1535 Ocean Avenue

Owner: Summit Properties

Acquired: April 23, 2026, $3.8 million

Debt: April 23, 2026, $2.7 million

Built: 1924

SF: 43,120

Dwelling units: 44

No. of buildings: 1

Class: Over Six Families Without Stores (C1)

Floors: 4

Transactions:

• Summit Properties borrowed $2.7 million from Flagstar Bank for 1535 Ocean Avenue, Midwood, Brooklyn on April 23, 2026.

• Pinnacle Group sold 1535 Ocean Avenue, Midwood, Brooklyn for $3.8 million to Summit Properties on April 23, 2026.

• Pinnacle Group borrowed $5.2 million from New York Community Bank for 1535 Ocean Avenue, Midwood, Brooklyn on February 16, 2022.

Litigation:

• Pinnacle Group on May 21, 2025, filed a $574.4 million bankruptcy 25-11050 for 1535 Ocean Avenue 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 1535 Ocean Avenue.

Violations:

According to city public data, the properties have received $1,000 in OATH penalties and one housing litigation in the last year.