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Pinnacle Group sells $128M NYC condo and retail portfolio
The 39-transaction deal included nearly 750 residential units and dozens of retail condos across Queens, Brooklyn, and Manhattan.
Commercial Observer reports that Pinnacle Group has offloaded a $128 million residential and retail condominium portfolio in New York City through 39 transactions filed in city records this week.
The portfolio spans Queens, Brooklyn, and Manhattan and includes nearly 750 residential units, dozens of retail condominium units, and several parking lots. Commercial Observer adds that the most expensive trades were concentrated in Queens' Flushing neighborhood, including a sale of 69 condominium units at 132-35 Sanford Avenue for roughly $12 million.
The outlet says the buyer entities are Friar Park JW, and that they share an address with the law firm Kurzman Eisenberg Corbin & Lever. Transactions were signed by Stuart Berg, chair of the firm’s real estate practice group, and a PincusCo report linked the Friar Park entities and Berg to Tremada Holdings, an affiliate of London-based property company William Pears Group.
Commercial Observer also reports that Queens-based Bronstein Properties is the managing agent for the units. It notes that Pinnacle's sale comes less than a year after the company placed a roughly 5,000-unit portfolio of rent-stabilized apartments into bankruptcy, and that proceeds from the condo deal are expected to pay $66 million to lender Axos Capital, with another $47 million slated for Series C bondholders, according to filings cited by the outlet.