A judge has officially approved the sale of more than 5,100 rent‑controlled apartments previously owned by Pinnacle Group, finalizing a transfer to Summit despite strong opposition from tenants and the Mamdani administration.
In a statement to News 12, the Pinnacle Tenant Union said that despite the sale moving forward, “Summit was forced to commit under oath to a plan for repairs and management of our homes. Summit is not done hearing from us! We’re going to use our power to fight for our homes, better and faster repairs.”
In a statement to News 12, Summit CEO Zohar Levy said, ” This process has been difficult for the residents, and we understand their frustration and concerns about their homes…The ruling is a new chapter, and we look forward to working with the city, our elected officials, stakeholders, and residents to improve the buildings and move forward.”
“Thanks to our intervention and dedicated organizing by tenants, the new owner of these buildings has committed to invest $30 million and to cure all violations within six months. We will continue to closely monitor this portfolio as part of our ongoing fight for tenants,” said Leila Bozorg, the deputy mayor for housing and planning.