Summit $451 Million Deal for Bankrupt NYC Buildings Approved (1)

Real estate investment firm Summit Properties USA won court approval for its $451 million purchase of apartments placed into bankruptcy in May by Pinnacle Group LLC, overcoming legal objections from New York City Mayor Zohran Mamdani.

US Bankruptcy Judge David Jones approved the transaction Friday, after rejecting earlier efforts by city and state officials to delay the hearing. Mamdani’s 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 ...