US Edition
Thousands of NYC Rentals Just Hit Bankruptcy Court
- Pinnacle Group filed for bankruptcy in the U.S. District Court in Southern New York, placing about 5,000 residential units across four boroughs under court supervision.
- The bankruptcy followed Pinnacle CEO Joel Wiener's petitions for 82 entities with $574 million debt amid Flagstar Bank’s pre-foreclosure actions on over half the portfolio involving loans exceeding $600 million.
- Pinnacle owns 91 properties totaling up to 1 billion dollars in assets and approximately 8,700 units citywide while owners of rent-stabilized buildings face growing financial losses and maintenance challenges.
- Senior policy fellow Mark A. Willis warned that the increasing gap between rental income and costs threatens the future viability of important portions of affordable housing.
- The bankruptcy highlights worsening financial instability in New York’s rent-stabilized market that could threaten thousands of affordable apartments and increase displacement risks as foreclosures and tax-lien sales rise.
11 Articles
11 Articles
Exclusive | Thousands of rent-stabilized apartments face foreclosure in NYC tenant ‘bloodbath’
Thousands of rent-stabilized apartments in NYC are under threat of foreclosure as an increasing number of landlords stop paying their mortgages -- making the units even more scarce, insiders told The Post.
Pinnacle Group Puts 5K Units With $574M in Debt in Bankruptcy
Pinnacle Group has placed roughly 5,000 residential units it owns across New York City in bankruptcy after facing approximately $574.4 million in debt, according to a Wednesday filing in U.S. Bankruptcy Court for the Southern District of New York. Pinnacle CEO Joel Wiener filed bankruptcy petitions for 82 entities controlling a total of 91 properties throughout Manhattan, Brooklyn, Queens and the Bronx, the filing shows. The petitions claim the …
Coverage Details
Bias Distribution
- 50% of the sources are Center
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
