Bankrupt NYC Rental Buildings Get $451 Million Offer From Summit

Real estate firm Summit Properties USA has struck a $451 million deal to acquire dozens of New York City apartment buildings put into bankruptcy by current owner Pinnacle Group, according to court papers.

Summit Gold Inc. has been named stalking horse bidder for the apartment buildings which house roughly 5,100 mostly rent-stabilized apartment units in Brooklyn, Manhattan, Queens and the Bronx, according to a Dec. 23 bankruptcy court filing. The stalking horse sets the floor price for the properties and is subject to potentially better offers at a January 8 Chapter 11 auction.

Summit is offering to pay $451.3 million ...