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Pinnacle Group
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 citys 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.
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05/23/17
...Avenue buildings the firm sold to Joel Weiner's Pinnacle Group in April for $58 million.
In an email, a spokesperson for Treetop said the firm...
05/10/17
...Summit House and El Dorado, approximately $57.6 million
Buyer: Pinnacle Group
Seller: TreeTop Development
Brokerage: Rosewood
New Jersey-based TreeTop Development sold this pair of neighboring...
05/06/17
...Riverside Houses and the BQE
Joel Wiener's Pinnacle Group has met community resistance in Brooklyn Heights, where he hopes to build a 97-car...
05/04/17
...a 3.75 interest rate in March, and Joel Weiner's Pinnacle Group raised $120 million at a 3.6 percent interest rate in April. In each case, the interest...
04/28/17
...Queens saw the largest deal of the quarter: Pinnacle Group’s purchase of a pair of elevator buildings in Flushing from Treetop Development for...
04/26/17
...Credit: Getty Images)
Joel Wiener’s Pinnacle Group raised $120 million in an institutional tender on the Tel Aviv Stock Exchange at an...
04/21/17
...a wave of condo conversions, too. Joel Weiner's Pinnacle Group recently filed to convert a 144-unit rent-stabilized property 142-20 Franklin Avenue. The company bought...
04/03/17
...The Real Deal.
The buyer, Joel Wiener’s Pinnacle Group, closed on the purchase Friday of two elevator buildings at 132-40 and 133-17 Sanford...
03/14/17
...-20 Franklin Avenue (Credit: Google Maps)
Joel Wiener's Pinnacle Group is looking to convert a 144-unit rent-stabilized building in Flushing to condominiums, an offering...
11/14/16
...Crown Street
Joel Wiener’s Pinnacle Group plans to convert a six-story Crown Heights rental building just east of Prospect Park...
11/07/16
...Eastern Parkway in Crown Heights
Joel Wiener’s Pinnacle Group raised close to $80 million, or 300 million shekels, in its latest bond offering on the...
11/01/16
...-04 Cherry Avenue
Joel Wiener’s Pinnacle Group is in contract to buy a six-story rent-stabilized apartment building in Flushing for $26 million...
11/01/16
...after a drought over the summer. Joel Wiener's Pinnacle Group, which trades under the name the Zarasai Group in Israel, is seeking to raise...
07/26/16
...have tapped into the Israeli bond market include Pinnacle Group, KBS, Yoel Goldman’s All Year Managament and Michael Shah's Delshah Capital. -- Konrad...
07/11/16
...Vinsue Corp. is the seller.
2.) Joel Wiener’s Pinnacle Group picked up a row of mixed-use buildings at 1456-1462 Coney Island Avenue in Brooklyn...
05/11/16
...is on his fifth raise, while Joel Wiener's Pinnacle Group, Yoel Goldman’s All-Year Management and Joel Gluck's Spencer Equity Group have raised multiple...
04/25/16
...multifamily at 41-17 Crescent Street for $97 million and Pinnacle Group paid $43 million for a 145-unit rental at 142-20 Franklin Avenue.
More than a third...
03/17/16
...raising affordable corporate debt, with Joel Wiener’s Pinnacle Group raising $65 million in the first phase of its latest Israel bond deal Thursday.
Pinnacle...
03/07/16
...company in Israel, with only Joel Wiener’s Pinnacle Group raising debt at a lower cost.
KBS, whose assets include a 32-story, 928,000-square-foot office...
03/04/16
...Eastern Parkway in Crown Heights
Joel Wiener’s Pinnacle Group saw its plans for the condominium conversion of a Crown Heights rental building approved...
02/04/16
...top: Larry Horn and William Kohane)
Joel Wiener's Pinnacle Group bought another rent-regulated property in the outer boroughs, picking up a 145-unit East Flushing...
02/02/16
...expensive East Village condo offering ever? Or that Pinnacle Group...
09/24/15
...Capital Group
Magnum Real Estate Group
Related Companies
Pinnacle Group
In the 1990s, Gary Barnett, Ziel Feldman and Kevin Maloney were principals at Property...
