NY attorney general enters NYC’s fight to block sale of 5K rent-stabilized apartments

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New York Attorney General Enters Fray as City Battles Sale of 5,000 Rent-Stabilized Apartments

In a move that has brought new momentum to the fight against the sale of over 5,000 rent-stabilized apartments, New York Attorney General Letitia James has filed documents in court supporting the city's objections to the looming bankruptcy sale. The sale is set to be completed by Summit Properties USA for $451 million, but a coalition of tenants and officials argue that the company poses significant risks due to its checkered ownership history.

According to Brent Meltzer, head of the attorney general's housing protection unit, James supports delaying the sale due to "significant concerns" about Summit's ability to maintain its portfolio of rent-stabilized apartment buildings. The 3,000 apartments currently owned by Summit have more than 4,000 open housing code violations, mirroring the hazardous conditions that Pinnacle tenants faced when the company declared bankruptcy last year.

Meltzer also highlighted Summit's business links with real estate firms Chestnut Holdings and Denali Management, including a brother of Pinnacle's CEO signing over 50 deeds and loan documents for buildings currently listed on Summit's website. The attorney general has previously sued Chestnut for lead paint violations at its buildings in 2020.

The city is pushing back against the sale, citing concerns about Summit's management practices and potential connections to Pinnacle, which could be seen as a conflict of interest. City lawyers have urged federal bankruptcy Judge David Jones to halt the sale or require Summit to provide more detailed information about its plan for correcting thousands of outstanding violations in the buildings.

Summit spokesperson Jordan Barowitz has dismissed concerns, stating that Chestnut and Denali are not involved in the deal and that the company is committed to improving and preserving affordable housing. However, a representative for Denali claims that the company addresses all complaints from tenants promptly and is not involved with the bid for Pinnacle's properties.

The city's fight against the sale has been ongoing since last year, when Pinnacle declared bankruptcy, but James' intervention brings new pressure to bear on Summit. A confirmation hearing for the pending sale is set for Thursday.
 
📊💸 I think this is a total game-changer for NYC tenants! 🤯 The 3k+ open housing code violations in Summit's portfolio? 🚽 That's insane! According to EPA data, the average rent-stabilized building has like 30-40 open violations. So, if Summit can't even get those under control, how are they gonna take care of thousands? 🤔

Also, the fact that Denali is claiming they address all complaints promptly but still have connections to Pinnacle (which went bankrupt last year) raises some major red flags! 🚨 The city's concerns about potential conflicts of interest and management practices aren't unfounded here.

Here are some stats to put this into perspective:

📈 5,000 rent-stabilized apartments on the line
💸 $451 million sale price
📊 3,300+ open housing code violations in Summit's portfolio
🚽 4,000+ outstanding violations (like, what even is that? 🤯)
📊 25% of NYC's rent-stabilized apartments at risk of being sold off (according to a 2022 report)

We need to keep pushing for better tenant protections and more transparency in these kinds of deals! 💪
 
Ugh, great 🙄, another big corporation getting away with shady business practices... I mean, who needs transparency and accountability in real estate deals? It's not like it affects everyday people living in rent-stabilized apartments or anything 😒. The city's just trying to protect its tenants from being taken advantage of by a company with a history of ignoring safety codes and lawsuits 🚧. And good luck to the attorney general, Letitia James - she's got her work cut out for her, dealing with all these complicated web of connections between Summit and other companies 🤯. Can't wait to see how this all plays out...
 
