Major NYC Landlord Puts Thousands of Units in Bankruptcy

Joel Wiener, a major owner of New York City apartments, has put properties with thousands of residential units into bankruptcy months after a bank sought to foreclose on them.

Numerous property holding companies tied to Wiener’s Pinnacle Group sought court protection Wednesday in New York. The properties listed assets and liabilities of between $500 million and $1 billion on Chapter 11 petitions, each of which was signed by Wiener, who is Pinnacle’s chief executive officer.