The Real Deal New York

AG approves Pinnacle’s Crown Heights rental-to-condo conversion

Developer seeking $33M sellout at 382-390 Eastern Parkway

March 04, 2016 12:10PM
By Rey Mashayekhi

382-390 Eastern Parkway

382-390 Eastern Parkway in Crown Heights

Joel Wiener’s Pinnacle Group saw its plans for the condominium conversion of a Crown Heights rental building approved by the New York state Attorney General’s office last month, with the multifamily landlord and developer seeking a total sellout of $32.7 million at the property.

The state Real Estate Finance Bureau approved Penn Plaza-based Pinnacle’s condo offering plan for the building, located at 382-390 Eastern Parkway near Prospect Park, on Feb. 12.

With state approval, Pinnacle is now able to launch sales of 45 proposed condo units at the six-story property, which currently holds 46 rental units. The approved $32.7 million targeted total sellout means Pinnacle is seeking an average unit price north of $700,000.

While the filing notes the project is the “conversion of [an] occupied building to condo,” it also details the conversion as a “non-eviction.” Representatives for Pinnacle Group did not immediately return requests for comment.

The company is planning interior renovations of several units at the building, according to a preliminary permit application filed with the Department of Buildings last year. Long Island City-based Atelier New York Architecture is the architect of record for the unit renovations.

Pinnacle acquired the property as part of a $208 million multifamily portfolio deal with Hudson Realty Capital in 2014, which saw Pinnacle buy out Hudson Realty at 28 Brooklyn buildings co-owned by the two companies. The company acquired a 145-unit East Flushing multifamily building for $43 million last month, as The Real Deal reported.