idk about this... it seems like summit's problems are pretty legit 🤔. 4,000+ open housing code violations? that's some crazy stuff. and if chestnut & denali are really just innocent bystanders then why did they have to sue chestnut for lead paint violations back in 2020? 🤑 also, a brother of pinnacle's ceo is involved with summit... that does sound like a conflict of interest 😬. but at the same time, james' support could be seen as a bit heavy-handed? isn't the city just trying to protect its tenants from getting screwed over by a questionable company? 🤷‍♀️
 
just think about all those ppl who'll be forced to move outta their homes cuz some greedy company wants 451 million dollars 🤯 summit's got a lot more than "checkered ownership history" they've got a whole list of violations and questionable business deals 📝 it's not like they're gonna magically fix all that overnight, city lawyers are right to be pushy about this 👊
 
can't believe these big corps think they can just swoop in and sell off our rent stabilized apartments like that 🤯 it's not right. i've lived in nyc my whole life and seen what happens when you gentrify a neighborhood, prices skyrocket and people get pushed out. we need to protect our affordable housing and make sure these companies are held accountable for their practices 💸

also, let me tell you, 4,000 open housing code violations is just crazy 🤯 how can one company have so many problems with the buildings they own? it's not just about the money, it's about people's lives being affected by bad management. we need to push for better regulations and enforcement, not just let these companies run wild 🚨
 
Man, this is crazy 🤯! If they can't find a way to keep those apartments affordable, who's gonna? The city should at least make Summit provide more info about their plan before they just sell everything to the highest bidder 💸. And what's up with Denali and Chestnut being linked to Pinnacle like that? It's all getting really shady 🤑...
 
I'm keepin' an eye on this one, gotta be worried about the state of our rent-stabilized apartments 🤔. If the AG's got concerns, I trust her instincts. With those 4k+ housing code violations, it's a recipe for disaster 😷. And with the ties to Pinnacle and other shady real estate firms? Red flags galore 🚨. Can't say I'm optimistic about this sale goin' down as planned, but at the same time, hope someone's gonna step up and ensure these buildings get the TLC they need 💪. This is a slow burn, so let's see how it all plays out...
 
I'm so glad AG Letitia James is stepping in to help protect these rent-stabilized apartments 🙌! 5,000 units at risk is a huge deal and we need someone with her expertise to make sure they're not sold off to some shady company that's gonna price out long-time tenants. Those 4k+ open housing code violations are super concerning too - it's crazy that Summit has more than 3k apartments with major issues 🤯. The fact that one of their business partners is a brother of Pinnacle's CEO just adds fuel to the fire, imo... but at least we've got AG James on our side 😊. This could be a real turning point in the fight for affordable housing - fingers crossed! 💪
 
🤔 this is a major move by Letitia James and I'm all about it! 🙌 as a tenant myself, the thought of over 5k apartments being sold off just to make some corporate entity richer is just not right. 💸 we need people like AG James who are fighting for what's fair and affordable. Summit's history speaks for itself, it's not like they're coming out of the woodwork with a clean slate 🌳. I'm so glad the city is pushing back hard against this sale, it's a major step in protecting tenants' rights. 💪 fingers crossed that Judge Jones will see things through and make sure Summit doesn't get away with this shady deal 😬
 
🤔 Um I dont think its fair that Summit Properties USA is trying to sell 5000 apartments like that they have so many housing code violations its crazy and also the fact that Chestnut Holdings and Denali Management are involved makes me even more nervous 🚨 Im just wondering why didnt someone raise this issue earlier? And what about the tenants who will lose their homes? 🏠💔 I wish the city can get to the bottom of this sale ASAP so we know if Summit is really committed to preserving affordable housing 💯
 
I feel like I'm stuck in a Netflix show that never ends, ya know? Like, "Will they sell or won't they?" 🤣 Anyway, seriously though, this whole situation with Summit Properties USA and New York Attorney General Letitia James is kinda wild. They're saying the company has more open housing code violations than my aunt's house after a holiday dinner 😂, but for real, 4,000? That's like, a whole neighborhood of problems! 🌆 The city's all concerned about Summit's management practices and connections to Pinnacle, which is fair, 'cause who wants a bunch of shady characters messing with people's homes? 💸 Not me, that's for sure. I just hope the sale gets delayed or whatever, so we can figure out what's really going on. And by "figure out", I mean, let's just get some decent housing without all the drama 🤷‍♂️.
 
