Summit Properties pays $10.1M for 142-unit rental in Washington Heights, part of Pinnacle bankruptcy

Summit Properties through the entity Flgsp 25/35 Hillside Ave LLC paid $10.1 million to the entity 25/35 Hillside Associates LLC for the 142-unit residential elevator building (D1) at 25-35 Hillside Avenue in Washington Heights, Manhattan. The expected use is cash flowing. The former owner was Pinnacle Group which lost the property through a bankruptcy.
The deal closed on March 31, 2026 and was recorded on April 13, 2026. The property has 113,125 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $88 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Pinnacle Group was David Barse . The signatory for Summit Properties was Estefania Knight.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Summit Properties purchased five properties in four transactions for a total of $73.6 million and has no record it sold any properties over the past 24 months.
The seller Pinnacle Group had not purchased any other properties and sold three properties in three transactions for a total of $24.9 million over the same time period. The former owner according to the Department of Housing Preservation and Development is David Radoncic, head officer. The business entity was 25/35 Hillside Associates Llc. The 113,125-square-foot property generated revenue of $2.3 million or $20 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 142 residential units in Washington Heights has 113,125 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 201 feet deep with a total lot size of 30,225 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $6.1 million. The property has 142 rent regulated units according to city tax records from 2024.

Violations and lawsuits

The property was involved in one lawsuit and one bankruptcy over the past two years. The suit was a $149.7 million commercial foreclosure concerning a loan filed on March 21, 2025, by Flagstar Bank against Pinnacle Group and Joel Wiener. The bankruptcy was filed on May 21, 2025, by Pinnacle Group citing assets of $574.4 million. In addition, according to city public data, the property has received $4,375 in ECB penalties, 53 housing violations, and $4,425 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 49 of the 88 commercial properties representing 1,843,777 square feet of the 2,638,389 square feet. The largest owner is Pinnacle Group, followed by Gp Properties and then Three Pillars.
On the tax block, there were four new building construction projects totaling 280,352 square feet. The largest is a 123-unit, 135,361 square-foot residential (R-2) building submitted by Woody Victor with plans filed October 4, 2017 and it has not been permitted yet. The second largest is a 129-unit, 86,760 square-foot residential (R-2) building submitted by HAP Investments and filed by Eran Polack with plans filed May 8, 2018 and permitted August 20, 2019.

The majority, or 64 percent of the 2.6 million square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that pinnacle group owned at least 134 commercial properties with 8,239 residential units in New York City with 7,493,471 square feet and a city-determined market value of $592.2 million. (Market value is typically about 50% of actual value.) The portfolio has $979.3 million in debt, with top three lenders as New York Community Bank, Tel Aviv Stock Exchange bondholders, and Axos Bank respectively. Within the portfolio, the bulk, or 77 percent of the 7,493,471 square feet of built space are elevator properties, with walkup properties next occupying 22 percent of the space. The bulk, or 37 percent of the built space, is in Brooklyn, with Manhattan next at 22 percent of the space.

The buyer

The PincusCo database currently indicates that summit properties owned at least five commercial properties with 143 residential units in New York City with 566,923 square feet and a city-determined market value of $218.9 million. (Market value is typically about 50% of actual value.) The portfolio has $4.1 million in debt, borrowed from Flagstar Bank. Within the portfolio, the bulk, or 71 percent of the 566,923 square feet of built space are office properties, with walkup properties next occupying 21 percent of the space. They are all located in Manhattan.

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