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Meanwhile, last month a federal judge has temporarily blocked Mamdani’s attempt to stop the bankruptcy sale of more than 5,000 rent-subsidized apartments across New York City, posing an early challenge to the socialist mayor’s housing agenda
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.
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