Summit Properties Wins Auction for Bankrupt NYC Apartments

Summit Properties USA won a bankruptcy auction for a group of rent-stabilized apartments owned by the Pinnacle Group after a judge refused a request by New York City Mayor Zohran Mamdani to delay bidding.

Last year, Pinnacle placed approximately 80 properties carrying more than half a billion dollars in mortgage debt into Chapter 11 in May. The bankruptcy filings followed an increase in city housing violations at the properties and claims from residents that some units require repairs for various hazardous conditions.

Summit is a real estate investment and management firm that owns dozens of properties in New York City. ...