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EN
Joel Wiener looking to auction 93 bankrupt buildings
['Trd Staff']
New York - The Real Deal
Landlord Joel Wiener, whose vast portfolio got him billionaire status in 2017, is putting some of his buildings up for sale.
An entity connected to Wiener’s Pinnacle Group plans to auction off 93 New York City apartment buildings containing 5,100 units, according to bankruptcy court documents filed Friday.
The marketing process for the buildings began last week, according to court documents, although the terms still require approval from a federal judge.
Eastdil Secured, working on behalf of the bankrupt party, has received confidentiality agreements from 50 interested buyers, according to court documents.
Housing code violations considered “immediately hazardous” increased fourfold at the affected buildings between 2019 and 2014, double the rate at similar rent-stabilized buildings, according to city data analyzed by Bloomberg.
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