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Pinnacle Group sells Upper West Side apartment lease rights for $88M
The transaction includes 100% of lease rights and a 50% interest in land rights, and an $11 million surplus will be deposited for Series C bondholders.
Pinnacle Group sold its rights to the 323 West 96th Street apartment building on Manhattan’s Upper West Side to Lightstone Group for about $88 million, according to a source familiar with the deal, Commercial Observer reported.
The sale covers Pinnacle’s 100% interest in the property’s lease rights and a 50% hold on the land rights, with filings dated Aug. 13 describing the transaction as successfully completed.
Commercial Observer said an $11 million surplus from the proceeds is slated to be deposited into the account of Series C bondholders. The building has an existing loan balance of about $65 million as of late March, after a loan transfer to a Barclays-sponsored CMBS trust in 2023.
The 173-unit property, built in 2001, sits at the corner of East 96th Street and First Avenue. Commercial Observer also noted the sale follows days after Pinnacle offloaded a $128 million condominium and commercial portfolio across multiple boroughs, and that Pinnacle placed roughly 5,000 rent-stabilized apartments across New York City into bankruptcy in May 2025 after about $574.4 million in debt.