Despite efforts by Mayor Zohran Mamdani’s administration, Summit Properties is slated to take over more than 5,000 mostly rent-stabilized New York apartments from Joel Wiener’s Pinnacle Group. The final auction price was not immediately clear after the firm issued an initial bid of $451 million.  It’s the result of Pinnacle’s bankruptcy auction, in which Summit represented the minimum, or stalking horse, bidder. A confirmation hearing is scheduled for January 15.  The auction commenced despite efforts by tenants and elected officials, most recently Mamdani’s office, to delay the sale. The coalition had asked the judge in the case for more time, […]

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