Real estate owner and operator Summit Properties USA agreed to buy a portfolio of more than 5,000 New York City apartments placed into bankruptcy by Pinnacle Group, according to new court filings.
Stalking horse bidder Summit Gold Inc. offered $451M to take over the properties and their leases.
If the portfolio’s lender, Flagstar Bank, chooses to forgo financing the purchase price, the original offer will automatically be lowered to $420M, the filing states. An auction will be held on Jan. 8, if necessary. 
Other bidders are approaching to buy the units: the tenants themselves. 
The bidding process started Nov. 21, and tenants want in. A…