Over 5,000 NYC Rent-Stabilized Apartments Headed for Auction

Dozens of New York City apartment buildings managed by Joel Wiener’s Pinnacle Group that house thousands of rent-stabilized units are being put up for sale months after falling into Chapter 11.

Lawyers overseeing the buildings spread across Brooklyn, Queens, Manhattan and the Bronx said in a Sept. 19 court filing that they’ll market the properties for a potential bankruptcy auction and also solicit offers for a potential refinancing. The deal is part of an agreement with lender Flagstar Bank, which holds more than $564 million in debt on the buildings and initiated foreclosure lawsuits earlier this year.