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
HNA Group's Guoqing Chen (left), SL Green CEO Marc Holliday (right), and 245 Park Avenue (SL Green, World Travel & Tourism Council - via Wikimedia Commons, LoopNet)
HNA must pay SL Green fat sum over 245 Park Avenue
HNA must pay SL Green fat sum over 245 Park Avenue
Mayor Eric Adams and Extell's Gary Barnett (Photos by Paul Dilakian)
Real estate’s titans talk building, selling, and reinventing the city
Real estate’s titans talk building, selling, and reinventing the city
ICSC at Las Vegas (photos by Joe Lovinger and Suzannah Cavanaugh/The Real Deal)
“Hot girl real estate” reigns at ICSC, Covid be damned
“Hot girl real estate” reigns at ICSC, Covid be damned
(iStock)
Banks, tech among departures sinking Midtown office market
Banks, tech among departures sinking Midtown office market
Irvine Company chairman Donald Bren, Tishman Speyer CEO Rob Speyer, and 200 Park Avenue (Getty Images, Irvine Company, iStock)
Capital Grille signs with Tishman Speyer, Irvine at MetLife Building
Capital Grille signs with Tishman Speyer, Irvine at MetLife Building
Amazon CEO Andy Jassy (Getty Images, iStock)
Amazon to scrap industrial properties in warehouse strategy flip
Amazon to scrap industrial properties in warehouse strategy flip
L-R: Savanna's Chris Schlank, Eastdil Secured's Will Silverman, JLL's Bob Knakal (Photos by Paul Dilakian)
Office royalty talk conversions, distress and the “downsize upgrade” trend
Office royalty talk conversions, distress and the “downsize upgrade” trend
Columbia Property Trust's Nelson Mills and 799 Broadway (Columbia Property Trust, 799 Broadway, iStock)
Columbia Property Trust signs investment firm to 71K sf at 799 Broadway
Columbia Property Trust signs investment firm to 71K sf at 799 Broadway
arrow_forward_ios

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

Loading...