"A troubled portfolio of over 5,000 rent stabilized apartments will be sold to a new private landlord, a bankruptcy court judge ruled Friday afternoon after lawyers for the Mamdani administration, the New York Attorney General, and organized tenants had intervened to try and stop it. Residents of the 90-plus building portfolio owned by Pinnacle Group had been pushing a judge to delay Pinnacle's bankruptcy sale and give the city a chance to vet the buyer and put together a competing offer."
""I am going to approve the proposed sale," said Judge David Jones. "I am satisfied that the purchaser... has described a serious and reasonable sounding plan to rectify violations and poor conditions at the properties at issue." Zohar Levy, the chief executive officer of Summit, had testified that Summit intends to remedy half of the outstanding violations in the first 60 days of ownership and promised $10 million for repairs in the first year as part of an "immediate action plan.""
A bankruptcy court approved the sale of a portfolio of more than 5,000 rent-stabilized apartments to Summit Properties after the lender made additional funds available for repairs. Tenants, Mayor Zohran Mamdani, the New York Attorney General, and organized tenant groups sought delays or alternatives to preserve affordable housing and to vet the buyer. Judge David Jones found Summit provided a plausible plan to fix violations. Summit CEO Zohar Levy pledged to remedy half of outstanding violations within 60 days and to spend $10 million on repairs in the first year under an immediate action plan.
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