Overview
- U.S. Bankruptcy Judge David Jones denied the city’s request to delay or intervene after officials cited creditor status tied to more than $12 million in unpaid fines.
- Summit Properties USA is the winning bidder for more than 5,000 rent-regulated units, with court approval expected to be taken up at a Thursday hearing.
- Pinnacle filed for Chapter 11 following loan defaults nearing $600 million and widespread code violations across its buildings.
- Tenant groups warn a new private owner could perpetuate neglect, while city leaders vow to push for repairs and adherence to rent stabilization rules.
- Mayor Zohran Mamdani’s housing agenda faces added political scrutiny over his selection of Cea Weaver, who has expressed regret for some past statements.