Summit Properties was confirmed on Friday as the buyer of more than 5,100 apartments from Pinnacle Group. Summit can pay $451.3 million for the principally rent-stabilized portfolio.
The listening to marks the tip of a weekslong battle, with Joel Weiner’s Pinnacle and Summit on one facet and Mayor Zohran Mamdani’s administration and tenants on the opposite. The latter group tried unsuccessfully to cease, pause and delay the sale, hoping for a tenant-aligned bidder or concessions from Summit.
The end result got here one other stop-and-start battle elsewhere in New York court docket.
Three of New York’s greatest actual property gamers began the week by gearing up for the foreclosures public sale for the controlling entity of Worldwide Plaza slated for January 15.
SL Inexperienced and RXR threw a wrench into the method on Tuesday, when the corporations sued to dam the sale. The businesses claimed the proposed public sale was structured to relax bidding and steer the asset to Gary Barnett’s Extell Growth, amounting to a “sham” designed to wrest management of the Midtown workplace advanced with out a truthful, aggressive course of.
On Wednesday, a Manhattan choose hit pause on the UCC sale. The choice postpones the public sale till Jan. 29 and retains the present possession construction in place for now.
New York may need been below a winter chill this week, however actual property information got here in quick and scorching. Right here’s among the week’s different large tales.
Mamdani’s housing czar on rent freeze, bad landlords and striking balance between pro-development and pro-tenant agendas
The Actual Deal sat down with Leila Bozor, the newly-appointed deputy mayor of housing and planning. She mentioned the administration is prioritizing an aggressive push for brand spanking new housing growth and enhanced tenant protections, together with with the relaunched Workplace to Shield Tenants.
Manhattan rents reach second-highest on record
December added to Manhattan’s streak of file rents. Median lease for a brokered, market-rate lease in Manhattan was $4,720, the second-highest quantity on file, in keeping with a brand new report from Miller Samuel for Douglas Elliman.
Arbitrator finds “self-dealing” developer owes $22M
New York developer Mitchel Maidman was ordered to pay $22 million in damages after his former companion, Ofer Resles, accused him of diverting penthouse‑sale proceeds for private profit, regardless of their 50/50 possession settlement.
Rihanna’s hopeless retail place
Rihanna hasn’t put within the work, work, work, work, work, work at 182 Flatbush.
Indicators of progress have been nonexistent past an indication studying “Savage x Fenty Signature Script Assortment” noticed on the web site in 2024. Alas, nobody secured a allow for the commercial, leading to an ECB violation.
