"The legal battle intensified last week when city officials filed with the bankruptcy court seeking to halt the sale. The city's main argument was that the Israeli-owned Summit lacked the "will or resources" to rehabilitate the deteriorating buildings. During the hearings, the city presented data showing that properties already owned by Summit in New York have more than 780 open violations, including roughly 290 classified as posing an "immediate danger.""
"For Mamdani, who has made tenant protection a core theme of his platform, the ruling represented a personal setback. One of the central buildings included in the deal is a neglected property in Brooklyn that he visited on his first day in office, where he publicly promised residents that the city would step in on their behalf."
A US bankruptcy court rejected New York City's effort to block the $451 million sale of Summit Properties' U.S. holdings in Brooklyn. The transaction includes more than 5,000 apartments across 90 buildings, most of them subject to rent regulation. Mayor Zohran Mamdani experienced a political setback after visiting a neglected building included in the deal and promising residents city intervention. City officials argued Summit lacked the "will or resources" to rehabilitate deteriorating buildings and presented data showing over 780 open violations, including roughly 290 classified as posing an "immediate danger." The judge denied the request to delay and allowed the bidding to continue. Summit's chairman Zohar Levy said the company is "deeply committed" to the city.
Read at The Jerusalem Post | JPost.com
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