Summit confirmed as Pinnacle buyer, ending fight with Mamdani
Summit Properties was confirmed as the buyer of 5,151 mostly rent-stabilized apartments from Pinnacle Group in a Friday hearing. Pinnacle, run by Joel Wiener, placed the apartments in bankruptcy. Summit will pay $451.3 million for the portfolio. The hearing marks the end of a weekslong battle, with Pinnacle and Summit on one side and the Mamdani 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. Bankruptcy judge David Jones considered their argument that Summit had not adequately made assurances that it could […]
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