An auction of Pinnacle Group’s portfolio of thousands of bankrupt, largely rent-stabilized units is days away. But a stalking horse bidder has put a floor on what will be a fascinating look on how stabilized units are valued under the Mamdani administration. Summit Properties USA reached a deal to acquire Joel Wiener’s portfolio of bankrupt buildings for $451 million, Bloomberg reported. The deal, disclosed in a bankruptcy court filing, is subject to being boxed out by better offers at the Jan. 8 auction. The price point isn’t locked in for Summit, either. The firm’s purchase price could drop to $420 […]

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