Joel Wiener, a major owner of New York City apartments, has put properties with thousands of residential units into bankruptcy months after a bank sought to foreclose on them. Numerous property holding companies tied to Wiener’s Pinnacle Group sought court protection Wednesday in New York
The properties listed assets and liabilities of between $500 million and $1 billion on Chapter 11 petitions, each of which was signed by Wiener, who is Pinnacle’s chief executive officer.
The bankruptcies were filed months after Flagstar Bank initiated foreclosure actions in state court against the properties. Filing Chapter 11 immediately pauses legal actions brought against the companies. The companies put into bankruptcy cover apartment buildings in Manhattan, Brooklyn, Queens and the Bronx, according to court documents. Lawyers representing the companies in the foreclosure actions notified the state court of the bankruptcy filings on Thursday. A Pinnacle spokesperson declined to comment. Pinnacle and its related corporate affiliates aren’t part of the Chapter 11 filings. The holding companies are represented by the law firm Weil, Gotshal & Manges LLP and financial adviser FTI Consulting Inc., according to court documents. The case is Broadway Realty I Co. LLC, number 25-11050, in the U.S. Bankruptcy Court for the Southern District of New York.