Pinnacle Group places 5,000-unit portfolio with approximately $574M in debt in bankruptcy
4530 Broadway (Credit - Google)
Less than two months after Flagstar Bank filed a series of pre-foreclosure actions alleging a large portfolio of Pinnacle Group loans was in default, the borrower has placed most – but not all – of those properties into bankruptcy protection.
Yesterday in U.S. Bankruptcy Court in Manhattan, Joel Wiener on behalf of the Pinnacle Group entities filed petitions for 82 entities that control 91 properties with approximately 5,000 residential units that have an original principal of $574.4 million, according to a PincusCo analysis of the bankruptcy filing and property records. The borrower filed a motion to consolidate the petitions under one of them, Broadway Realty I Co., LLC, which is the entity that owns 4530 Broadway, a 73-unit multifamily building in Washington Heights.
The petitions do not state specific dollar amounts, but do claim the assets and liabilities are each between $500 million and $1 billion. Joel Wiener signed the petitions, with Gary T. Holtzer of the law firm Weil, Gotshal & Manges as the attorney.
Case 25-11050 LINK
Pinnacle Group Ch 11 Portfolio pdf
Motion for Joint Admin Pinnacle
The Pinnacle Group is one of the city’s largest multifamily rental owners, with approximately 136 properties totaling about 7.5 million square feet with approximately 8,700 residential units, according to PincusCo data, which estimates the holdings are worth about $1.6 billion. Joel Wiener leads the firm. This pre-foreclosure actions were for more than half of that portfolio by residential unit count, or about 5,200 units. The bankruptcy is for about 5,000 of those units.
In addition to the Flagstar Bank pre-foreclosures, several securitized trust have filed pre-foreclosure action against Pinnacle Group entities, but those are not part of this bankruptcy filing.
Pinnacle Group Assets Placed in Bankruptcy on May 21, 2025
| wdt_ID | bbl | address | owner entity Foreclosure | Owner entity in bankruptcy | Loan amount (prorated if multiple) | neighborhood | Borough | zip_code | num_bldgs | bldg_units_res | prop_units_res | retail_area_pluto | retail_area_tc | bldg_class | building_type | bldg_sqft |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 1,010,780,056 | 546 WEST 50 STREET | WEST 50TH STREET REALTY CO LLC, | West 50th Street Realty Co., LLC | 2,363,333 | Hell's Kitchen | 10019 | 1 | 1,901 | 20 | 20 | 0 | 0 | C4 | residential walkup | 9,275 |
| 2 | 1,010,780,057 | 548 WEST 50 STREET | WEST 50TH STREET REALTY CO LLC, | West 50th Street Realty Co., LLC | 2,363,333 | Hell's Kitchen | 10019 | 1 | 1,901 | 20 | 20 | 0 | 0 | C4 | residential walkup | 9,590 |
| 3 | 1,010,780,055 | 544 WEST 50 STREET | WEST 50TH STREET REALTY CO LLC, | West 50th Street Realty Co., LLC | 2,363,333 | Hell's Kitchen | 10019 | 1 | 1,901 | 20 | 20 | 0 | 0 | C4 | residential walkup | 9,275 |
| 4 | 2,147,483,647 | 815 GRAVESEND NECK ROAD | TREGER MANAGEMENT COMPANY | Treger Management LLC | 13,670,000 | Sheepshead Bay | Brooklyn | 11,223 | 2 | 100 | 100 | 0 | 0 | D1 | residential elevator | 108,000 |
| 5 | 2,147,483,647 | 25-10 30 ROAD | PINNACLE MANAGING CO. LLC of BETSEY PUTNAM | 30 Road Realty Co., LLC | 18,510,000 | Astoria | Queens | 11,102 | 1 | 120 | 120 | 0 | 0 | D1 | residential elevator | 114,000 |
| 6 | 2,147,483,647 | 86-20 PARK LANE SOUTH | PARK LANE SOUTH REALTY CO. | Park Lane South Realty Co., LLC | 5,951,000 | Woodhaven | Queens | 11,421 | 1 | 48 | 48 | 0 | 0 | D1 | residential elevator | 40,902 |
