Pinnacle Group in contract to buy Flushing rental for $26M

The 82-unit building spans 74K sf

136-04 Cherry Avenue
136-04 Cherry Avenue

Joel Wiener’s Pinnacle Group is in contract to buy a six-story rent-stabilized apartment building in Flushing for $26 million, according to bondholder presentation materials from the company.

The 73,907-square-foot property at 136-04 Cherry Avenue includes 76 residential and six retail units totaling 6,700 square feet. Pinnacle expects to close on the property in the first quarter of 2017.

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Pinnacle’s [TRDataCustom] multifamily portfolio includes close to 9,000 units in buildings throughout the city and is known for converting rent-regulated units into market-rate apartments. The bondholder documents show 99 percent of the firm’s apartments are rent-regulated.

This is the latest of several Pinnacle purchases in Flushing. In January, the company purchased a 134,000-square-foot, 145-unit rental building in East Flushing for $43 million,  and in February they acquired the six-story 64-unit rental building at 41-60 Bowne Street.

Pinnacle is currently seeking to raise another round of funds on the Tel Aviv Stock Exchange in its fourth bond issuance since 2012. The company raised $65 million in March, bringing the total to $345 million.