end to a battle that set the tone for the Mamdani administration’s relationships with private landlords. The mayor said the city would intervene in the sale in his first days in office, raising the profile of the deal and of new landlord Summit […]
This article originally appeared on The Real Deal. Click here to read the full story.
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