Ugh, can't believe how convoluted this whole situation is 🤯. I mean, seriously, a 5,000 unit apartment complex for $451 million? That's just crazy talk! And now that AG Letitia James is stepping in, it's like the whole thing is being turned on its head. Those 4,000+ open housing code violations are red flags enough - what else could Summit be hiding? 🚨 And don't even get me started on those shady business links... it's like they're trying to pass off a dirty deck of cards as a legitimate sale. Can't say I'm surprised that the city is pushing back, though. It's about time someone stood up for these tenants who are already getting taken advantage of 🙄. This whole thing just reeks of corporate greed and corruption...
 
🤔 I'm not surprised that NY AG Letitia James is speaking up about this sale. It's a huge deal and people are gonna get hurt if it goes through. The fact that Summit has so many housing code violations and connections to other shady companies makes me think they're just trying to flip the apartments for profit, not really care about preserving affordable housing 🤑. I hope James' intervention helps slow down or even stop the sale, but at this point, I'm skeptical... what's gonna happen? 🤷‍♂️
 
omg like can u believe what's goin down in nyc?! 🤯 so there's this super sketchy company called summit properties usa tryna sell 5000 rent stab apartments 4 a measly $451 mil... but the city and attorney gen Letitia james are all like nope, we're not havin it 😒. they got these major concerns about summit's ownership history and how it's just gonna lead to more problems for tenants.

i mean, have u seen the stats on these buildings? over 4000 open housing code violations... that's wild! 🤯 and now summit's all like "we're committed to affordable housing" but like, how can we trust 'em when they got all these conflicts of interest goin on?

anywayz, this is def a major development in the fight against gentrification and corporate takeover of nyc's rent stab scene 🚨. fingers crossed the sale gets delayed or even cancelled 💪.
 
I think the city is being pretty reasonable here 🤔. I mean, if a company's got 4k open housing code violations in its portfolio, it's hard to trust that they can just magically fix everything and maintain those apartments without some kinda serious oversight. And what's with the connections between Summit and Pinnacle? It feels like they're trying to pass off their own troubles as someone else's 🙄. I get that the city wants to protect its tenants, but delaying the sale by 6 months or so might just give Summit more time to "improve" those buildings without any real accountability 🕰️.
 
🤔 this whole thing just gets weirder by the minute... like what's the deal with these companies and their shady pasts? 🤑 4k+ housing code violations in one building? that's insane! 💥 i'm not surprised the city's pushing back, but summit's spin on things is pretty laughable 🙄. so now they're saying chestnut and denali aren't involved, but like how many times can you spin this web of deceit before it all comes crashing down? 🤦‍♂️

anyway, this is all super timely for nyc... affordable housing crisis is a real thing here 🏠. seriously though, if summit's got that many code violations, they must be making bank off the other side - are we just paying them to keep these apartments from being torn down? 🤑 it's like, how do you even prioritize what matters most in affordable housing... is it about the money or actually helping people stay in their homes? 💸
 
🤔 this is a big deal... think about it, 5k apartments being sold off to a company with like a million red flags. what's really gonna happen here? are these apartments just gonna get gentrified and pushed out of neighborhoods that already struggle to keep the existing residents? the city's fighting hard but I gotta wonder if they're doing enough. Summit says all the right things, but those business links with other companies have me skeptical... seems like a lot is at stake here...
 
I THINK THIS SALE IS A HUGE DEAL AND I'M GLAD THE ATTORNEY GENERAL IS GETTING INVOLVED!!! IT'S NOT JUST ABOUT THE MONEY, IT'S ABOUT WHO'S GOING TO BE RUNNING THESE APARTMENTS - SUMMIT PROPERTIES USA OR SOMEONE ELSE? THEIR HISTORY IS SUPER sketchy, WITH OVER 4,000 OPEN HOUSING CODE VIOLATIONS! IT'S LIKE THEY'RE PLAYING A GAME OF RISK WITH PEOPLE'S LIVES 🤯. THE CITY NEEDS TO MAKE SURE THAT ANY NEW OWNERS ARE GOING TO BE TAKING CARE OF THESE BUILDINGS PROPERLY AND PROVIDING SAFE LIVING CONDITIONS FOR THE TENANTS 💪.
 
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