Mamdani Suffers Double Blow To His Socialist Plans

Pinnacle, owned by billionaire Joel Wiener, controls more than 140 buildings and 9,000 units across the five boroughs. Court filings show Summit Real Estate Holdings has offered $450 million to buy roughly 90 of the company’s properties.

“Completion of the bankruptcy auction process will bring financial stability along with the opportunity to stabilize services, outcomes which we would expect the City would not want to disrupt,” said Ken Fisher, an attorney representing Pinnacle.

City lawyers countered in filings that Summit might not have the financial strength to rehabilitate the buildings, warning that “continuing losses and mounting expenses might lead to additional bankruptcies or reorganizations, a state of financial and social chaos potentially worse than the current situation.”

Tenant groups opposing the sale say Pinnacle has neglected maintenance and allowed conditions to deteriorate, while others fear the new owners could raise rents or further reduce oversight.