Summit Properties pays $4.1M for 59-unit Inwood walkup Pinnacle lost in bankruptcy

Summit Properties through the entity Flgsp 34-44 Seaman Ave LLC paid $4.1 million through a bankruptcy to 34 Seaman Associates, LLC for the 59-unit residential walkup building (C1) at 34-44 Seaman Avenue in Inwood, Manhattan. The expected use is cash flowing. This is part of the large Pinnacle Group 5,100-unit portfolio bankruptcy, 25-11050-dsj.
The deal closed on March 31, 2026 and was recorded on April 7, 2026. The property has 47,230 square feet of built space and 3,829 square feet of additional air rights for a total buildable of 51,060 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $85 and the price per buildable square foot is $79 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 the Pinnacle Group  bankruptcy 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 three properties in two transactions for a total of $63.8 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 or turned over one property in one transaction for a total of $15.1 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 is 34 Seaman Associates Llc. The 47,230-square-foot property generated revenue of $956,727 or $20 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 59 residential units in Inwood has 47,230 square feet of built space and 3,829 square feet of additional air rights for a total buildable of 51,060 square feet according to a PincusCo analysis of city data. The parcel has frontage of 130 feet and is 98 feet deep with a total lot size of 12,765 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.4 million. The property has 60 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 $3,750 in ECB penalties, 246 housing violations, and $7,380 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 five of the seven commercial properties representing 266,705 square feet of the 326,492 square feet. The largest owner is Bronstein Properties, followed by Parkoff Organization and then Pinnacle Group.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 326,492 square feet of built space are walkup buildings, with elevator buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Pinnacle Group owned at least 136 commercial properties with 8,382 residential units in New York City with 7,611,011 square feet and a city-determined market value of $600 million. (Market value is typically about 50% of actual value.) The portfolio has $986.8 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 75 percent of the 7,611,011 square feet of built space are elevator properties, with walkup properties next occupying 23 percent of the space. The bulk, or 36 percent of the built space, is in Brooklyn, with Manhattan next at 23 percent of the space.

The buyer

The PincusCo database currently indicates that Summit Properties owned at least three commercial properties in New York City with 449,383 square feet and a city-determined market value of $211.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 89 percent of the 449,383 square feet of built space are office properties, with hotel properties next occupying 9 percent of the space. They are all located in Manhattan.

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