Joel Wiener’s Pinnacle Group is in contract to buy a six-story rent-stabilized apartment building in Flushing for $26 million, according to bondholder presentation materials from the company.
The 73,907-square-foot property at 136-04 Cherry Avenue includes 76 residential and six retail units totaling 6,700 square feet. Pinnacle expects to close on the property in the first quarter of 2017.
Pinnacle’s multifamily portfolio includes close to 9,000 units in buildings throughout the city and is known for converting rent-regulated units into market-rate apartments. The bondholder documents show 99 percent of the firm’s apartments are rent-regulated.
This is the latest of several Pinnacle purchases in Flushing. In January, the company purchased a 134,000-square-foot, 145-unit rental building in East Flushing for $43 million, and in February they acquired the six-story 64-unit rental building at 41-60 Bowne Street.
Pinnacle is currently seeking to raise another round of funds on the Tel Aviv Stock Exchange in its fourth bond issuance since 2012. The company raised $65 million in March, bringing the total to $345 million.