Mamdani’s First Big Move to Help Renters Is Dealt a Blow by Court
The New York Times••business
Key Points:
- A derelict Brooklyn apartment building, visited by Mayor Zohran Mamdani on his first day in office, is set to be sold to Summit Properties USA, a real estate investment firm.
- Summit Properties USA won an auction with a $451 million bid for the Brooklyn building and over 90 other properties owned by the Pinnacle Group.
- The acquired portfolio includes approximately 5,150 apartments across New York City, most of which are rent stabilized.
- These buildings were auctioned following Pinnacle Group's bankruptcy filing in May.
- City records indicate Summit Properties USA may have numerous open violations at its existing properties.
