How Pinnacle’s Joel Wiener became a real estate billionaire

Bloomberg analysis shows he's jumped from $124M to $1B in 16 years

New York /
Nov.November 20, 2017 01:40 PM

Tel Aviv Stock Exchange and Riverside Apartments at 2-34 Columbia Place (Credit: YouTube and Google Maps)

Between 2005 and 2006, Pinnacle Group’s Joel Wiener spent a billion dollars acquiring New York City property. Now he’s actually worth $1 billion himself, according to a new Bloomberg analysis.

Since 2001, Wiener’s wealth has jumped from $124 million to $1 billion, despite once being the target of tenant harassment and fraud investigations from both the New York State attorney general and the Manhattan District Attorney.

His company now manages $2 billion worth of real estate, including 10,000 mostly rent-regulated apartments. Wiener has also converted 25 buildings into condominiums, such as the 144-unit 142-20 Franklin Avenue in Flushing, where Wiener is putting $76 million in product on the market.

But critics and tenant advocates say this lucrative empire is built on the backs of of exploited New York City renters, something Wiener’s attorney Ken Fisher denies.

“Some tenant activists are so extreme that they probably blame Joel for the Dodgers leaving Brooklyn,” Fisher told Bloomberg.

Legal battles with tenants have not curtailed the Pinnacle chief’s ascent to billionaire status, and in recent years, Wiener has counted on the Israeli bond market for extra financing for his deals, raising $255 million in several fundraising rounds, plus a recent refinancing worth $533 million, records show. [Bloomberg]Will Parker


Related Articles

arrow_forward_ios
Freshly CEO Michael Wystrach and 28 East 28th Street (Photos via Twitter; Google Maps)
Freshly inks big lease in NoMad
Freshly inks big lease in NoMad
From left: Isaac Zion with JMC Holdings' Matthew Cassin (left) and David Taylor (right) (Photos via SL Green; JMC)
Former SL Green exec Isaac Zion joins Acram Group
Former SL Green exec Isaac Zion joins Acram Group
(Photo illustration by The Real Deal)
Inside mall owner Namdar’s rapid growth story
Inside mall owner Namdar’s rapid growth story
15 Park Row (Google Maps)
J&R Music founders sell Park Row apartment tower for $140M
J&R Music founders sell Park Row apartment tower for $140M
Claudio Del Vecchio has owned Brooks Brothers since 2001. (Getty)
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Gov. Andrew Cuomo (Getty)
Industry reacts to Cuomo’s proposed commercial eviction ban
Industry reacts to Cuomo’s proposed commercial eviction ban
Merchants Hospitality Inks Club Deal at Cachet Hotel (Google Maps, Playboy Club)
Nightlife veteran John Blair inks deal for Hell’s Kitchen club
Nightlife veteran John Blair inks deal for Hell’s Kitchen club
Financial disclosures show extent of Trump Org losses
Financial disclosures show extent of Trump Org losses
Financial disclosures show extent of Trump Org losses
arrow_forward_ios

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

Loading...