The Brian Lehrer Show A Controversial Sale of Rent-Stabilized Apartments
Jan 16, 2026
David Brand, a housing reporter for WNYC and Gothamist, dives into the contentious sale of 5,000 rent-stabilized apartments by the bankrupt Pinnacle. He reveals shocking details about Pinnacle’s debts and violations that led to its downfall. Brand raises concerns about the buyer, Summit, known for its poor record on tenant care. Listeners share harrowing tenant experiences while discussing alternatives to private buyers, like community land trusts. Lastly, Brand hints at an imminent ruling that could impact tenants’ living conditions and repair timelines.
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Overleveraged Landlord Model Failed
- Pinnacle bought a large portfolio and took on unsustainable debt that outpaced rent rolls.
- That debt, plus new tenant-protection laws, left buildings without funds for repairs.
Firsthand Reports Of Severe Neglect
- Tenants reported severe conditions like crumbling ceilings, heat outages, and infestations.
- One affidavit described moving into an apartment with blood on the floor and maggots in the refrigerator.
Buyer’s Troubled Track Record Raises Fears
- Summit's prior partnerships (Chestnut, Denali) have histories of violations and enforcement actions.
- Tenants and the city worry Summit will repeat neglect rather than fix the portfolio.