1554 Ocean Avenue

Owner: Summit Properties

Acquired: April 23, 2026, $5.5 million

Debt: April 23, 2026, $3.9 million

Built: 1926

Renovated: 1981

SF: 65,980

Dwelling units: 73

No. of buildings: 1

Class: Over Six Families Without Stores (C1)

Floors: 4

Transactions:

• Summit Properties borrowed $3.9 million from Flagstar Bank for 1554 Ocean Avenue, Midwood, Brooklyn on April 23, 2026.

• Pinnacle Group sold 1554 Ocean Avenue, Midwood, Brooklyn for $5.5 million to Summit Properties on April 23, 2026.

• Pinnacle Group borrowed $7.5 million from New York Community Bank for 1554 Ocean Avenue, Midwood, Brooklyn on February 16, 2022.

Litigation:

• Pinnacle Group on May 21, 2025, filed a $574.4 million bankruptcy 25-11050 for 1554 Ocean Avenue that has creditor Flagstar Bank.

• Pinnacle Group on May 21, 2025, filed a $574.4 million bankruptcy 25-11050 for 1554 Ocean Avenue that has creditor Flagstar Bank.

• Pinnacle Group on May 21, 2025, filed a $574.4 million bankruptcy 25-11050 for 1554 Ocean Avenue that has creditor Flagstar Bank.

• Pinnacle Group on May 21, 2025, filed a $574.4 million bankruptcy 25-11050 for 1554 Ocean Avenue that has creditor Flagstar Bank.

• Pinnacle Group on May 21, 2025, filed a $574.4 million bankruptcy 25-11050 for 1554 Ocean Avenue that has creditor Flagstar Bank.

Violations:

According to city public data, the properties have received $100 in OATH penalties in the last year.