NYC, Summit Properties in Talks Over Sale of Bankrupt Buildings

Summit Properties USA is discussing a potential settlement with representatives for New York City Mayor Zohran Mamdani’s administration that could ease the real estate firm’s proposed $451 million acquisition of rent-stabilized apartments owned by landlord Pinnacle Group.

• Lawyers for the bankrupt buildings, the city and tenants said during a Thursday court hearing in Manhattan that they’re discussing a potential deal that would resolve challenges to the proposed sale
  • The talks also include lender Flagstar Bank NA, which owns the debt on the buildings
• Judge David Jones is considering approving the sale of roughly 90 buildings to Summit after ...