1179 President Street

Owner: Summit Properties

Acquired: April 23, 2026, $3.1 million

Debt: April 23, 2026, $2.3 million

Built: 1924

Renovated: 1987

SF: 35,232

Dwelling units: 40

No. of buildings: 1

Class: Over Six Families Without Stores (C1)

Floors: 4

Transactions:

• Summit Properties borrowed $2.3 million from Flagstar Bank for 1171-1179 President Street, Crown Heights, Brooklyn on April 23, 2026.

• Pinnacle Group sold 1171-1179 President Street, Crown Heights, Brooklyn for $3.1 million to Summit Properties on April 23, 2026.

Development:

• Isak Radoncic filed alteration job B01156440 for 567 sqft R-2 building with 40 apartments in Crown Heights, Brooklyn, on December 20, 2024.

Litigation:

• Pinnacle Group on May 21, 2025, filed a $574.4 million bankruptcy 25-11050 for 1171 President Street that has creditor Flagstar Bank.

• Flagstar Bank filed a $296.9 million pre-foreclosure 509749/2025 on March 22, 2025, against Pinnacle Group and Joel Wiener at 1171 President Street.

Violations:

According to city public data, the properties have received $2,500 in ECB penalties and $3,100 in OATH penalties in the last year.