NY attorney general enters NYC’s fight to block sale of 5K rent-stabilized apartments
Gothamist • • business
Key Points:
- Mayor Zohran Mamdani, supported by tenants and New York Attorney General Letitia James, is challenging the sale of over 5,000 rent-stabilized apartments owned by bankrupt landlord Pinnacle to Summit Properties USA due to concerns over Summit's management history.
- The Attorney General's housing protection unit highlighted Summit's existing portfolio has over 4,000 housing code violations, similar to conditions in Pinnacle's buildings, and noted Summit's business ties to firms with poor landlord reputations, including Chestnut Holdings and Denali Management.
- City attorneys raised questions about undisclosed connections between Pinnacle and Summit, suggesting Summit might be an insider purchaser requiring closer scrutiny, and requested the bankruptcy court to halt or delay the sale for further review.
