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Bankruptcy Court Greenlights Controversial NYC Apartment Sale

1/13/2026

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Summary

Story summary

A U.S. bankruptcy court rejected New York City Mayor Zohran Mamdani's bid to block a $451 million sale of 5,000 rent-stabilized apartments from Pinnacle Group to Summit Properties USA.
The New York Attorney General's office supports delaying the sale, citing Summit’s ownership history and more than 4,000 housing code violations.
The auction proceeds as city officials weigh steps to protect tenants amid ongoing protests.

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Story summary

A U.S. bankruptcy court rejected New York City Mayor Zohran Mamdani's bid to block a $451 million sale of 5,000 rent-stabilized apartments from Pinnacle Group to Summit Properties USA.
The New York Attorney General's office supports delaying the sale, citing Summit’s ownership history and more than 4,000 housing code violations.
The auction proceeds as city officials weigh steps to protect tenants amid ongoing protests.