{"id":103139,"date":"2026-01-17T08:14:10","date_gmt":"2026-01-17T08:14:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/103139\/"},"modified":"2026-01-17T08:14:10","modified_gmt":"2026-01-17T08:14:10","slug":"summits-451-million-deal-for-bankrupt-nyc-buildings-approved","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/103139\/","title":{"rendered":"Summit\u2019s $451 Million Deal for Bankrupt NYC Buildings Approved"},"content":{"rendered":"<p class=\"ArticleBodyText_articleBodyContent__17wqE typography_articleBody___5jDr\" data-component=\"paragraph\">Real estate investment firm <a href=\"https:\/\/www.bloomberg.com\/quote\/2521204D:US\" target=\"_blank\" rel=\"noopener nofollow\" class=\"media-ui-Link_link-tVkXhPLPofs-\" data-component=\"link\">Summit Properties USA<\/a> won court approval for its $451 million purchase of apartments placed into bankruptcy in May by <a href=\"https:\/\/www.bloomberg.com\/quote\/2221756Z:US\" target=\"_blank\" rel=\"noopener nofollow\" class=\"media-ui-Link_link-tVkXhPLPofs-\" data-component=\"link\">Pinnacle Group LLC<\/a>, overcoming legal objections from New York City Mayor Zohran Mamdani.<\/p>\n<p class=\"ArticleBodyText_articleBodyContent__17wqE typography_articleBody___5jDr\" data-component=\"paragraph\">US Bankruptcy Judge David Jones approved the transaction Friday, after rejecting earlier efforts by city and state officials to delay the hearing. Mamdani\u2019s administration challenged the deal shortly after he took office on Jan. 1, arguing it should be paused to allow for further review and engagement with tenants. The objections came months after the court had already approved sale deadlines supported by lender <a href=\"https:\/\/www.bloomberg.com\/quote\/FLG:US\" target=\"_blank\" rel=\"noopener nofollow\" class=\"media-ui-Link_link-tVkXhPLPofs-\" data-component=\"link\">Flagstar Bank NA<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Real estate investment firm Summit Properties USA won court approval for its $451 million purchase of apartments placed&hellip;\n","protected":false},"author":2,"featured_media":103140,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[98,5879,3339,5869,47107,9,24,56,63,65,64,47106,1491,32696,901],"class_list":{"0":"post-103139","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york-city","8":"tag-brooklyn","9":"tag-chief-executive-officer","10":"tag-cities","11":"tag-citylab","12":"tag-flagstar-bank-na","13":"tag-new-york","14":"tag-new-york-city","15":"tag-ny","16":"tag-nyc","17":"tag-nyc-headlines","18":"tag-nyc-news","19":"tag-pinnacle-group-llc","20":"tag-real-estate","21":"tag-u-s-bankruptcy-court","22":"tag-united-states"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/103139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=103139"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/103139\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/103140"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=103139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=103139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=103139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}