06/30/15
...Ben Abraham of Premier Equities
1.) Joel Wiener’s Pinnacle Group purchased a Vinegar Hill rental building at 109 Gold Street for $20 million. The 33-unit building...
06/16/15
...s the Chetrit Group, Joel Wiener’s the Pinnacle Group and Jared Kushner’s Kushner Cos.
These same players back Herzka in his personal...
Pinnacle Group, Owner
1 Penn Plaza, Suite 4000, New York, NY
1 Penn Plaza, Suite 4000, New York, NY
Pinnacle Group is a real estate management firm run by Joel Saul Wiener....
- Event Residential Sales
- Building Name 775 Riverside Drive
- Address Unit 1F, 775 Riverside Drive
- Unit 1F
- Neighborhood Washington Heights
- Borough Manhattan
- Square feet 636
- Price $ 354,900
- Price per foot $ 558.02
- Publication Date 02/29/2016
- Event Date 02/09/2016
- Party 1 Pinnacle Group
- Party 1 Entity 775 Realty Co. LLC
- Event Residential Sales
- Building Name 750 Riverside Drive
- Address Unit 1E, 750 Riverside Drive
- Unit 1E
- Neighborhood Hamilton Heights
- Borough Manhattan
- Square feet 748
- Price $ 396,474
- Price per foot $ 530.05
- Publication Date 02/22/2016
- Event Date 01/26/2016
- Party 1 Pinnacle Group
- Party 1 Entity 750 Realty Co. LLC
- Party 2 Zhu, Lei
- Event Sales
- Address 142-20 Franklin Avenue
- Neighborhood Flushing
- Borough Queens
- Square feet 134,000
- Price $ 43,000,000
- Price per foot $ 320.90
- Publication Date 03/01/2016
- Event Date 01/01/2016
- Party 1 Apple Core Holdings
- Party 2 Pinnacle Group
notes
The 6-story building sold for $43 million.
- Event Sales
- Address 323-335 West 96th Street
- Neighborhood Upper West Side
- Borough Manhattan
- Square feet 133,700
- Price $ 27,000,000
- Price per foot $ 201.94
- Publication Date 03/01/2016
- Event Date 01/01/2016
- Party 1 Pinnacle Group
- Party 1 Brokerage Cushman & Wakefield
- Party 1 Broker Robert Knakal, Hall Oster, Jonathan Hageman
- Party 2 Beacon NY
notes
The building sold for $27 million.
- Event Residential Sales
- Building Name 775 Riverside Drive
- Address Unit 1C, 775 Riverside Drive
- Unit 1C
- Neighborhood Washington Heights
- Borough Manhattan
- Square feet 907
- Price $ 505,986
- Price per foot $ 557.87
- Publication Date 01/08/2016
- Event Date 12/21/2015
- Party 1 Pinnacle Group
- Party 1 Entity 775 Realty Co. LLC
- Party 2 Liu, Katharine; Liu, Lily
- Event Residential Sales
- Building Name 750 Riverside Drive
- Address Unit 1B, 750 Riverside Drive
- Unit 1B
- Neighborhood Hamilton Heights
- Borough Manhattan
- Square feet 509
- Price $ 300,144
- Price per foot $ 589.67
- Publication Date 12/18/2015
- Event Date 12/11/2015
- Party 1 Pinnacle Group
- Party 1 Entity 750 Realty Co. LLC
- Party 2 Chiu, Wai; So, Siu
- Event Sales
- Address 12205 Flatlands Avenue
- Neighborhood East New York
- Borough Brooklyn
- Square feet 318
- Price $ 53,000,000
- Price per foot $ 166,666.67
- Publication Date 07/01/2015
- Event Date 05/22/2015
- Party 1 Taconic Investment Partners, Ares Management
- Party 1 Brokerage Rosewood Realty Group
- Party 1 Broker Aaron Jungreis
- Party 2 Pinnacle Group
- Event Sales
- Address 143 Linden Street 2513 Newark Avenue 416, 422 East 17th Street 1617 President Street 233 East 77th Street 237 West 18th Street 349 East 51st St
- Neighborhood Midtown
- Borough Brooklyn
- Price $ 32,000,000
- Publication Date 03/01/2015
- Event Date 01/15/2015
- Party 1 Praedium Group
- Party 2 Pinnacle Group
- Event Sales
- Address 926 Amsterdam Avenue
- Neighborhood Upper West Side
- Borough Manhattan
- Price $ 53,000,000
- Publication Date 04/01/2012
- Event Date 02/21/2012
- Party 1 Pinnacle Group, Praedium
- Party 1 Brokerage Massey Knakal Realty Services
- Party 1 Broker Robert Knakal, Hall Oster
- Party 2 Treetop Development
notes
The package of multifamily buildings sold for about $53 million. The properties are located at 926 Amsterdam Avenue, 929 Amsterdam Avenue, 931 Amsterdam Avenue, 932 Amsterdam Avenue, 934 Amsterdam Avenue, 964 Amsterdam Avenue, 965-7 Amsterdam Avenue, 969 Amsterdam Avenue, 971 Amsterdam Avenue, 924 Columbus Avenue, 926 Columbus Avenue, 928 Columbus Avenue, 943 Columbus Avenue, 953 Columbus Avenue, 961 Columbus Avenue, 973 Columbus Avenue and 342 Manhattan Avenue. In addition to the apartments, the properties together have 27 commercial units.
