Summit Properties agrees to buy 5,100 distressed NYC units: Bloomberg

This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. Dive Brief: Last week, Summit Properties USA agreed to buy a portfolio of 5,100 rent-stabilized New York City properties for $451.3 million that owner Pinnacle Group put into bankruptcy in May, according to a Bloomberg report. Summit Gold was named stalking horse bidder for the apartment buildings in Brooklyn, Manhattan, Queens and the Bronx, meaning the fi ...