The Real Deal New York

Pinnacle Group is a real estate management firm run by Joel Saul Wiener. For years it was one of the largest owners of properties in Brooklyn and the Bronx, bolstered by deals with Praedium Group and a buying spree, spending hundreds of millions between 2004 and 2006. Pinnacle has remained one of the city’s most active condo developers, with a continued focus on rent-stabilized housing. The firm has had its share of legal troubles. In 2006 it was the subject of a criminal investigation by the Manhattan district attorney over allegations that it violated rent-stabilization laws, allegations which also drew scrutiny from local politicians and tenant advocacy groups. The firm also has been accused of jacking rents and posting fake eviction notices in some of its buildings. Trouble has died down but not gone away completely for Pinnacle. In 2011 Pinnacle settled a class-action lawsuit by Bronx tenants who claimed they were overcharged. Pinnacle also has been sued by other real estate companies, as in 2013, when Meadow Partners alleged Pinnacle had hampered the sale of a portfolio of nine Upper Manhattan buildings in order to buy them back at a discount.