Summit Properties was confirmed on Friday as the buyer of more than 5,100 apartments from Pinnacle Group. Summit will pay $451.3 million for the mostly rent-stabilized portfolio.
The hearing marks the end of a weekslong battle, with Joel Weiner’s Pinnacle and Summit on one side and Mayor Zohran Mamdani’s administration and tenants on the other. The latter group tried unsuccessfully to stop, pause and delay the sale, hoping for a tenant-aligned bidder or concessions from Summit.
The result came another stop-and-start conflict elsewhere in New York court.
Three of New York’s biggest real estate players started the week by gearing up for the foreclosure auction for the controlling entity of Worldwide Plaza slated for January 15.
SL Green and RXR threw a wrench into the process on Tuesday, when the firms sued to block the sale. The companies claimed the proposed auction was structured to chill bidding and steer the asset to Gary Barnett’s Extell Development, amounting to a “sham” designed to wrest control of the Midtown office complex without a fair, competitive process.
On Wednesday, a Manhattan judge hit pause on the UCC sale. The decision postpones the auction until Jan. 29 and keeps the current ownership structure in place for now.
New York might have been under a winter chill this week, but real estate news came in fast and hot. Here’s some of the week’s other big stories.
Mamdani’s housing czar on rent freeze, bad landlords and striking balance between pro-development and pro-tenant agendas
The Real Deal sat down with Leila Bozor, the newly-appointed deputy mayor of housing and planning. She said the administration is prioritizing an aggressive push for new housing development and enhanced tenant protections, including with the relaunched Office to Protect Tenants.
Manhattan rents reach second-highest on record
December added to Manhattan’s streak of record rents. Median rent for a brokered, market-rate lease in Manhattan was $4,720, the second-highest number on record, according to a new report from Miller Samuel for Douglas Elliman.
Arbitrator finds “self-dealing” developer owes $22M
New York developer Mitchel Maidman was ordered to pay $22 million in damages after his former partner, Ofer Resles, accused him of diverting penthouse‑sale proceeds for personal benefit, despite their 50/50 ownership agreement.
Rihanna’s hopeless retail place
Rihanna hasn’t put in the work, work, work, work, work, work at 182 Flatbush.
Signs of progress have been nonexistent beyond a sign reading “Savage x Fenty Signature Script Collection” observed at the site in 2024. Alas, no one secured a permit for the advertisement, resulting in an ECB violation.
