Mamdani Moves to Protect Renters by Intervening in Pinnacle Bankruptcy

Mayor Zohran Mamdani said New York City will intervene in the Pinnacle Group’s bankruptcy to protect tenants as more than 5,000 rent‑stabilized units face an auction and residents report long-standing disrepair.

Mayor Zohran Mamdani announced that New York City will intervene in the Pinnacle Group’s bankruptcy case to protect tenants. He made the announcement during an inauguration visit to a Flatbush building owned by Pinnacle where residents described ongoing problems in their apartments. Pinnacle filed for bankruptcy in May and has listed more than 5,000 rent‑stabilized units for auction. Tenant organizers and the newly revived Mayor's Office to Protect Tenants have raised concerns about repairs and compliance with rent‑stabilization rules. Key facts: - The Pinnacle Group filed for bankruptcy in May and has put more than 5,000 rent‑stabilized units up for auction. - City records and tenant reports say Pinnacle accumulated over 5,000 violations and about 14,000 complaints across 83 buildings. - Tenants described problems including broken elevators, power cutoffs in common areas, plumbing issues and falling plaster. - The auction was set for Thursday, and the deadline to object to the winning bid is Jan. 11. - Summit Properties USA has bid more than $400 million, and the city said it will intervene in the bankruptcy with legal efforts to represent tenant interests, led by Steven Banks. Summary: The mayor’s announced intervention centers tenant protections and repair obligations as Pinnacle’s portfolio moves through bankruptcy and an upcoming auction. The immediate next steps include the scheduled auction and the Jan. 11 objection deadline, with the city planning legal participation in the case.