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A Major Landlord Filed for Bankruptcy. New York City Tried to Intervene. Here’s What Happened.
Published 2 months, 1 week ago
Description
More than 5,000 rent stabilized apartments are set to change hands after the Pinnacle Group, once one of New York City’s largest landlords, entered bankruptcy and a judge approved the sale of its buildings. The case drew unusual attention when Mayor Zohran Mamdani made the bankruptcy proceedings one of his first public fights after taking office, arguing that the sale would leave tenants worse off. This episode traces how Pinnacle’s business model unraveled, what this battle over the sale tells us about the limits of city power when big landlords unwind through bankruptcy.