Overview
- Bankruptcy Judge David Jones denied the city’s request to slow the transaction, allowing the proposed sale to move toward approval as soon as Thursday.
- The portfolio includes more than 90 buildings with roughly 5,100 rent‑stabilized apartments tied to Pinnacle Group’s bankruptcy.
- Summit Properties USA is the prospective buyer with a reported $451 million bid to acquire the properties.
- City attorneys argued their creditor status from roughly $12–12.7 million in unpaid fines warranted intervention and questioned whether Summit could finance repairs under regulated rents.
- Deputy Mayor for Housing Leila Bozorg said officials will keep pursuing steps to ensure code compliance and rent‑stabilization protections as tenant groups voice concerns about continued neglect.