Pinnacle Group picks up eight buildings for $32M

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

New York /
Jan.January 27, 2015 12:12 PM

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 StreetAnd 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.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
New NYC rent law “beginning to shut down investment”
New NYC rent law “beginning to shut down investment”
Numbers were down across the board (Credit: iStock)
New York’s multifamily market had its slowest first half of the year since 2011
New York’s multifamily market had its slowest first half of the year since 2011
(IStock illustration by Kevin Rebong)
Smaller cities look to cash in on shift to remote work
Smaller cities look to cash in on shift to remote work
Parc Station
Out-of-state multifamily buyers eye South Florida
Out-of-state multifamily buyers eye South Florida
689 Marcy Avenue in Bedford-Stuyvesant and 242, 244, 246 and 248 Bainbridge Street in Stuyvesant Heights (Google Maps)
Brookland Capital, Nager Management score Central Brooklyn deals
Brookland Capital, Nager Management score Central Brooklyn deals
Sam Zell (Getty, iStock)
Equity Residential sees profits drop 13% in Q4
Equity Residential sees profits drop 13% in Q4
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Rental payments improve in February after stimulus payments
Rental payments improve in February after stimulus payments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...