NYC Fights Sale of Bankrupt Rentals After Mamdani Blasts Roaches

Newly-inaugurated New York City Mayor Zohran Mamdani’s housing agenda is facing its first test as the city balks at the bankruptcy sale of thousands of rent-stabilized apartments owned by Pinnacle Group, where residents have railed against living conditions.

City authorities on Monday asked a bankruptcy judge to delay a Chapter 11 auction scheduled for Thursday, saying they need more time to both evaluate a proposed $451 million deal to Summit Properties USA and “explore any potential alternatives.” After the buildings were put into bankruptcy last year, Summit offered to buy dozens of buildings in Brooklyn, Manhattan, Bronx and Queens ...