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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
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.