Summit’s deal with Pinnacle, by the numbers

Summit Properties last week won its battle to purchase a portfolio of thousands of New York apartments from Pinnacle Group. Pinnacle put the collection of mostly rent-stabilized units into bankruptcy and held an auction for a buyer, with Mayor Zohran Mamdani and groups of tenants trying unsuccessfully to stop the sale.  Here’s the deal by the numbers, according to court documents and disclosures Summit made on the Tel Aviv Stock Exchange, which it has tapped for financing: $451.3 million bid Summit won a bid to purchase the bankrupt portfolio for $451.3 million.  That works out to approximately $87,000 per unit […] This article originally appeared on The Real Deal. Click here to read the full story.