Pinnacle Group seeking $75M sellout at Crown Heights rental-to-condo conversion

The 85-unit building on Crown Street is largely rent-stabilized

12 Crown Street
12 Crown Street

Joel Wiener’s Pinnacle Group plans to convert a six-story Crown Heights rental building just east of Prospect Park into condominium units, according to a condo offering plan filed with the New York state Attorney General’s office.

The 85-unit rent-regulated building at 12 Crown Street spans 95,500 square feet and includes one commercial unit. As of June, all 84 residential units in the building were rent-stabilized, according to the landlord’s tax records.

The conversion has a projected sellout of $74.8 million, which means an average of less than $1 million per apartment. No conversion plans have been filed yet with the Department of Buildings.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

The Penn Plaza-based landlord acquired a 65 percent stake in the Crown Heights property in a 2014 portfolio sale of 19 Brooklyn rental buildings.

Pinnacle [TRDataCustom] specializes in rent-stabilized multifamily investments, with 99 percent of its portfolio in rent-regulated buildings. According to a July analysis by The Real Deal, Pinnacle is the ninth largest landlord in the city.

Earlier this month, Pinnacle raised $79 million worth of bonds on the Tel Aviv Stock Exchange.