Major NYC Reformer puts thousands of units in bankruptcy

(Bloomberg) – Joel Wiener, a large owner of New York City Apartments, has for months put properties with thousands of housing units in bankruptcy after a bank tried it. Numerous property control companies linked to Wiener’s Pinnacle Group sought court protection on Wednesday in New York. The properties listed assets and liabilities of between $ 500 million and $ 1 billion on Chapter 11 requests, each signed by Wiener, who is the CEO of Pinnacle. The bankruptcies have been submitted for months after Flagstar Bank began negative actions in the state court against the properties. The submission of Chapter 11 immediately holds legal action against the businesses brought against the businesses. According to court documents, the companies placed in the bankruptcy cover apartment buildings in Manhattan, Brooklyn, Queens and the Bronx. Advocates representing the companies in the negative actions notified the state court on Thursday. A spokesman for the peak refused to comment. Pinnacle and its related corporate subsidiaries are not part of the chapter 11 filing. According to court documents, the control companies are represented by the law firm Weil, Gotshal & Mannes LLP and FTI Consulting Inc., Financial Advisor FTI. Wiener gained a fortune through ownership of hire regulated apartments in New York. He previously sold Sikel-denominated debt, supported by a portfolio properties owned by Pinnacle Group and trade in Tel Aviv under the name Zarasai Group Ltd. Joel, along with family members and trusts, owns the ordinary shares of Zarasai Ltd., which is recorded according to a private -handed company. Zarasai Group has about $ 216 million equivalent of outstanding bonds and its 5.45% effects owed in 2025, which trades near 87 cents on the dollar at the beginning of the year, according to the data set by Bloomberg. The case is Broadway Realty I Co. LLC, Number 25-11050, in the US Bankruptcy Court for the Southern District of New York. -With help from Georgia Hall. (Updates with context and related debt in paragraphs seven and eight.) More stories like these are available on Bloomberg.com © 2025 Bloomberg LP