Summit Properties Agrees To Buy 5,000 NYC Apartment Units Out Of Bankruptcy For $451M

Barchart·12/30/2025 16:58:07

Real estate owner and operator Summit Properties USA agreed to buy a portfolio of more than 5,000 New York City apartments placed into bankruptcy by Pinnacle Group, according to new court filings. Stalking horse bidder Summit Gold Inc. offered $451M to take over the properties and their leases. If the portfolio's lender, Flagstar Bank, chooses to forgo financing the purchase price, the original offer will automatically be lowered to $420M, the filing states. An auction will be held on Jan. 8, if necessary.  Other bidders are approaching to buy the units: the tenants themselves.  The bidding process started Nov. 21, and tenants want in. A...