Mamdani targets next rent-stabilized portfolio after failed Pinnacle play

Mayor Zohran Mamdani is gearing up for another attempt to influence who controls New York City’s distressed rent-stabilized housing. This time, he’s headed to East Harlem, where nearly 850 units are headed toward foreclosure. The administration is exploring ways to steer the sale of 38 troubled buildings away from speculative investors, Gothamist reported. The effort follows a setback in January, when the city failed to block the bankruptcy sale of roughly 5,000 rent-stabilized apartments tied to Pinnacle Group, which officially traded last month. Officials are zeroing in on a portfolio formerly owned by Emerald Equity Group, where years of debt-fueled […] This article originally appeared on The Real Deal. Click here to read the full story.