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Federal Judge Approves Sale of 5,100 Rent-Stabilized Apartments

1/11/2026

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Center

Mamdani's Sale Rejection

A federal judge rejected New York City Mayor Zohran Mamdani's bid to delay the sale of more than 5,100 rent-stabilized apartments owned by the bankrupt Pinnacle Group.
The sale is moving forward with Summit Properties USA, which offered $451 million for the portfolio.
Tenants fear Summit may continue Pinnacle's neglectful practices.
City officials, including Deputy Mayor Leila Bozorg, are seeking options to ensure housing-regulation compliance and repairs.

Right

Mamdani Introduces Commissioner

New York City Mayor Zohran Mamdani introduced Dina Levy as Housing Preservation and Development commissioner at a Bronx 102-unit building at 1520 Sedgwick Ave.
The building has 194 open housing-code violations, including serious health hazards.
Tenants report worsening conditions since the nonprofit took over.
Critics argue that nonprofit management is failing, likening them to "taxpayer-funded slumlords."
Mamdani's support for increased nonprofit control raises concerns about private-property ownership.

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Mamdani's Sale Rejection

A federal judge rejected New York City Mayor Zohran Mamdani's bid to delay the sale of more than 5,100 rent-stabilized apartments owned by the bankrupt Pinnacle Group.
The sale is moving forward with Summit Properties USA, which offered $451 million for the portfolio.
Tenants fear Summit may continue Pinnacle's neglectful practices.
City officials, including Deputy Mayor Leila Bozorg, are seeking options to ensure housing-regulation compliance and repairs.

1 / 2