US court rejects Zohran Mamdani bid to block Israeli property deal
The Jerusalem Post••business
Key Points:
- A US bankruptcy court rejected New York City Mayor Zohran Mamdani's attempt to block a $451 million real estate deal involving Israeli company Summit Properties, which includes over 5,000 rent-regulated apartments in Brooklyn.
- The city argued Summit lacked the resources to rehabilitate deteriorating buildings, citing over 780 open violations in Summit-owned properties, but the judge allowed the sale and bidding process to proceed.
- Summit Properties stated its commitment to investing in the properties and making housing affordable, while tenants protested poor living conditions, urging the court to halt the sale.
- The ruling represents a setback for Mamdani, who campaigned on tenant protections and a rent freeze, as city officials continue to explore legal options to defend tenants.
