Judge finalizes sale of Pinnacle buildings despite city objections
With this latest decision, the sale is now complete, marking a major shift in ownership for thousands of rent‑regulated units.
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A judge has officially approved the sale of more than 5,100 rent‑controlled apartments previously owned by Pinnacle Group, finalizing a transfer to Summit despite strong opposition from tenants and the Mamdani administration.
The ruling comes after the court earlier rejected the city’s attempt to pause the transaction. With this latest decision, the sale is now complete, marking a major shift in ownership for thousands of rent‑regulated units.
The Mamdani administration sought to block the sale, citing thousands of complaints across Pinnacle properties, but the court ultimately ruled in favor of the transaction.
In a statement to News 12, the Pinnacle Tenant Union said that despite the sale moving forward, "Summit was forced to commit under oath to a plan for repairs and management of our homes. Summit is not done hearing from us! We’re going to use our power to fight for our homes, better and faster repairs.”
In a statement to News 12, Summit CEO Zohar Levy said, " This process has been difficult for the residents, and we understand their frustration and concerns about their homes...The ruling is a new chapter, and we look forward to working with the city, our elected officials, stakeholders, and residents to improve the buildings and move forward."
"Thanks to our intervention and dedicated organizing by tenants, the new owner of these buildings has committed to invest $30 million and to cure all violations within six months. We will continue to closely monitor this portfolio as part of our ongoing fight for tenants," said Leila Bozorg, the deputy mayor for housing and planning.
