Summit Properties says it delivered on a promise that helped win over a skeptical bankruptcy court. The tenants involved say that promise is still unfulfilled. The dispute offers an early glimpse into what multifamily owners can expect under Mayor Zohran Mamdani’s administration: relentless scrutiny, public scorekeeping and a willingness by City Hall to align itself with organized tenants.
Two months after taking control of Pinnacle Group’s troubled 5,100-unit rent-stabilized portfolio, Summit says it cured more than 3,000 housing code issues. That hit chair Zohar Levy’s commitment to fix half of the roughly 6,300 violations that existed when the bankruptcy case was heard in January.
But the Union of Pinnacle Tenants argues the goalpost has shifted. Since the sale closed, the city launched an inspection blitz that uncovered roughly 6,000 additional issues, leaving the firm far from the finish line by their math.
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For the firm, demonstrating rapid improvements is critical to proving it can stabilize one of the city’s largest rent-stabilized portfolios. The company spent months battling accusations that it was an unsuitable buyer, and fought off an extraordinary effort by the city to block the acquisition. It has pledged $30 million in repairs over five years.
For residents and the administration, however, every concession and repair is evidence that pressure works. The Union of Pinnacle Tenants this week celebrated the firm’s decision not to pursue rent arrears that pre
The Shabsels camps get green light for summer
A bankruptcy judge will allow the 30 camps owned by Simad Holdings to access individual operating accounts so they can pay expenses this summer, according to court filings. Simad owners David and Michael Shabsels defaulted on their first payment to bondholders on May 31, then filed for bankruptcy on June 4. The brothers raised about $195 million in Israel in December 2025 by issuing bonds secured by some of the camps, including New York’s Mohawk Day Camp and Camp Kiwi and North Carolina’s Camp Blue Star.
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Werner buys One Dag Hammarskjöld Plaza
David Werner purchased the 870,000-square-foot One Dag Hammarskjöld Plaza from Rockpoint Group for $270 million, roughly half of the price Rockpoint paid in 2019.
JPMorgan provided him with a $250 million loan.
He is planning an additional $60 million investment for upgrades to address the building’s 30 percent vacancy. The acquisition continues his recent pattern of purchasing discounted commercial properties.
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Korein lawsuit against Vornado tossed
A judge tossed a lawsuit brought by the Korein family against Vornado over assessing the value of 1 Penn Plaza, which they own and Vornado has the ground lease to. Their lawsuit named prominent brokers, including Bob Knakal and Doug Harmon, who refused to represent the.
Two Trees sells $7.8M penthouse at One Domino
Two Trees’ One Domino Square is solidifying its position in the North Brooklyn luxury market. Its largest and most expensive duplex penthouse — Penthouse 1B — entered into a contract for $7.8 million. If the deal closes, it will unseat Penthouse 1A as the priciest sponsor sale in the neighborhood. Since launching sales in fall 2024, the 160-unit project is more than 75 percent sold, having generated $340 million in sales to date under an in-house team.