The Real Deal New York

Pinnacle Group picks up eight buildings for $32M

The 201,000-square-foot portfolio includes rentals in Brooklyn and Manhattan

January 27, 2015 12:12PM
By Claire Moses

From left: 233 East 77th Street, Manhattan and 1617 President Street, Brooklyn

From left: 233 East 77th Street on Upper East Side and 1617 President Street in Crown Heights

UPDATED 2:10 p.m., January 27: Joel Wiener’s the Pinnacle Group bought out its partner, Praedium Group, in an eight-building Manhattan and Brooklyn rental portfolio for $31.7 million, according to property records filed with the city today.

Pinnacle will now be the sole owner and operator of the properties. In total, the buildings include 234 residential units across more than 200,000 square feet of space.

The buildings in the portfolio are 143 Linden Street, 2513 Newark Avenue, 416 and 422 East 17th Street in Ditmas Park and 1617 President Street in Crown Heights in Brooklyn. In Manhattan, the landlord picked up 233 East 77th Street, 237 West 18th Street and 349 East 51st Street.

Preadium and Pinnacle are both known, long-term multifamily investors in New York. In March, Pinnacle paid $208 million to take sole control of of 28 Brooklyn buildings it owned with Hudson Realty Capital. In 2011, Pinnacle faced a class-action suit from 20,000 rent-regulated tenants who claimed, among other things, that the landlord had overcharged them.

Under the terms of the settlement that followed, Pinnacle agreed to adopt best practices when increasing rent and evicting people. An administrator was appointed to hear the tenants’ complaints and determine the amount of their compensation.

  • richjew

    Self dealing Wiener. 135k a door no way anyone believes that this is the market price. He could have gotten 38-40m for the portfolio, without stretching.

    Instead he takes his partners to the cleaners and buys them out below market.

    Never mind that he is stealing from them on the management side.

    • Guest

      Pinnacle are not the only scumbags that were trying to destroy rent regulation apartments in what use to be distress neighborhoods!!!

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