The Mamdani administration wants to pump the brakes on Pinnacle Group’s bankruptcy auction, not only because it wants time to review the new proposed owners of the firm’s buildings but officials are also worried that stabilized rents at the buildings are too low for the properties to survive. In a request filed with the court late Monday, the city asked federal Bankruptcy Court Judge David Jones to delay the auction of Pinnacle’s portfolio by 30 days. The auction, for more than 5,000 rent-stabilized apartments, is slated for Thursday.  The filing follows Mamdani’s announcement that he would intervene in the case […]

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