- Event Sales
- Address Manhattan portfolio
- Neighborhood SoHo
- Borough Manhattan
- Price $ 53,000,000
- Publication Date 04/01/2012
- Event Date 02/16/2012
- Party 1 Pinnacle Group, Praedium
- Party 1 Brokerage Massey Knakal Realty Services
- Party 1 Broker Robert Knakal, Hall Oster
- Party 2 Treetop Development
- Event Sales
- Address East Harlem portfolio
- Borough Manhattan
- Price $ 26,900,000
- Publication Date 03/01/2010
- Event Date 01/20/2010
- Party 1 Pinnacle Group, Praedium Group
- Party 1 Brokerage Massey Knakal Realty Services
- Party 1 Broker Shimon Shkury
notes
The affordable housing portfolio sold for $26.9 million. Known as Met Paca I and Met Paca II, the buildings operate under a Section 8 rent subsidy contract with the U.S. Department of Housing and Urban Development. The new owner plans to continue to maintain the portfolio as affordable housing.
- Event Sales
- Address 323 West 96th Street
- Neighborhood Upper West Side
- Borough Manhattan
- Square feet 171,988
- Price $ 74,000,000
- Price per foot $ 430.26
- Publication Date 09/01/2007
- Event Date 07/23/2007
- Party 1 Shaya Boymelgreen, Boymelgreen Developers
- Party 1 Brokerage GFI Realty Services
- Party 1 Broker Aaron Jungreis, David Berger
- Party 2 Joel Weiner, Pinnacle Group
notes
The 15-story luxury rental building and the property's 99-year ground lease sold for $74 million. Boymelgreen completed the project in 2003, having spent a total of $34 million on development.
- Event Sales
- Address Harlem and Upper West Side
- Borough Manhattan
- Price $ 500,000,000
- Publication Date 10/01/2005
- Event Date 08/22/2005
- Party 1 Baruch Singer
- Party 1 Brokerage Georgia Malone & Company
- Party 2 JV of Pinnacle Group, Praedium Fund
notes
2,900 units sold for $500 million in off-market deal.
Brooklyn, 11201
Praedium Group | North End Equities, GOLD & YORK DEVELOPMENT LLC
Praedium Group | North End Equities, GOLD & YORK DEVELOPMENT LLC
...
Brooklyn, 11225
Pinnacle Ny, 961 WASHINGTON
Pinnacle Ny, 961 WASHINGTON
Filing For A 2-Story Vertical Extension To An Existing 4-Story Residential Building....
02/02/16
...expensive East Village condo offering ever? Or that Pinnacle Group...
...to Area Property Partners), and Joel Wiener’s Pinnacle Group, backed by Praedium Capital and private equity firm Normandy Real Estate Partners.
Allegedly aggressive...
...properties in Upper Manhattan, including two from the Pinnacle Group, since the start of 2009. The company, according to Real Capital Analytics, has spent $270 million...
Brooklyn, 11225
Pinnacle Ny, 961 WASHINGTON
Pinnacle Ny, 961 WASHINGTON
Filing For A 2-Story Vertical Extension To An Existing 4-Story Residential Building....
