A federal bankruptcy judge on Thursday rejected an attempt by Mayor Zohran Mamdani's A administration to delay the sale of thousands of rent-stabilized apartments owned by the real estate firm Pinnacle Group, complicating a citywide tenants union's mission to steer their homes to what it sees as a more responsible owner and delivering Mamdani an early setback.
Hours after taking office last week, Mamdani instructed the city’s law department to intervene in the looming bankruptcy sale of more than 90 buildings with a combined 5,100 rent-stabilized apartments all owned by Pinnacle.
The properties had fallen into disrepair and amassed thousands of housing code violations under the company, which declared bankruptcy after defaulting on its loans totaling more than $560 million last year.
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