"having considered the City's written application and heard and considered the statements of all parties that appeared at the hearing, the Court denied the City's extension request."
"We're asking the judge if they stand for 10,000 rent stabilized tenants...or if they respond to two brother slumlords,"
A federal bankruptcy judge denied the Mamdani administration's motion to postpone the sale of a 90-building portfolio containing 5,000 rent-stabilized units. Tenants allege Pinnacle Group failed to make necessary repairs and carries significant mortgage debt. The mayor sought intervening time to assemble a solution to preserve affordable housing. The denial places a $451 million bid from Summit Properties in position to acquire the portfolio. Pinnacle's lawyer says the sale would restore financial stability. Tenants rallied outside Summit Properties and urged the court to block the sale, citing fears of displacement and slumlord behavior.
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