| 7 | 1,007,381,001 | 85 8 AVENUE | MANHATTAN REALTY CO LLC, | Manhattan Realty Co. LLC | 3,380,000 | Chelsea | ||||||||||
| 8 | 2,147,483,647 | 87-50 KINGSTON PLACE | KINGSTON PLACE REALTY CO LLC | Kingston Place Realty Co., LLC | 11,760,294 | Jamaica Estates | Queens | 11,432 | 1 | 77 | 77 | 0 | 0 | D7 | residential elevator | 84,611 |
| 9 | 1,021,700,105 | 11 HILLSIDE AVENUE | HILLSIDE REALTY I CO LLC, | Hillside Realty ICo., LLC | 10,936,000 | Washington Heights | 10040 | 1 | 1,920 | 90 | 90 | 0 | 0 | D1 | residential elevator | 90,211 |
| 10 | 2,032,560,053 | 2800 HEATH AVENUE | HEATH REALTY LLC | Heath Realty LLC | 6,461,000 | Kingsbridge Heights | Bronx | 10,463 | 1 | 78 | 78 | 0 | 0 | D1 | residential elevator | 57,349 |
| 11 | 2,147,483,647 | 85-50 85 DRIVE | FOREST PARKWAY REALTY CO., | Forest Parkway Realty Co., LLC | 10,805,000 | Woodhaven | Queens | 11,421 | 1 | 84 | 84 | 0 | 0 | D1 | residential elevator | 85,000 |
| 12 | 2,147,483,647 | 244 FIELDSTON TERRACE | FIELDSTONE NY LLC | Fieldstone NY LLC | 6,900,000 | Brooklyn | ||||||||||
| 13 | 2,147,483,647 | 314 CLINTON AVENUE | CLINTON PROPERTY CO. LLC | Clinton Property Co., LLC | 1,485,000 | Clinton Hill | Brooklyn | 11,205 | 1 | 10 | 10 | 0 | 0 | C1 | residential walkup | 5,500 |
| 14 | 1,021,700,096 | 4530 BROADWAY | BROADWAY REALTY I CO LLC, | Broadway Realty I Co., LLC | 10,408,000 | Washington Heights | 10040 | 1 | 1,920 | 73 | 73 | 4,000 | 4,000 | D7 | residential elevator | 62,514 |
| 15 | 1,021,290,037 | 155 AUDUBON AVENUE | AUDOBON REALTY LLC, | Audobon Realty LLC | 3,904,000 | Washington Heights | 10032 | 1 | 1,909 | 48 | 48 | 0 | 0 | D1 | residential elevator | 42,798 |
| 16 | 2,147,483,647 | 991 CARROLL STREET | 991 CARROLL ST. LLC | 991 Carroll St LLC | 6,494,000 | Crown Heights | Brooklyn | 11,225 | 1 | 70 | 70 | 0 | 0 | C1 | residential walkup | 55,012 |
| 17 | 2,147,483,647 | 988 MONTGOMERY STREET | 990 MONTGOMERY | 990 Realty NY LLC | 4,358,000 | Crown Heights | Brooklyn | 11,213 | 1 | 53 | 53 | 0 | 0 | D1 | residential elevator | 47,164 |
| 18 | 2,147,483,647 | 94-06 34 ROAD | 94-06 34TH ROAD REALTY CO., LLC | 94-06 34 Road Realty Co., LLC | 6,798,000 | Jackson Heights | Queens | 11,372 | 1 | 59 | 59 | 0 | 0 | D1 | residential elevator | 46,662 |
| 19 | 2,147,483,647 | 94-06 34 AVENUE | 94-06 34TH AVENUE REALTY CO LLC | 94-06 34th Avenue Realty Co., LLC | 5,896,000 | Jackson Heights | Queens | 11,372 | 1 | 58 | 58 | 0 | 0 | D1 | residential elevator | 52,040 |
| 20 | 2,147,483,647 | 926 CARROLL STREET | 932 CARROLL LLC | 932 Carroll LLC | 6,301,000 | Crown Heights | Brooklyn | 11,225 | 1 | 58 | 58 | 0 | 0 | D1 | residential elevator | 51,000 |
| 21 | 2,147,483,647 | 916 CARROLL STREET | 916 CARROLL ST. LLC | 916 Carroll St LLC | 5,882,000 | Crown Heights | Brooklyn | 11,225 | 1 | 58 | 58 | 0 | 0 | D1 | residential elevator | 51,000 |
| 22 | 2,147,483,647 | 915 WASHINGTON AVENUE | 915 REALTY LLC | 915 Realty LLC | 2,914,000 | Crown Heights | Brooklyn | 11,225 | 1 | 37 | 37 | 0 | 0 | D1 | residential elevator | 40,448 |
| 23 | 2,147,483,647 | 85-05 35 AVENUE | 85-05 35 AVENUE REALTY CO., | 85-05 35 Avenue Realty Co., LLC | 9,727,708 | Jackson Heights | Queens | 11,372 | 2 | 90 | 90 | 0 | 0 | D1 | residential elevator | 83,238 |
| 24 | 2,147,483,647 | 85 CLARKSON AVENUE | 85 CLARKSON LLC | 85 Clarkson LLC | 7,378,000 | Prospect Lefferts Gardens | Brooklyn | 11,226 | 1 | 71 | 71 | 0 | 0 | D1 | residential elevator | 71,142 |
| 25 | 2,147,483,647 | 706 LEFFERTS AVENUE | 706 REALTY NY LLC | 706 Realty NY LLC | 4,288,000 | East Flatbush | Brooklyn | 11,203 | 1 | 49 | 49 | 0 | 0 | D1 | residential elevator | 45,350 |