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Pinnacle Sells NY Condos for $128M | Real Estate News
Pinnacle Group just unloaded 743 condo and co-op units plus 36 parking spots for $128 million to Bronstein Properties — a complex, multi-transaction deal signaling the end of their condo conversion era. Once a lucrative business before 2019, converting rent-stabilized apartments into condos became nearly impossible after New York’s Housing Stability Act required landlord approval from most tenants. The sale, spanning Manhattan and Brooklyn, follows Pinnacle’s massive bankruptcy auction earlier this year — selling 5,000+ rent-stabilized units for $451 million despite tenant backlash and a…
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